Proactiveinvestors United Kingdom Chevron Corporation https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Chevron Corporation RSS feed en Thu, 23 May 2019 00:10:05 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Anadarko Petroleum shares soar as Chevron swoops with US$50bn takeover ]]> https://www.proactiveinvestors.co.uk/companies/news/218512/anadarko-petroleum-shares-soar-as-chevron-swoops-with-us50bn-takeover-218512.html Anadarko Petroleum Corporation (NYSE:APC) shares shot up more than 30% in Friday’s early trades as it agreed to be bought by Chevron Corporation (NYSE:CVX) in a deal worth US$50bn.

It will see shareholders get a total of US$33bn in stock and cash, and, Chevron will assume Anadarko’s debt.

First year cost synergies of US$1bn seen

Pitched at US$65 per share, the deal consideration comprises 75% stock (0.3869 Chevron shares) and US$16.25 for every share they hold.

In total, some 200mln new Chevron shares will be issued to Anadarko shareholders and Chevron will pay US$8bn of cash.

As it integrates the business, Chevron expects in the first year to achieve US$1bn of cost synergies, and, a US$1bn reduction in capital spending. It also envisages US$15-20bn of asset divestments over a two-year period and anticipates increasing its share buy-back programme to US$5bn, from US$4bn.

“The combination of Anadarko’s premier, high-quality assets with our advantaged portfolio strengthens our leading position in the Permian, builds on our deepwater Gulf of Mexico capabilities and will grow our LNG business,” said Michael Wirth, Chevron chairman.

“It creates attractive growth opportunities in areas that play to Chevron’s operational strengths and underscores our commitment to short-cycle, higher-return investments.”

RBC analyst Biraj Borkhataria said: “Noting that we thought its growth options outside of the Permian were weaker than peers. While this transaction does not necessarily add to the diversity of growth options (outside of Mozambique), it does add depth to Chevron’s core areas of focus, and we suspect there is material high-grading of the portfolio to come.”

Anadarko shares were changing hands at US$61.92, up US$16.70 or 35.9%, meanwhile, Chevron was down 3.7% at US$121.34.

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Fri, 12 Apr 2019 14:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218512/anadarko-petroleum-shares-soar-as-chevron-swoops-with-us50bn-takeover-218512.html
<![CDATA[News - Chevron delivers ‘first oil’ at Lianzi field ]]> https://www.proactiveinvestors.co.uk/companies/news/116978/chevron-delivers-first-oil-at-lianzi-field-116978.html Chevron (NYSE:CVX)  told investors it has now achieved ‘first oil’ at the Lianzi field, a project on the borders of Republic of Congo and Angola which is set to yield 40,000 barrels of oil per day.

The American oil major’s project marks Central Africa’s first cross border offshore project, it said in a statement.

“This milestone demonstrates that we continue to make steady progress on delivering major development projects,” said Jay Johnson, Chevron executive vice president.

“We have the industry’s strongest queue of major capital projects that are expected deliver significant value and production growth.”

Meanwhile, Ali Moshiri president of Chevron Africa and Latin America, says Lianzi, which is located some 65 miles offshore in around 3,000 feet of water, represents a unique cooperative approach to share offshore resources.

He added that it may, in the future, serve as a model for the development of similar cross-border fields.

The field, which was discovered in 2004, is operated by Chevron which has a 15.75% stake alongside partners Total, Angola Block 14 BV, Eni, Sonangol P&P, SNPC and Galp.

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Mon, 02 Nov 2015 12:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/116978/chevron-delivers-first-oil-at-lianzi-field-116978.html
<![CDATA[News - Chevron's sales and earnings collapse not as bad as feared ]]> https://www.proactiveinvestors.co.uk/companies/news/116909/chevron-s-sales-and-earnings-collapse-not-as-bad-as-feared-116909.html Up to 7,000 jobs could go at Chevron (NYSE:CVX), the oil giant revealed as it unveiled sharply reduced third quarter sales and earnings.

Slumping oil and gas prices were almost entirely responsible for revenues collapsing to US$32.77bn from US$51.82bn the year before, though the fall was actually nowhere near as bad as Wall Street had feared; the consensus estimate was for sales of US$27.7bn.

Earnings also topped estimates, coming in at US$2.04bn, or US$1.09 a share, versus US$5.59bn or US$2.95 a share a year earlier and the market consensus forecast of 76 cents a share.

