The State of the Industry: Q2 2019
In the August 2019 Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts relatively flat crude oil prices for the remainder of 2019 and through 2020 and a balanced global oil market in 2019 followed by modest inventory builds in 2020 as production growth outp ...Chevron & Venezuela – Together Still
Barely hours before the deadline, Chevron received word from the US government that it would be allowed to continue operating in Venezuela. The lone major US oil company still in operation after ExxonMobil and ConocoPhillips made a costly flee when Hugo Chávez nationalised the oil industry, Chevr ...Did Occidental Overpay for Anadarko?
Now that Occidental Petroleum has beaten Chevron to the acquisition of Anadarko Petroleum – and the strategic assets it holds in the prolific Permian Basin – one would think that the deal is cut-and-dry. The Occidental purchase of Anadarko had all the signs of a classic takeover battle, swooping ...The Permian is Ripe for M&A Battle
Next is Diamondback Energy, a Permian pure-play firm that has valuable assets in the Midland Basin as well as the prized (and prolific) Delaware Basin. Brushing up against Pioneer's acreage is ExxonMobil and Chevron's own boundaries, and its new status as a Permian pure-play makes Pioneer particu ...
The deal would have given Chevron significant and synergistic acreage in the Permian Basin along with new potential in US midstream, as well as Anadarko's high potential projects in Africa. And so Oxy was victorious, capping off a two-year pursuit by Hollub for Anadarko – which only went public a ...Shell Eclipses ExxonMobil Once Again
Weaker refining margins and lower crude prices were cited as a slight drag on performance, but Shell's acquisition of BG Group is paying dividends as strong natural gas performance contributed to the strong profits. Unlike ExxonMobil and Chevron, Shell has only dipped its toes in the Permian, pre ...
The purchase of Anadarko gets Chevron into two prolific areas: the Permian Basin in the US and LNG. Through Anadarko, Chevron will gain major US midstream space, including a 55% stake in the Western Midstream Partners whose pipelines crosses all over Texas, linking the Permian to the processing a ...CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies
HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...Chevron Announces $20 Billion Capital and Exploratory Budget for 2019
SAN RAMON, Calif.--(BUSINESS WIRE)--Dec. 6, 2018-- Chevron Corporation (NYSE:CVX) today announced a 2019 organic capital and exploratory spending program of $20 billion. “Our 2019 budget supports a robust portfolio of upstream and downstream investments, highlighted by our world-class Permian Basi ...Chevron Announces First Oil From Big Foot Project in the Deepwater Gulf of Mexico
Chevron Corporation (NYSE:CVX) has announced that the Chevron-operated Big Foot deepwater project, located in the U.S. Gulf of Mexico, has started crude oil and natural gas production. The field is located approximately 225 miles (360 km) south of New Orleans, La., in a water depth of approximately ...Steven W. Green Named President of Chevron North America Exploration and Production
Green succeeds Jeff Shellebarger who will retire after a 38-year career Nigel Hearne appointed president of Chevron Asia Pacific Exploration and Production SAN RAMON, Calif.--(BUSINESS WIRE)--Nov. 6, 2018-- Chevron Corporation (NYSE:CVX) today named Steven W. Greenpresident of Chevron North A ...Chevron Reports Third Quarter Net Income of $4.0 Billion
Record quarterly oil-equivalent production of 2.96 million barrels per day, 9 percent higher than a year earlier Third quarter cash flow from operations of $9.6 billion Share repurchases of $750 million SAN RAMON, Calif.--(BUSINESS WIRE)--Nov. 2, 2018-- Chevron Corporation (NYSE: CVX) to ...Chevron Announces Quarterly Dividend
SAN RAMON, Calif.--(BUSINESS WIRE)--Oct. 31, 2018-- The Board of Directors of Chevron Corporation (NYSE: CVX) today declared a quarterly dividend of one dollar and twelve cents($1.12) per share, payable December 10, 2018, to all holders of common stock as shown on the transfer records of the Corpora ...Petrofac Secures North Sea Contract Extension With Chevron
Petrofac's Engineering and Production Services (EPS) division has secured a 12-month engineering services contract extension from Chevron North Sea Limited (Chevron). The agreement, which has been held by Petrofac since 2014, commenced on 30 September. In line with the contract scope, Petrofac wi ...Shell Adds Material Acreage to its Deep-Water Position in Brazil
Shell Brasil Petróleo Ltda, a subsidiary of Royal Dutch Shell plc (“Shell”), and its bid consortium member Chevron Brasil Óleo & Gás Ltda (“Chevron”), today won a 35-year production sharing contract for the Saturno pre-salt block located off the coast of Brazil in the Santos Basin. Shell will pay i ...
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