TCO set to become top dividend source for Chevron affiliates with $1.5 billion

“Tengizchevroil” (TCO) could emerge as the primary source of dividends, amounting to $1.5 billion, among Chevron’s affiliates in the second quarter. This information is outlined in a presentation available on the website of the American oil and gas corporation, reports Kazinform News Agency correspondent.

“The forecast for dividends of affiliated companies for the full year 2024 is based on Brent at $80 per barrel; dividends from affiliated companies in the second quarter are expected to be at the level of $1-1.5 billion, primarily from TCO,” says the published document.

Another presentation shows that from 2008 to 2015, the total dividends and loans from TCO, considering Chevron’s investments and taxes, averaged more than $2.5 billion each year. However, from 2015 to 2020, these figures dropped below zero due to decreasing oil prices and large investments in the Future Growth Project (FGP). But from 2021 to 2022, the dividends increased again, averaging around $1.5 billion annually.

To recap, Chevron holds 50% of the shares in TCO, while ExxonMobil, another American corporation, owns 25%. KazMunayGas holds 20%, and the Russian company Lukoil owns the remaining 5%.