Chevron To Pay Richmond $550M Over 10 Years, Avoids New Refinery Tax
Portfolio Pulse from Lekha Gupta
Chevron Corporation (NYSE:CVX) will pay Richmond $550 million over 10 years, avoiding a new refinery tax. The agreement led to the withdrawal of a proposed tax measure on Chevron's Richmond refinery. Chevron also began oil and natural gas production from the Anchor project in the Gulf of Mexico. CVX shares are up 1.15%. Investors can gain exposure via EA Series Trust Strive U.S. Energy ETF (NYSE:DRLL) and SPDR Select Sector Fund – Energy Select Sector (NYSE:XLE).
August 15, 2024 | 2:44 pm
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Chevron will pay Richmond $550 million over 10 years, avoiding a new refinery tax. The agreement led to the withdrawal of a proposed tax measure on Chevron's Richmond refinery. CVX shares are up 1.15%.
The settlement avoids a potentially costly new tax on Chevron's Richmond refinery, which could have negatively impacted its financials. The market reacted positively, with CVX shares up 1.15%.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Investors can gain exposure to Chevron's performance via EA Series Trust Strive U.S. Energy ETF (NYSE:DRLL).
DRLL holds Chevron among other energy stocks, and positive news for Chevron can benefit the ETF's performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Investors can gain exposure to Chevron's performance via SPDR Select Sector Fund – Energy Select Sector (NYSE:XLE).
XLE holds Chevron among other energy stocks, and positive news for Chevron can benefit the ETF's performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50