As with its perennial rival Exxon, which also released results on Thursday morning, the impact of falling oil and gas prices was cushioned by a solid showing from the refining, or downstream, side of the business.

The upstream, or production & exploration, part of the business contributed just US$59mln to earnings, down from US$4.65bn the year before, whereas Downstream's profits surged to US$2.21bn from US$1.39bn.

"While downstream earnings remained strong, lower overall earnings reflected weaker market prices for both crude oil and natural gas, which depressed upstream profitability," said John Watson, chief executive of Chevron.

Refinery crude oil output averaged 777,000 barrels of oil equivalent per day (boepd), down 61,000 boepd on last year's third quarter average, largely as a result of the divestment of its Caltex Australia subsidiary.

The integrated oil major gave a clear indication that it does not expect the oil price to revive any time soon by committing to further spending cutbacks.

“We expect further reductions in spending for 2017 and 2018, to the US$20 to US$24 billion range, depending on business conditions at the time. With the lower investment, we anticipate reducing our employee workforce by 6–7,000,” Watson said.

Further asset sales are also likely, but that is unlikely to save the jobs of 6,000-7,000 employees earmarked for the chop in 2017 and 2018.

Shares in Chevron were up 1.4% at US$91.18 at midday.

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Fri, 30 Oct 2015 12:05:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/116909/chevron-s-sales-and-earnings-collapse-not-as-bad-as-feared-116909.html
<![CDATA[News - Chevron Q1 profit slumps 43% on tumbling crude prices ]]> https://www.proactiveinvestors.co.uk/companies/news/106490/chevron-q1-profit-slumps-43-on-tumbling-crude-prices-61277.html Chevron (NYSE:CVX), the second-biggest U.S. oil company by market value behind Exxon Mobil, reported a 43 percent decline in first-quarter profit due to tumbling oil prices. Shares fell.

Net income fell to $2.57 billion, or $1.37 per share, in the January-to-March quarter, from $4.51 billion, or $2.36 per share, a year earlier, the San Ramon, California-based company said in a statement today.

However, the result was much better than analysts' expectations of $0.79 per share, according to Capital IQ.

Shares skidded 1.8 percent to $109.08 at 10:30 a.m. in New York, extending losses over the past year to 12.5 percent.

Profit from Chevron’s oil refineries doubled during the quarter to $1.42 billion as the crude-market rout cheapened the feedstock used to manufacture gasoline and diesel. But the $1.56 billion earned by Chevron’s oil- and gas-producing business was the worst performance since the second quarter of 2009.

Chevron posted a loss in its United States oil production division, a key indicator that the country is one of its highest cost areas.

The oil company posted revenue of $34.56 billion in the period.

Global oil-equivalent production in the quarter rose to 2.68 million barrels a day, up from 2.59 million barrels a year ago.

Chevron continued slashing costs during the first quarter, reducing operating expenses by 9 percent.

"We're taking a number of deliberate actions to lower our cost structure, and I expect these efforts to increasingly show through in our financial results as the year progresses," chief executive officer John Watson said in the statement.

Brent crude, the benchmark for most of the oil traded outside the U.S., averaged about $55 a barrel during the first quarter, down from more than $107 a year earlier.

The company has said it would trim spending and stop buying back its shares as the collapse in oil prices has wiped billions of dollars from its cash flow.

 

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Fri, 01 May 2015 10:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/106490/chevron-q1-profit-slumps-43-on-tumbling-crude-prices-61277.html
<![CDATA[News - Chevron puts Canadian Arctic drilling on hold due to tumbling crude prices ]]> https://www.proactiveinvestors.co.uk/companies/news/104772/chevron-puts-canadian-arctic-drilling-on-hold-due-to-tumbling-crude-prices-58908.html Chevron (NYSE:CVX), a U.S. oil group, said it put its Arctic drilling plan on hold indefinitely, because of what it called "economic uncertainty in the industry" as oil prices fall.

In a letter to Canada's National Energy Board late yesterday, the company withdrew from a hearing on Arctic drilling rules because it has walked away from plans to drill in the EL 481 block, 250 kilometers northwest of Tuktoyaktuk, Northwest Territories.

The drilling project is the largest yet put on hold after oil prices dropped by nearly half over the last six months, even as a long list of oil companies cut their budgets for 2015 because of the price drop.

WTI and Brent have slumped about 45 percent from this year’s peaks in June as a surge in shale drilling lifted U.S. output to the fastest pace in three decades amid slowing growth in world demand. 

