Chevron Corporation’s (CVX) subsidiary, Chevron Thailand Exploration and Production Ltd. (CTEP), awarded a decommissioning contract to InterMoor, an Acteon brand. Post the successful completion of the decommissioning scope of work in the Gulf of Thailand in 2021, Chevron extended the contract by including additional packages for the disconnection and removal of pipelines.
The extended contract includes project management, engineering, procurement and offshore execution; disconnection and removal of pipelines; disconnection and removal of single point mooring (SPM) and corresponding subsea infrastructure; and topside modifications work.
Much like the first phase, InterMoor will use cutting tools from its sister company, Claxton. UTEC intends to supply the survey spread and Aquatic will provide the equipment for recovering subsea umbilicals, risers and flowlines.
Zacks Rank & Key Picks
Currently, Chevron carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are CVR Energy CVI, Par Pacific Holdings Inc. PARR, each sporting a Zacks Rank #1 (Strong Buy) and Valero Energy Corporation VLO, carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1Rank stocks here.
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023.
Par Pacific, a growth-oriented company, combines knowledge of corporate financing with experience in the oil and gas sector. With 94,000 barrels per day of active refining capacity and a logistical system that includes an SPM, storage, barges, pipelines and trucking operations, PARR owns and manages one of Hawaii's biggest energy networks. Over the past 30 days, the company has witnessed an upward revision in earnings estimates for 2023 and 2024.
Valero Energy is a global manufacturer and marketer of transportation fuels and petrochemical products. With 15 refineries spread across Canada, the United States and the United Kingdom, it has a daily refining capacity of 3.1 million barrels. Over the past seven days, VLO has seen an upward revision in earnings estimates for 2023 and 2024.
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