Chevron Corporation (NYSE:CVX) announced a strategic collaboration with Honeywell International Inc. (NASDAQ:HON) to develop advanced artificial intelligence (AI)-assisted solutions.
The solution aims at enhancing decision-making for operators, improving efficiency in refining processes, and boosting safety within the industrial automation sector.
This partnership represents a major advancement in AI-assisted solutions for plant operators.
The two companies are collaborating to create a new generation of AI-assisted alarm management solutions that enhance the efficiency, safety, and reliability of process operations and industrial assets.
The Alarm Guidance application will provide operators with guided actions for responding to alarms and operational events, reducing lost profits and safety incidents.
Using AI, the system will analyze historical data to identify patterns between alarms and effective operator responses that restore normal operations.
Through this collaboration, Chevron's operators will integrate AI into Honeywell's Experion distributed control system (DCS), enhancing decision-making and optimizing operations for improved efficiency and workforce upskilling, in line with Honeywell's focus on automation.
Also Read: John Hess Blocked From Joining Chevron Board As Part Of FTC Deal For Antitrust Approval Of $53B Chevron-Hess Merger: Report
Lucian Boldea President and CEO of Honeywell Industrial Automation said, "AI-Assisted automation is key to helping improve industrial plant performance while also addressing industry's workforce shortage through institutional knowledge capture, workflow digitalization, and accelerating the learning curve for the next generation."
Investors can gain exposure to the stock via EA Series Trust Strive U.S. Energy ETF (NYSE:DRLL) and SPDR Select Sector Fund – Energy Select Sector (NYSE:XLE).
Price Action: CVX shares are up 1.83% at $149.96 at the last check Tuesday.
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