Hess Corp. (NYSE:HES) signaled its $53 billion agreement to be bought by Chevron Corp. may be delayed after Exxon Mobil Corp. filed for arbitration over the deal to preserve its rights to a massive oil discovery off Guyana.
It’s rare for disputes between any of the world’s supermajor oil companies to spill out in public. It’s even rarer that one could end up costing $53 billion.
A new report suggests Big Oil continues to link executive pay to increased fossil fuel production, even if this conflicts with energy transition targets and climate policies.
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.
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.
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.
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.
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.
Chevron Corp. (NYSE: CVX) agreed to buy Hess Corp. (NYSE: HES) for $53 billion, the latest major US oil takeover as the industry bets on an enduring future for fossil fuels.
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.