Chevron Reports First Quarter Loss of $725 Million Chevron Corporation (NYSE:CVX) today reported a loss of $725 million ($0.39 per share – diluted) for first quarter 2016, compared with earnings of $2.6 billion ($1.37 per share – diluted) in the 2015 first quarter. Foreign currency effects decreased earnings in the 2016 quarter by $319 million, compared with an increase of
Chevron’s sale would be the largest M&A transaction in the history of Myanmar U.S. oil and gas major Chevron (ticker: CVX) hopes to sell its gas block stake in Myanmar for an estimated $1.3 billion, according to reports from Reuters. Potential buyers for what would be the largest M&A transaction in the country’s history include Australia’s Woodside Petroleum (ticker: WPL),
The Chevron-led project expects first cargo next week. Chevron (ticker: CVX, Chevron.com) announced that its Gorgon LNG project has begun liquefaction of natural gas on Barrow Island off the northwest coast of Western Australia, with the expectation that the first LNG cargo will ship next week, the company said in a press release. The Gorgon Project is supplied from the
Cheniere expects first LNG cargo in the coming weeks from Sabine Pass Cheniere Energy (ticker: LNG, Cheniere.com) expects to load the first shipment of liquefied natural gas for export from the U.S. in the coming days. A LNG tanker docked in Cheniere’s Sabine Pass terminal Sunday as the company prepares to send the first cargo from the U.S. by the
CVX Expects Spending to Wind Down through 2018 The oil and gas industry is not expecting Q4’15 earnings season to be pretty, but not many expected Chevron (ticker: CVX, chevron.com), one of the world’s largest integrated oil companies, to post a loss of $558 million. Typically, integrated companies are somewhat shielded from commodity downturns, as the profits increase in the
Will spend 24% less than in 2015; dividends are ‘No. 1 priority’ Chevron Corp. (ticker: CVX), the second-largest energy company in the U.S. by revenue, announced its capital budget for 2016, saying it plans to spend 24% less than it has this year. Chevron said that it expects to spend $26.6 billion in capital and exploratory investments next year, with
International oil majors were burned but also warmed by low oil prices in Q2; and their new projects are moving forward The second quarter has been tough for international oil majors like ExxonMobil (ticker: XOM), Chevron (ticker: CVX) and Royal Dutch Shell (ticker: RDSA), but a silver lining of sorts did present itself. Across all three companies, the reason given
MarkWest Energy Partners Announces New Commercial Agreements to Provide Processing Services for Cimarex and Chevron in the Permian Basin MarkWest Energy Partners, L.P. (MWE) (“MarkWest”) announced today the completion of long-term, fee-based agreements to support producer development in the Delaware Basin of West Texas. Under terms of the agreements, MarkWest will install a 200 million cubic feet per day cryogenic
Chevron Corporation (ticker: CVX), the world’s third largest E&P by market capitalization, is selling its 50% shareholding in Caltex Australia Limited. The deal is reportedly worth about US$3.6 billion, according to the Sydney Morning Times Herald, and is the biggest block trade in Australia’s history. The deal was solely underwritten by Goldman Sachs and is expected to “be sold to
Chevron signed a production sharing contract in its 2.6 million acre A5 block offshore Myanmar Chevron Corp. (ticker: CVX) has signed a production sharing contract (PSC) with Myanma Oil & Gas Enterprise (MOGE) to explore oil and gas in the Rakhine Basin. CVX subsidiary Unocal Myanmar Offshore Co. Ltd. was granted exploration rights to the block, Block A5, in March
Chevron Corporation (ticker: CVX) has announced a “significant” oil discovery at the Anchor prospect in the deepwater U.S. Gulf of Mexico. The Anchor #2 Well, which is located in Green Canyon Block 807, was drilled to a total depth of 33,749 feet and encountered pay in multiple Inboard Lower Tertiary Wilcox Sands. The well is located approximately 140 miles from
Chevron (ticker: CVX) has terminated its contract with Ukraine to extract shale gas in the western part of the country. The world’s third largest oil company by market cap spent more than a year to get the government to simplify taxation for development, reports local media. “We have just terminated that PSA (production sharing agreement),” said Peter Clark, Chevron’s country
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