U.S. energy behemoth,
) has entered into an agreement with the Kurdish regional
government of Iraq.
CHEVRON CORP (CVX): Free Stock Analysis
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Per the contract, Chevron will have the right to explore the Qara
Dagh block. The exploration block is based southeast of Irbil.
The company has not yet disclosed any details of the financial
Last year, Chevron had also entered into a deal with the Kurds,
to explore two blocks in the north of Irbil. The contract placed
Chevron as the second U.S. integrated energy firm after
Exxon Mobil Corporation
), to enter into an exploration agreement with the Kurds.
San Ramon, Calif.-based Chevron is one of the largest publicly
traded oil and gas companies in the world, based on proved
reserves. It is engaged in oil and gas exploration and
production, refining and marketing of petroleum products,
manufacturing of chemicals, and other energy-related businesses.
Chevron's current oil and gas development project pipeline is
among the best in the industry - targeting volume growth of 25%
by 2017. The target is fixed on the back of the big Australian
LNG projects (Gorgon and Wheatstone) and the deepwater
developments in the Gulf of Mexico.
However, Chevron conducts operations in many countries. As such,
the company is exposed to risks associated with doing business
abroad. Such risks include embargoes and/or expropriation of
assets, exchange rate risks or terrorism and political/civil
Chevron currently retains a Zacks Rank #3 (Hold), implying that
it is expected to perform in line with the broader U.S. equity
market over the next 1 to 3 months.
Meanwhile, one can look at
Ferrellgas Partners LP
EQT Midstream Partners LP
) as good buying options. The energy stocks - sporting a
Zacks Rank #1 (Strong Buy) - have solid secular growth stories
with the potential to rise significantly from the current levels.