NEW YORK (TheStreet) -- Chevron (CVX) has signed a liquefied natural gas (LNG) supply deal with China's ENN LNG Trading. Under the terms of the transaction, ENN will receive as much as 650,000 million metric tons per annum of LNG over 10 years, with the first delivery expected in 2018 or the first half of 2019.
"This [sales and purchase agreement] further demonstrates our work to expand our customer base, our strong customer relationships and our commitment to partnerships around the world," Chevron Executive VP of Midstream and Development Mike Wirth said in a statement.
Chevron plans to supply ENN with its current LNG portfolio, including its Australian interests at Gorgon, Wheatstone and the North West Shelf, according to a company statement on Monday.
ENN is a subsidiary of ENN Energy, which is one of the largest natural gas distribution companies in China.
Shares of the San Ramon, CA-based oil and gas giant were flat in pre-market trading on Tuesday after closing at $102.05 on Monday.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.
Chevron's strengths such as its solid stock price performance and largely solid financial position with reasonable debt levels by most measures are countered by weaknesses including feeble growth in the company's earnings per share, deteriorating net income and poor profit margins.
You can view the full analysis from the report here: CVX
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