Inside Chevron's LNG Push: Gorgon and Wheatstone in Focus
The Gorgon Project is one of the world's largest LNG vessels. Located offshore Barrow Island, it includes a three-train LNG facility with a capacity of 15.6 million metric tons per annum (Mtpa) and a domestic gas plant. With Chevron holding a 47.3% operating stake, the project began LNG exports in March 2016 and is a cornerstone of the company's portfolio. In addition, the Gorgon Project hosts the world's largest carbon capture and storage (CCS) system, highlighting the company's environmental ambitions.
The Wheatstone Project is another of Australia's largest resource developments. It includes two LNG trains with a combined capacity of 8.9 Mtpa and a domestic gas plant. With Chevron owning a 64.1% stake in the LNG trains, the project reinforces the company's position as a leading natural gas supplier in the Asia-Pacific region. Net natural gas production at Wheatstone averaged 1 million cubic feet per day in 2024.
Together, these two projects help balance the company's financial health, as long-term contracts for the gas create a steady revenue stream. This is a crucial support for Chevron in a market where oil prices can be quite unpredictable.
LNG Scale & Strategy of Other Supermajors
ExxonMobil XOM, Chevron's U.S. peer, has cemented its LNG presence through projects like PNG LNG and Qatar expansions, giving ExxonMobil a strong foothold in supplying Asia. ExxonMobil continues to prioritize LNG as a growth engine, linking it closely to the rising demand from emerging markets. Like Chevron, ExxonMobil is working to expand output while embedding carbon-reduction technologies into its LNG operations, reflecting a dual focus on growth and sustainability.
Meanwhile, London-based Shell SHEL is reinforcing its leadership in the global LNG market with the recent start-up of LNG Canada, in which it holds a 40% interest. Shell successfully shipped the first cargo from the new facility in the second quarter of 2025. With a long-term goal to increase its LNG sales by 4-5% annually through 2030, Shell is strategically positioned to capitalize on the rising worldwide demand for this cleaner-burning fuel.
The Zacks Rundown on Chevron
Shares of Chevron have gained just over 5% so far this year.
From a valuation perspective — in terms of forward price-to-earnings ratio — Chevron is trading at a premium compared to the industry average. The stock is also trading above its five-year mean of 11.86.
See how the Zacks Consensus Estimate for Chevron's earnings has been revised over the past 60 days.
The stock currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
#1 Semiconductor Stock to Buy (Not NVDA)
The incredible demand for data is fueling the market's next digital gold rush. As data centers continue to be built and constantly upgraded, the companies that provide the hardware for these behemoths will become the NVIDIAs of tomorrow.
One under-the-radar chipmaker is uniquely positioned to take advantage of the next growth stage of this market. It specializes in semiconductor products that titans like NVIDIA don't build. It's just beginning to enter the spotlight, which is exactly where you want to be.
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