Chevron Corporation’s (CVX Quick QuoteCVX ) subsidiary Chevron U.S.A. Inc. recently inked agreements with one of the world’s leading integrated energy and commodities firms Mercuria Energy Trading (Mercuria) to form a joint venture (JV). The new JV will buy American Natural Gas LLC (ANG), a Saratoga Springs, New York-based company, which operates 60 compressed natural gas (CNG) stations across the United States.
The transaction is part of Chevron’s attempt to develop a large-scale, vertically integrated renewable natural gas business in America. The company is developing projects to create renewable natural gas from cow manure across the country through partnerships with Brightmark and California Bioenergy. The integrated energy firm will be able to swiftly expand its renewable natural gas value chain, courtesy of this joint venture, which will complement its previously announced plan to open more than 30 Chevron-branded CNG stations by 2025.
Best Energy Stocks For 2023: Sunoco LP(SUN)
Sunoco LP engages in the wholesale distribution and retail sale of motor fuels primarily in Texas, New Mexico, Oklahoma, Louisiana, Kansas, Maryland, Virginia, Tennessee, Georgia, and Hawaii. It operates through two segments, Wholesale and Retail. It serves convenience stores and consignment locations, contracted independent convenience store operators, and other commercial customers. The company also distributes other petroleum products, such as propane and lubricating oils; and leases or subleases real estate properties used in the retail distribution of motor fuels. As of December 31, 2014, it operated 155 convenience stores and fuel outlets offering merchandise, food service, motor fuel, and other services in 5 states. Sunoco GP LLC serves as the general partner of the company. The company was formerly known as Susser Petroleum Partners LP and changed its name to Sunoco LP in October 2014. Sunoco LP is based in Houston, Texas.