Shares of energy major Chevron Corp (CVX) were trading 0.52% higher on Tuesday after the company announced it has upgraded its Pasadena refinery to increase capacity, feedstock and product flexibility.

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Chevron’s wholly-owned subsidiary Chevron U.S.A., Inc. completed a retrofit of its refinery in Pasadena, Texas. This is expected to increase product flexibility and expand the processing capacity of lighter crudes by nearly 15% to 125,000 barrels per day, the firm said.

The phased start-up of the asset is expected to last through the first quarter of 2025.

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Chevron Manufacturing President Chris Cavote said the Pasadena Refinery is on a journey to maximize value for Chevron. “This refinery now firmly integrates our upstream and downstream businesses as we aim to optimize the value chain,” he said.

Retail sentiment on Stocktwits continued to trend in the ‘neutral’ territory despite the disclosure.

CVX’s Sentiment Meter and Message Volume as of 10:02 a.m. ET on Dec. 10, 2024 | Source: Stocktwits

Meanwhile, Bank of America is reportedly adding Chevron to its "US 1 List.” This is intended to represent a collection of the best investment ideas taken from Buy-rated, U.S.-listed stocks covered by BofA Global Research fundamental equity research analysts.

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Chevron was in the news recently after the company disclosed it expects to take restructuring charges of $1.1 billion to $1.5 billion in the fourth quarter of 2024. The firm said it expects to recognize a restructuring charge of $0.7 to $0.9 billion after-tax in Q4, with associated cash outflows over the next two years.

It also anticipates recognizing non-cash, after-tax charges related to impairments, asset sales, and other obligations of $0.4 to $0.6 billion in the quarter.

The restructuring is part of the firm’s recently announced plans to achieve $2 to $3 billion in structural cost reductions by the end of 2026.

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Notably, Chevron shares have gained over 5% since the beginning of the year.

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