{"id":39367,"date":"2012-12-25T03:25:00","date_gmt":"2012-12-25T03:25:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/chevron-to-acquire-stake-in-kitimat-lng-project-cvx\/39366\/"},"modified":"2012-12-25T03:25:00","modified_gmt":"2012-12-25T03:25:00","slug":"chevron-to-acquire-stake-in-kitimat-lng-project-cvx","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/chevron-to-acquire-stake-in-kitimat-lng-project-cvx\/39367\/","title":{"rendered":"Chevron to Acquire Stake in Kitimat LNG Project (CVX)"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p>With aim to enhance its natural gas exports, Chevron Corp. (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=CVX\" target=\"_blank\" rel=\"noopener\">NYSE: CVX<\/a>) on Monday announced that it has agreed to acquire 50 percent stake in Kitimat LNG project, currently held by EnCana Corp. (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=ECA\" target=\"_blank\" rel=\"noopener\">NYSE: ECA<\/a>) and EOG Resources Inc.\u2014a move which allow world\u2019s no.2 energy company to gain its traction in Canadian liquefied business.<\/p>\n<p><span id=\"more-39367\"><\/span><\/p>\n<p>Chevron said it will buy EnCana\u2019s and EOG\u2019s 30 percent stakes in the LNG export project for an undisclosed price. \u00a0However, according to Citi Research analyst, Robert Morris, EnCana and EOG each were offered nearly $450 million for their stakes and the exploration lands.<\/p>\n<p>According to the agreement, Chevron would buy the two companies\u2019 interest in the pipeline project at Kitimat, 400 miles north of Vancouver, and will pay $550 million for a 50 percent stake in 644,000 acres of natural gas exploration lands in the Horn River and Liard shale-gas fields, held by Apache Group.<\/p>\n<p>Subsequently, Apache will pay Chevron$150 million to increase its stake in the British Colombia Project and associates lands to 50 percent.<\/p>\n<p>Analysts believe that Chevron\u2019s presence in the project will increase the chances of multi-billion dollar Kitimat project to be completed.\u00a0 The Kitimat LNG project is believed to the most advanced of a very few \u00a0gas-export facilities available at British Columbia&#8217;s northern Coast and Chevron\u2019s deep-pockets is expected to bring financial stability in the project.<\/p>\n<p>&#8220;With Chevron involved it will happen sooner than it otherwise would have,&#8221; said Michael Dunn, an analyst with FirstEnergy Capital.<\/p>\n<p>In a statement, Chevron\u2019s Vice-Chairman, Gorge Kirkland, said \u201cThis investment grows our global LNG portfolio and builds upon our LNG\u00a0construction, operations and\u00a0marketing\u00a0capabilities. It is ideally situated to meet rapidly growing demand for reliable, secure, and cleaner-burning fuels in Asia, which are projected to approximately double from current levels by 2025.\u201d<\/p>\n<p>&nbsp;<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20121226153658\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Fchevron-to-acquire-stake-in-kitimat-lng-project-cvx%2F39367&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/bd-bdx-acquisition-of-safety-syringes\/39394\">\nBD &#8211; BDX &#8211; Acquisition of Safety Syringes<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/renren-renn-announces-renewal-of-share-repurchase-program\/39393\">\nRenren &#8211; RENN &#8211; Announces Renewal of Share Repurchase Program<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/robbins-myers-rbn-first-quarter-2013-results-and-dividend\/39392\">\nRobbins &#038; Myers &#8211; RBN &#8211; First Quarter 2013 Results and Dividend<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/nextera-energy-resources-nee-agrees-to-sell-hydro-generating-assets\/39391\">\nNextEra Energy Resources &#8211; NEE &#8211; Agrees to sell hydro generating assets<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/apache-canada-ltd-apa-agreement-with-chevron-canada-limited-to-build-and-operate-the-kitimat-lng-project\/39390\">\nApache Canada Ltd. &#8211; APA &#8211; Agreement with Chevron Canada Limited to build and operate the Kitimat LNG project<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/att-t-receives-fcc-approval-for-acquisition-of-nextwave-wireless\/39389\">\nAT&#038;T &#8211; T &#8211; Receives FCC Approval for Acquisition of NextWave Wireless<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-marginally-higher-in-early-trading-10\/39399\">\nStocks Marginally Higher in Early Trading<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20121226153658im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n<script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script>\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With aim to enhance its natural gas exports, Chevron Corp. (NYSE: CVX) on Monday announced that it has agreed to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[3],"tags":[1821,3107],"class_list":["post-39367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-approaching-congestion-resistance-near-all-time-highs-of-the-secular-bull-market-from-early-last-decade-the-index-has-been-effectively-confined-to-a-trading-range-between-1","tag-chevron-phillips-chemical-cvx"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/39367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=39367"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/39367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=39367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=39367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=39367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}