World Oil (Bloomberg) – Oil is here to stay as U.S. majors strike blockbuster deals while Saudi policies are helping stabilize global crude markets, the kingdom’s energy minister said at the annual investment forum in Riyadh. “It’s working,” Energy Minister Prince Abdulaziz bin Salman said of Saudi Arabia’s strategy for managing the oil market. The kingdom has to “ensure
World Oil (Bloomberg) – Chevron Corp.’s acquisition of Hess Corp. does more than give it a stake in the world’s fastest-growing oil field off the coast of Guyana and shale assets in the Bakken basin of North Dakota. It also delivers a richly-valued oil independent. While just the size of the all-stock transaction, at $53 billion, is an eye-watering figure,
World Oil (Bloomberg) – Europe’s oil majors seem to finally be winning back investors by refocusing on their core business, yet the valuation gap with their dealmaking U.S. peers remains stubbornly wide. After companies such as bp Plc embraced net zero targets during the pandemic, Russia’s invasion of Ukraine has given them the opportunity to pivot back to fossil fuels.
Yahoo Finance LONDON – The prospect of Exxon Mobil or Chevron buying European majors has receded after the two leading U.S. oil companies announced major acquisitions focused on the Americas this month, investors said. Speculation that Chevron and Exxon might try to buy rivals BP and Shell intensified over the last two years as the European majors underperformed their U.S.
World Oil (WO) — Chevron Corporation has entered into a definitive agreement with Hess Corporation to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53 billion, or $171 per share. Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The total enterprise value, including debt,
World Oil (Bloomberg) – Venezuela has an opportunity to resuscitate the linchpin of its economy — oil — now that U.S. sanctions have been relaxed. The surprise move on Oct. 18 allows international companies to apply the full weight of their expertise and technology to crude fields and infrastructure that atrophied amid years or underinvestment, civil turmoil and international isolation. Here’s
Oil Price Following this weekend’s attack by Hamas on Israel, Chevron, the operator of the Tamar gas field offshore southern Israel, has shut down production at the field per instructions from the Israeli energy ministry. “Chevron Mediterranean Limited was instructed by Israel’s Ministry of Energy to shut in production at the Tamar Production Platform,” the local unit of the U.S.
Nasdaq HOUSTON – Chevron Corp (CVX.N) plans to add 65,000 barrels per day (bpd) of Venezuelan oil output by the end of 2024 through its first major drilling campaign in the nation since Washington allowed it to restore production clipped by U.S. sanctions, three people familiar with the matter said. The effort could help Venezuela keep lifting crude production and speed
World Oil WO) – Chevron U.S.A. Inc., through its Chevron New Energies division, has closed a transaction with Haddington Ventures to acquire 100% of Magnum Development, LLC, and thus a majority interest in ACES Delta, LLC, which is a joint venture between Mitsubishi Power Americas, Inc. and Magnum Development. ACES Delta is developing the Advanced Clean Energy Storage project in
Oil Price Federal government officials in Washington are working on a draft proposal for sanctions relief to be offered to Venezuela if it organizes “free and fair” presidential elections. The pitch focuses on letting more companies buy Venezuelan crude, Reuters reported, citing unnamed sources. “Should Venezuela take concrete actions toward restoring democracy, leading to free and fair elections, we are prepared to
World Oil (Bloomberg) – ExxonMobil Corp. and Chevron Corp. are both on course to grow production from the Permian basin by 10% this year, more than double the rate of their smaller rivals. Exxon produced about 620,000 bpd in the second quarter from the world’s largest shale basin, which straddles Texas and New Mexico, while Chevron’s output increased to 772,000
Oil Price Chevron (NYSE: CVX) reported on Friday lower earnings for the second quarter of 2023 compared to the same period of 2022, joining the other international supermajors in booking reduced profits on the back of much lower oil and natural gas prices this year. As previewed in profit highlights a few days ago, Chevron said on Friday that its adjusted earnings were $5.8
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