May 19, 2022

Justin Sullivan/Getty Images News Chevron (NYSE: CVX ) and Schlumberger (NYSE: SLB ) have withdrawn their application to capture carbon emissions and store them underground in central California, Reuters reported on Wednesday, after the U.S. Environmental Protection Agency questioned it. The EPA said in a March 25 letter that the application was "substantially incomplete," citing changes to the application and the failure to supply financial assurances, according to the report. Chevron ( CVX ) and Schlumberger ( SLB ) had formed a venture to revive an idled biomass-fueled power plant in Mendota, California, to generate "carbon negative power." The companies said they decided to withdraw the permit application but would continue "to gather and evaluate project information." Earlier on Wednesday, Chevron ( CVX ) said it was launching a carbon capture and storage project in the San Joaquin Valley to help reduce emissions from its own operations in California . Chevron ( CVX ), Exxon Mobil and Valero "are Strong Buys based on their promising growth potential, solid profitability, safe dividends, and great dividend yields," Steven Cress writes in a bullish analysis posted recently on Seeking Alpha . To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.