Chevron, Bunge proposes 50/50 joint venture to create renewable fuel feedstocks

September 11, 2021

Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE:CVX), and Bunge North America, Inc., a subsidiary of Bunge Limited (NYSE:BG) has proposed 50/50 joint venture to meet the growing demand for renewable fuels and to develop lower carbon intensity feedstocks.

On forming a joint venture, Bunge is expected to contribute its soybean processing facilities in Destrehan, Louisiana, and Cairo, Illinois and Chevron is expected to contribute approximately $600M in cash.

The joint venture will approximately double the combined capacity of the facilities from 7,000 tons per day by the end of 2024.

'As the world's largest oilseed processor, we are pleased to expand our partnership with an energy industry leader to increase our participation in the development of next generation, renewable fuels. Together, we share a commitment to sustainability and reducing carbon in the energy value chain. This relationship with Chevron would enable Bunge to better serve our farmer customers by accessing demand in the growing renewable fuels sector," said Greg Heckman, Bunge CEO.

Mark Nelson, executive vice president of Downstream & Chemicals for Chevron said, ' Chevron 's proposed joint venture with Bunge positions us to expand into the renewable fuel feedstock value chain, which will advance our higher returns, lower carbon strategy."

For this year the company, located in San Ramon revenue will be around 149.21 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 12.72 billion USD. The majority of the analysts expects for this year a profit per share of 6.72 USD. Based on this the price/earnings-ratio is 14.3.

Huge dividend Chevron

Per share the analysts expect a dividend of 5.32 USD per share. Chevron 's dividend yield thus equals 5.54 percent. The average dividend yield of the oil & gas producers is an attractive 2.91 percent.

Chevron 's market capitalization is based on the number of outstanding shares around 180.82 billion USD. 31

On Friday the stock closed at 96.07 USD.

Historical stock prices Chevron2007-2021

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