CNBC Oil prices dropped on Wednesday, snapping a five-session winning streak, as oversupply concerns outweighed optimism over economies reopening. West Texas Intermediate, the U.S. benchmark, shed 2.3%, or 57 cents, to settle at $23.99 per barrel. In a volatile session, the contract swung between a gain of more than 6% at the high — climbing to $26.08 — and a
World Oil HOUSTON (Bloomberg) –Exxon Mobil posted its first loss in at least 32 years while Chevron Corp. deepened spending cuts amid the economic and industrial devastation wrought by the Covid-19 contagion. The worst may be yet to come. Exxon reported a $610 million loss on Friday, the oil giant’s first since at least 1988, and said it’s shutting hundreds
CNBC Chevron shares dropped on Friday after the company warned that results will remain depressed as long as oil prices stay low, and said it was further cutting its 2020 capital spending plan. For the first quarter, Chevron reported earnings per share of $1.93, which included $680 million in one-time favorable items, and $31.5 billion in revenue, helped by downstream margins
Reuters Numerous U.S. and Canadian oil companies have said they are reducing output in 2020, but a Reuters analysis of the announcements so far show that just three companies – Chevron, ConocoPhillips and Occidental Petroleum – account for more than half of the cuts. Oil and gas producers are deep into crisis mode as a result of the worldwide slump
CNBC Chevron shares surged Tuesday after the company announced cost-cutting measures, but promised not to slash its dividend despite mounting pressure from falling crude prices. “Our dividend is our number one priority and it’s very secure,” Chevron CEO Michael Wirth said Tuesday on CNBC’s “Squawk Box.” “We’re taking actions to preserve cash. It will have some impact on production in the near
Off Shore Energy Philippines-based Udenna Corporation has completed the acquisition of Chevron’s interest in Service Contract 38 in the Philippines, also known as the Malampaya natural gas project. Udenna’s subsidiary, UC Malampaya Philippines Pte Ltd., in October 2019 signed a sale and purchase agreement to acquire 100% of the shares of Chevron Malampaya, a subsidiary of Chevron Philippines, which holds
Reuters NEW YORK/LONDON – Exxon and Chevron boasted to investors this week about booming U.S. oil production, illustrating how the gap has widened – at least in words – between top American oil and gas companies and their European rivals over efforts to transition to clean energy and fight climate change. World crude oil and natural gas production is running
Houston Chronicle Chevron Corp. plans as much as $80 billion in dividends and share buybacks over the next five years, boosting distributions by 20 percent compared with the most recent pace of payouts as the U.S. oil giant ramps up production and returns from the Permian Basin. Mike Wirth, who took over as chief executive officer little more than two
Houston Chronicle The Trump administration is ready to unleash the full impact of sanctions on Chevron Corp.’s operations in Venezuela as the U.S. seeks to further squeeze the Maduro regime. While no decision has been made, it’s increasingly unlikely that the U.S. will again extend to Chevron a waiver to access Venezuela’s crude reserves, people familiar with the matter said.
Houston Chronicle Royal Dutch Shell Plc is pushing ahead on its massive deep-water drilling plan in Mexico, even as it doesn’t foresee production starting under the current government. The global oil major plans to drill four wells this year, and a similar amount next year, said Alberto de La Fuente, Shell’s Mexico country chief. It’s part of a drilling campaign
Reuters AÑELO, Argentina – Just weeks into his young administration, Argentina’s new president convened a meeting with executives from Chevron Corp (CVX.N), Royal Dutch Shell PLC (RDSa.L) and other oil companies in a bid to smooth things over with an industry which he had slammed as a candidate months before. Campaigning last year against the South American country’s former market-friendly
Houston Chronicle Through its startup technology arm, Chevron is joining two other firms in investing in Carbon Clean Solutions, which provides portable carbon capture technology for the oil field and other industrial facilities. Chevron Technology Ventures, Tokyo industrial conglomerate Marubeni Corp. and Wave, a Boston clean energy private equity firm, are injecting $16 million into the London-based company. Carbon Clean
