Shares of Chevron and Hess slipped after Exxon Mobil said it’s considering a move that could break up the companies’ $53 billion merger and increase its share of Guyana’s giant offshore oil reserves.
Chevron has taken the final investment decision (FID) on the second phase of the Tamar field, offshore Isreal.
Oil supermajors returned more cash to shareholders than ever before last year as management teams reined in spending on new projects to free up cash for dividends and buybacks. There may be more to come.
Exxon Mobil Corp. (NYSE:XOM) and Chevron Corp. (NYSE:CVX) are generating returns not seen since their heyday over a decade ago, with $58.7 billion handed to shareholders last year and more to come in 2024, even if crude prices drop. And yet, they’re struggling to compete in a stock market beholden to Silicon Valley.
Chevron Corp. will write down the value of $3.5 billion to $4 billion in assets due to restrictive government policies in California and environmental liabilities in the Gulf of Mexico.
Chevron (NYSE: CVX) chief financial officer Pierre Breber rebuked employees for failing to deliver on several key performance metrics in 2023, a year in which the stock lagged Big Oil peers.
Nearly 200 countries are in the home stretch of tough negotiations at COP28 over what the world should do to combat climate change.
NewMed Energy, which has a 30% stake in the project, also took a more measured tone. The company said Chevron had asked to postpone the start of front-end engineering and design (FEED) work on Aphrodite.
The president went on to invite Exxon to invest in renewable energy and infrastructure, including for the new planned capital, Nusantara.
Israel’s natural gas flows to Egypt are expected to almost double and reach pre-war levels early next week, according to a person familiar with Egyptian imports, after a major offshore field resumed output on easing safety concerns.
The block is to the north of Block 2913B, where TotalEnergies has made discoveries including Venus.
Equatorial Guinea Vice President Teodoro Nguema Obiang Mangue said state-backed Gepetrol was on the way to increasing its operational capacity.
Chevron Corp. (NYSE: CVX) fell short of analysts’ expectations amid weak returns from its overseas refineries as the oil giant moves closer to the $53 billion purchase of storied rival Hess Corp.
Conoco is not alone in its pursuit of CrownRock, though.
Europe’s unloved oil majors seem to finally be winning back investors by refocusing on their core business, yet the valuation gap with their dealmaking US peers remains stubbornly wide.
The stoppage at Tamar could result in lower shipments to buyers in Europe, who are increasingly reliant on alternatives to Russian pipeline flows, especially during the winter heating season.
Workers at Chevron’s liquefied natural gas facilities in Australia gave notice Monday to resume strikes, a move that could disrupt supplies and send prices higher.
Union members at Chevron Corp. liquefied natural gas facilities in Australia are deciding on a plan to resume strikes after criticizing the company’s efforts to finalize an agreement on pay and conditions.
Chevron (NYSE: CVX) and labor unions reached an agreement to end strikes at key liquefied natural gas facilities in Australia that have roiled the global market for the fuel.
Chevron (NYSE: CVX) and unions are close to a deal to end strikes at LNG export plants in Australia that have roiled global markets, with the nation’s regulator proposing an agreement to bridge the remaining issues.
As crude futures leap higher, traders and analysts are increasingly talking about when — not if — prices return to $100 a barrel.
The Offshore Alliance has refused to provide advance warning to Chevron of strike action.
Liquefied natural gas workers at key Chevron sites in Western Australia have begun ramping up a campaign of industrial action in a dispute that has roiled global energy markets.
Chevron (NYSE:CVX) will become majority owner of what’s expected to be the world’s largest hydrogen production and storage facility as the oil giant invests in tech aimed at addressing the intermittency that plagues wind and solar power.