WTI for January delivery fell 4.2 percent to settle at $54.11 a barrel on the New York Mercantile Exchange today, the lowest settlement level since May 2009. Brent for February settlement declined 3.1 percent to $59.27 a barrel on the London-based ICE Futures Europe exchange.

The San Ramon, California-based company had previously said it could drill a well around 2020, assuming it got the necessary approvals. 

Chevron has two licenses to explore in the Beaufort, holding EL 481 outright and controlling 60 percent in the other alongside Norway's Statoil ASA.

There has been little offshore drilling in the Beaufort in the past 25 years, and before that, most activity took place close to shore.

For its part, Imperial Oil (TSE:IMO) said it remains committed to seeking regulatory approval for its Beaufort plans with joint venture partners Exxon Mobil (NYSE:XOM) and BP (NYSE:BP). Their blocks are about 175 kilometres northwest of Tuktoyaktuk. 

Shares of Chevron (NYSE:CVX) gained 2.1 percent to $108.25 at 3:28 p.m. in New York. The stock has lost 13 percent so far this year.

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Thu, 18 Dec 2014 15:35:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/104772/chevron-puts-canadian-arctic-drilling-on-hold-due-to-tumbling-crude-prices-58908.html
<![CDATA[News - Chevron slides as Q2 production may ease back ]]> https://www.proactiveinvestors.co.uk/companies/news/102264/chevron-slides-as-q2-production-may-ease-back-55380.html Chevron Corp. (NYSE:CVX) slid today as the world's third largest energy producer by market value expected its second-quarter production to decline slightly from the year-earlier period as lower output abroad offsets a modest increase domestically.

Shares fell 1.5 percent to $128.24 at 2:19 p.m. in New York, trimming this year's gain to 2.7 percent.

Production for the first two months of the quarter averaged the equivalent of 2.6 million barrels of crude a day, according to a statement the San Ramon, California-based company released late yesterday. If that pace held for the final month of the period, output slid 0.6 percent from the second quarter of 2013.

Output from oil and natural gas wells rose in the United States but slipped internationally due to the shutdown of an Angolan liquefied natural gas project and repairs at its Kazakhstan operations.

Chevron's average U.S. oil and natural gas production rose to 665,000 barrels of oil equivalent per day (boed) in April and May from an average 659,000 for the entire fourth quarter.

Worldwide, output fell, with the company producing 1.90 million boed in April and May, up from 1.92 million boed in the entire first quarter.

The company, which operates in about 180 countries, expects foreign currency exchange charges to soar to as much as $300 million for the second quarter, from $79 million in the first quarter.

Chevron sold $500 million to $600 million in assets such as oil and natural gas wells during the quarter, according to the statement.

Wall Street expects Chevron to post second-quarter earnings of $2.76 per share, up from the$2.36 per share the company earned in last year's second quarter.

Chevron is scheduled to report full results for the April-May period on Aug. 1.

 

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Fri, 11 Jul 2014 14:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/102264/chevron-slides-as-q2-production-may-ease-back-55380.html
<![CDATA[News - Chevron edges lower as Q1 revenue, profit miss on lower production ]]> https://www.proactiveinvestors.co.uk/companies/news/101144/chevron-edges-lower-as-q1-revenue-profit-miss-on-lower-production-53841.html Chevron Corp. (NYSE:CVX), the world's third-largest oil company, inched down in midday trading after missing first-quarter revenue and earnings estimates.

The shares were down 0.1 percent to $124.77 at 3:22 p.m. in New York. 

The company also announced an increase in the quarterly dividend of 7 percent to $1.07 per share.

Net income dropped 27 percent to $4.5 billion, or $2.38 per share, in the three months ended March 31, from $6.2 billion, or $3.18 per share, in the year-earlier period, the San Ramon, California-based said in a statement today.

 Analysts on average had predicted earnings of $2.51 percent share.

Revenue declined 6.2 percent to $49.03 billion, missing consensus estimates of $53 billion.

The decrease was primarily due to lower crude oil realizations, whose negative effect was slightly curbed by higher natural gas price realizations. The company has missed revenue estimates for nine consecutive quarters now.

"Our first quarter earnings were down from a year ago,” Chief Executive Officer John Watson said in the statement, “primarily due to lower prices and volumes for crude oil. Crude prices were tempered by global economic factors, while our current year production volumes were affected by weather-related, unplanned downtime, particularly in Kazakhstan.

