Chevron to Overtake Uruguay's Offshore Block as New Operator

Zacks11-01

Chevron Corporation CVX has entered into a major deal with Challenger Energy Group to acquire 60% of the stakes in the AREA OFF-1 block through its wholly-owned subsidiary, Chevron Uruguay Exploration...

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Per the agreement, CVX will hold a 60% stake in the block, with Challenger retaining the remaining 40% non-operating interest.This acquisition, which has received all the required approvals from the Uruguayan regulatory authorities, will ensure that Challenger is fully funded for its prospects. It will also solidify its position in securing early access and progressing the exploration blocks through high-quality technical work.Nine Energy Service, Inc. provides onshore completion and production services for unconventional oil and gas resource development. 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Per the agreement, CVX will hold a 60% stake in the block, with Challenger retaining the remaining 40% non-operating interest.\nThe cost of the acquisition includes a cash payment of $12.5 million and CVX assuming the entire share of Challenger’s costs in connection with a 3D seismic campaign on AREA OFF-1 up to a maximum of $15 million. CVX will also bear 50% of Challenger’s share of cost up to a maximum of $20 million if it decides to drill an exploration well in the said block.\nThis acquisition, which has received all the required approvals from the Uruguayan regulatory authorities, will ensure that Challenger is fully funded for its prospects. It will also solidify its position in securing early access and progressing the exploration blocks through high-quality technical work.\nWhat Lies Ahead for CVX and Challenger?\nCVX and Challenger are under discussion regarding their 3D seismic campaign, which is expected to begin in the first half of 2025, covering about 14,557 km2.\nSince the divestment and other work-related operations of AREA OFF-1 are already in their final stages, Challenger is planning to advance with its AREA OFF-3 technical work program. Challenger aims to deploy the insights it gains from the initial block’s technical work in the AREA OFF-3 block and plans to farm out the second block by mid-2025.\nCVX’s Zacks Rank and Key Picks\nThe U.S. energy major Chevron is one of the world’s largest publicly traded oil and gas companies with operations that span almost every corner of the globe. However, the company is grappling with high sensitivity to oil price fluctuations and relatively expensive valuation.\nCurrently, CVX has a Zacks Rank #5 (Strong Sell).\nInvestors interested in the energy sector might look at some better-ranked stocks like Smart Sand, Inc. SND, Nine Energy Service, Inc. NINE and Talos Energy Inc. TALO. While Smart Sand currently sports a Zacks Rank #1 (Strong Buy), Nine Energy and Talos Energy carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.\nSmart Sand produces northern white raw frac sand for the oil and gas industry. It offers proppant and related logistics services for oil and gas recovery from unconventional wells. SND’s expected EPS (earnings per share) growth rate for the next quarter is 125%, which compares favorably with the industry's growth rate of 17.41%.\nNine Energy Service, Inc. provides onshore completion and production services for unconventional oil and gas resource development. NINE’s expected EPS (earnings per share) growth rate for the current quarter is 23.08%, which compares favorably with the industry's growth rate of 2.90%.\nTalos Energy Inc. engages in exploration, development and production of oil and natural gas properties. Talos’ expected EPS (earnings per share) growth rate for the next quarter is 600%, which compares favorably with the industry's growth rate of -38.58%.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nChevron Corporation (CVX) : Free Stock Analysis Report\nSmart Sand (SND) : Free Stock Analysis Report\nNine Energy Service, Inc. (NINE) : Free Stock Analysis Report\nTalos Energy Inc. (TALO) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480888387"}