Chevron-led Kazakhstan oil expansion delayed by COVID-19

October 08, 2021

The Chevron-led (CVX) consortium in Kazakhstan will delay part of its $45B expansion project by several months due to COVID-19 restrictions and infections among workers, according to the country's energy ministry.

The project at Tengiz, which is planned to raise oil production by 12M metric tons/year, now would be completed by November 2023 instead of April 2023.

The ministry says earlier cost savings are expected to keep the total project within the approved figure despite the delay.

Chevron-led Tengizchevroil, in which Exxon Mobil (NYSE:XOM), Russia's LUKOIL (OTCPK:LUKOY) and Kazakh state firm KazMunayGaz own minority stakes, accounts for nearly a third of Kazakhstan's total oil production.

Over the current book year the total revenue from the company in San Ramon will be 149.09 billion USD (consensus estimates). This is hugely 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 13.18 billion USD. For this year the consensus of the result per share is a profit of 6.99 USD. The price/earnings-ratio therefore equals 15.01.

Huge dividend Chevron

Per share the analysts are expecting a dividend of 5.32 USD per share. Chevron 's dividend yield thus equals 5.07 percent. The average dividend yield of the oil & gas producers is an attractive 2.91 percent.

Based on the current number of outstanding shares Chevron 's market capitalization is 197.5 billion USD. 50

At 21.56 the stock trades 0.66 percent higher at 104.93 USD.

Historical stock prices Chevron

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