Chevron and other major oil companies are struggling to maintain production as they drain oil and gas from their fields around the world. At the same time, the cost of exploring new fields is rising as they have to venture into more extreme and remote conditions to access hydrocarbons.

Profits are getting squeezed as these costs rise, because average oil prices have been roughly flat for about three years.

In the first quarter of this year, Chevron's oil and gas production fell 2 percent worldwide. In the U.S., production fell 4 percent as higher production of oil and gas in New Mexico and western Pennsylvania were more than offset by normal field declines elsewhere.

Overseas, where Chevron produces the vast majority of its oil and gas, production fell 2 percent. Increased production from projects on Nigeria and Angola was offset by field declines and weather-related shut-downs in Kazakhstan.

The average price Chevron fetched for its crude oil fell 3 percent both in the U.S. and abroad as oil prices around the world slipped slightly.

Brent crude futures, the benchmark for more than half the world’s oil, declined by 4.2 percent to an average of $107.92 a barrel during the quarter, according to Bloomberg. U.S. gas prices climbed 35 percent to average $4.712 per million British thermal units during that period.

 

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Fri, 02 May 2014 15:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/101144/chevron-edges-lower-as-q1-revenue-profit-miss-on-lower-production-53841.html
<![CDATA[News - Chevron hits 52-week low after Q4 net plunges on weak output, falling prices ]]> https://www.proactiveinvestors.co.uk/companies/news/99684/chevron-hits-52-week-low-after-q4-net-plunges-on-weak-output-falling-prices-51718.html Chevron Corp. (NYSE:CVX), the world's third-largest oil company by market value, slumped to the lowest in a year after saying fourth-quarter profit plunged 32 percent amid lower production and falling prices.

The shares dropped 3.5 percent to $112.36 at 2:38 p.m. in New York after touching a 52-week low of $111.25.

Net income decreased to $4.93 billion, or $2.57 a share, in the three months ended Dec. 31, from $7.25 billion, or $3.70 a share, in the year-earlier period, the San Ramon, California-based company said in a statement today.

Per-share results at Chevron matched the average estimate of 18 analysts. 

Sales fell 7.3 percent to $56.2 billion.

Chevron's fourth-quarter production dropped 3.4 percent to an average of 2.58 million barrels of oil equivalent a day in the quarter, from 2.67 million barrels a year earlier. Earnings from oil and gas sales fell 29 percent to $4.85 billion.

"Global crude oil prices and refining margins were generally lower in 2013 than 2012,” Chief Executive Officer John Watson said in the statement. 

“These conditions, as well as lower gains on asset sales and higher expenses, resulted in lower earnings." 

Brent crude, the global benchmark oil price, averaged $109.35 a barrel in the last three months of 2013, a 78-cent drop from the prior fourth quarter.

Chevron’s refining earnings fell 58 per cent compared with a year ago, because the prices received for refined fuels and chemicals were low compared to the cost of the crude oil used to make them.

For 2014, Chevron expects total production of 2.6 million boe/d, up only 0.5 percent from 2013 levels. The estimate missed Wall Street's expectations and disappointed investors.

Chevron spent $41.9 billion on new projects around the world in 2013, a record for the company, up from $34.2 billion in 2012.

 

 

 

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Fri, 31 Jan 2014 15:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/99684/chevron-hits-52-week-low-after-q4-net-plunges-on-weak-output-falling-prices-51718.html
<![CDATA[News - Chevron's profit falls in Q3 ]]> https://www.proactiveinvestors.co.uk/companies/news/98244/chevrons-profit-falls-in-q3-49485.html Chevron Corporation's (NYSE:CVX) net income fell 5.8% in the third quarter on revenue that came in slightly ahead of the same period a year ago.

The San Ramon, Calif.-based company reported earnings of US$5.0 billion or US$2.57 per share in the quarter, compared with US$5.3 billion or US$2.69 per share in the same period a year ago. Analysts had expected a US$2.71 profit.

Chevron's revenue grew 1.8% to $57 billion, compared to $56 billion in the year-ago period, against the mean analyst prediction of US$58.4 billion.

Shares in early trading on Friday had fallen nearly 2%.

Earnings from Chevron's upstream operations edged 0.9% lower to US$5.1 billion on production of 2.6 million barrels a day, 2.8% higher than last year as a result of lower maintenance-related downtime at Tengizchevroil and project ramp-ups in the United States, Nigeria and Angola, the company said.

