Chevron bullish on Brazil's pre-salt but seeking better incentives

August 25, 2021

Chevron (NYSE:CVX) wants to play a role in Brazil's pre-salt oil discoveries, which could be the most important development in the company's century-long stay in Brazil, country manager Mariano Vela says.

"We want a piece of that," Vela told the Offshore Technology Conference in Houston, according to Reuters, without saying directly whether the company plans to bid at the Brazilian government's planned December auction for licenses in the Sepia and Atapu pre-salt blocks.

The same two blocks were offered in a 2019 auction that stumbled because of high license fees and regulatory uncertainty.

Incentives have improved since then, Vela said today, but added that regulation improvements and financial incentives are still needed to make Brazil's new oil projects more attractive.

For this year the company, based in San Ramon revenue will be around 148.24 billion USD. This is according to the average of the analysts' estimates. This is quite more than 2021's revenue of 94.47 billion USD.

Historical revenues and results Chevron plus estimates 2021

The analysts expect for 2021 a net profit of 12.42 billion USD. For this year the majority of the analysts, consulted by press agency Thomson Reuters, expects a profit per share of 6.64 USD. So the price/earnings-ratio equals 14.73.

Huge dividend Chevron

For this year the analysts expect a dividend of 5.32 USD per share. The dividend yield is then 5.44 percent. The average dividend yield of the oil & gas producers equals a good 2.79 percent.

Based on the current number of outstanding shares Chevron 's market capitalization 184.15 billion USD. 20

Historical stock prices Chevron2007-2021

At 15.47 the stock trades 0.58 percent lower at 97.84 USD.

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