- Chevron (NYSE:CVX) stock is jumping on its new Ballymore project.
- This is expected to generate 75,000 barrels of oil per day.
- The first oil from the project is expected in 2025.
Chevron (NYSE:CVX) stock is gaining on Tuesday after the company announced the sanctioning of its Ballymore project.
Let’s go over all of the details investors in CVX stock need to know about that news below!
- The Ballymore project is located in the deepwater U.S. Gulf of Mexico.
- It’s being developed as a three-mile subsea tieback to the company’s already-existing Blind Faith platform.
- Chevron is expecting the project to have a capacity of 75,000 barrels of crude oil per day.
- The company believes the location could produce more than 150 million barrels of oil.
- It’s also worth noting that the company will invest $1.6 billion to develop the Ballymore project.
- CVX expects the first oil from the project in 2025.
- Chevron U.S.A. has a 60% working interest in the project with co-owner TotalEnergies E&P USA having a 40% interest.
- The project will include three wells tied back to Blind Faith via a single flow line.
- It also marks Chevron’s first expansion into the Norphlet trend of the U.S. Gulf.
Steve Green, president of Chevron North America Exploration and Production, said the following about the project boosting CVX stock today.
“Once complete, Ballymore is expected to add a reliable supply of U.S.-produced energy to help meet global demand. The project is designed to lower development costs by using a subsea tieback approach, standardized equipment and repeatable engineering solutions – leveraging existing operated infrastructure.”
CVX stock is up 1.1% as of Tuesday morning.
Investors looking for more of the latest stock news will want to stick around!
InvestorPlace has all of the most recent stock news that traders need to know about for Tuesday! A few examples include what’s going on with Walmart (NYSE:WMT) and Paramount (NASDAQ:PARA) stock, as well as this morning’s biggest pre-market stock movers. You can read all about that at the following links!
More Tuesday Stock Market News
- Walmart (WMT) Stock Drops 6% on Mixed Q1 Earnings Report
- Why Is Paramount (PARA) Stock Up 10% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.