The average sale price per barrel of crude in the quarter rose 6.6% to $97 in the U.S., while natural gas prices, on average, gained 23% quarter-over-quarter to $3.23 per thousand cubic feet. Internationally, Chevron sold crude at an average price of $104 per barrel, a rise from $98 per barrel last year. The average natural gas price from global operations was $5.88 per thousand cubic feet.

U.S. downstream earnings fell 45% to US$249 million from US$456 million last year due to lower margins and higher operating expenses. Lower margins also pulled down international downstream revenue to US$131 million.

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Fri, 01 Nov 2013 10:24:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/98244/chevrons-profit-falls-in-q3-49485.html
<![CDATA[News - US shares edge higher ]]> https://www.proactiveinvestors.co.uk/companies/news/97061/us-shares-edge-higher-47490.html US shares started higher in contrast to European stocks which were dropping as Syria dominated sentiment.

The bench mark Dow Jones was up 29 points at 14,805, while Nasdaq rose 12 to 3,591. 

Meanwhile, S&P 500 added four points to stand at 1,634.

Among the top risers on S&P 500 was Chevron Corp, up over 2%, following on from the news that Total SA and Cairo-based Beltone Private Equity have bought Chevron’s Egyptian retail fuel stations and aviation businesses.

The pair have purchased 66 service stations, two oil depots and aviation fuel operations at the Cairo and Marsa Alam airports.

Premier jeweller Tiffany was the biggest loser, shedding 2.7%.

Back in UK, the Footsie dropped 0.28% to stand at 6,422.

Also in focus was the first public speech from new Bank of England Governor Mark Carney in Nottingham, designed to give UK investors further confidence in the economy.

The central bank’s new boss said its decision to give forward guidance on interest rates would remove uncertainty. 

But he said that there was a one-in-three chance of the jobless rate falling below 7% by mid-2015 – the level at which rates could rise.

On the equity markets front, geopolitical jitters brought on the customary rise in energy prices. UK oil producers Shell (LON:RDSB), BP (LON:BP.) were among some of the top FT100 risers.

However, troubled security services firm G4S (LON:GFS) was among the top losers after unveiling several initiatives to cut its huge debt pile.

Firstly, there was news of a placing with institutional investors, which will increase the number of shares in issue by one-tenth.

Several disposals have also been announced, notably the sale of its Canadian cash solutions business for £67mln and its Colombian Data solutions business for around £35mln. Also in the pipeline are deals to offload the US Government Solutions and the regulated secure solutions businesses, which should raise a further £150mln.

G4S, best known for botching the manpower requirements for security at the London 2012 Olympics, also released first half figures this morning. Turnover in the first half of 2013 rose 7.2% to £3.65bn. Organic growth was 5.4% for the group as a whole, driven mainly by developing markets.

London broker Investec said headline numbers have come in at the lower end of the consensus range, but it has retained its ‘buy’ rating on the shares.

On the other hand, FTSE 250 miner Kenmare Resources (LON:KMR) fell out of favour as the shares dropped over 9% after it swung back into the red in the first half of 2013.

The company, which mines ilmenite and zircon in Mozambique, reported a loss before tax of US$9.2 million compared with a profit of US$38.8mln in the same period last year.

Investec said: “Clearly a poor result for KMR with a balance sheet that appears stretched following the 50% expansion programme.

“However, this is now approaching a conclusion and as the expansion contributes the impact of fixed costs should improve margins provided there are no major issues with the ramp up,” it added.

Tony Hayward’s Genel Energy (LON:GENL) is set for a boost as it was confirmed among the firms being brought into the STOXX Europe 600 index.

It is expected that its inclusion will enhance demand for the share as index tracking funds are compelled to buy shares to be appropriately weighted to the benchmark.

This additional demand has been estimated in the order of US$7.4mln, which equates to nearly three times the stock’s usual daily trading volume.

Among smaller caps, drug discovery company Summit (LON:SUMM) built on earlier gains after receiving further good news for its drug to treat Duchenne Muscular Dystrophy.

The group has been given a key composition of matter patent that covers its discovery SMT C1100 for use in the treatment of the fatal muscle wasting disease.

This “cornerstone” patent provides a period of exclusivity for the small molecule utrophin modulator to at least November 2028. 

Northcote Energy’s (LON:NCT) offer to buy some of Aminex’s (LON:AEX) assets in Texas continued to boost both companies' shares.

Northcote is to acquire up to 25% in Aminex’s South Weslaco field in Hidalgo County.

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Wed, 28 Aug 2013 10:42:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/97061/us-shares-edge-higher-47490.html
<![CDATA[News - Chevron Q2 net drops on lower oil prices, maintenance; shares fall ]]> https://www.proactiveinvestors.co.uk/companies/news/96665/chevron-q2-net-drops-on-lower-oil-prices-maintenance-shares-fall-46770.html Chevron Corp. (NYSE:CVX), the world's second-biggest oil company by market value, posted a 26 percent drop in second-quarter profit, missing analysts' estimates, after oil prices retreated and maintenance activities nudged down output. Shares fell in premarket.

Net income for the three months ended June 30 declined to $5.4 billion, or $2.77 a share, from $7.2 billion, or $3.66 a share, in the year-earlier period, the San Ramon, California-based company said in a statement on Friday.

Revenue in the April-to-June period fell 8 percent to $57.4 billion.

Analysts on average were modeling earnings of $2.96 a share on revenue of $56.01 billion, according to Thomson Reuters I/B/E/S.

Shares declined 1 percent to $125.15 at 8:58 a.m. The stock rallied 17 percent this year through Thursday, compared to a 19 percent gain for the Dow Jones Industrial Average (INDEXDJX:.DJI).

Chevron's worldwide net oil-equivalent output slid to 2.58 million barrels a day in the second quarter from 2.62 million barrels a day in the year-earlier period.

Chevron's average sales price per barrel of crude oil and natural gas liquids dropped to $92 in the second quarter from $97 a year earlier. The average sales price of natural gas rose to $3.78 per thousand cubic feet, from $2.17 a year earlier.

“Our second quarter earnings were down from the very strong level of a year ago,” s Chief Executive Officer John Watson, who took over in 2010, said in the statement. 

Lower oil prices also drove Chevron's rival Exxon Mobil Corp. (NYSE:XOM) to report its first quarterly profit drop in four years. The world’s biggest publicly-traded energy company said on Thursday that its second-quarter net income fell to $6.86 billion, or $1.55 a share, from $15.9 billion, or $3.41, a year earlier.


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Fri, 02 Aug 2013 09:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/96665/chevron-q2-net-drops-on-lower-oil-prices-maintenance-shares-fall-46770.html
<![CDATA[News - Argentina's Supreme Court strikes down embargo on Chevron's assets ]]> https://www.proactiveinvestors.co.uk/companies/news/95434/argentinas-supreme-court-strikes-down-embargo-on-chevrons-assets-44702.html Chevron Corp. (NYSE:CVX) will be able to hang onto its assets in Argentina, after the country's Supreme Court overturned a prior ruling.

Chevron, the fourth-largest oil producer in Argentina, can now go ahead with a $1.5 billion joint venture with state-owned YPF to develop shale oil and gas in the Lago Agrio region. 

A judge had ordered 40 per cent of Chevron's Argentine bank holdings to be held in escrow in November in reponse to a demands from Ecuadorean plaintiffs, who were seeking a $19 billion award against the second-largest oil producer in the U.S.

“Today’s decision from Argentina’s Supreme Court confirms that the Ecuadorian embargo should not have been issued in the first place,” Chevron spokesman James Craig told Bloomberg. “This is a significant development further demonstrating the illegitimacy of the Lago Agrio Plaintiffs’ attempt to enforce their fraudulent judgment.”

Ecuador had accused Texaco, acquired by Chevron in 2001, of damaging the environment around Lago Agrio with its oil exploration activity. 

Chevron said in May that it planned to invest up to $15 billion, along with partner YPF, in Argentina's Vaca Muerta. The final YPF-Chevron agreement should be signed in July, once outstanding trade and tax issues are hammered out.

But before any deal to work with YPF in Argentina's shale could proceed, the embargo on Chevron's assets needed to be lifted. 

Chevron shares fell $1.06 to $121.90 as of 12:24 pm ET. 

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Wed, 05 Jun 2013 12:26:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/95434/argentinas-supreme-court-strikes-down-embargo-on-chevrons-assets-44702.html
<![CDATA[News - Chevron lends $2bln to Venezuelan JV partner ]]> https://www.proactiveinvestors.co.uk/companies/news/95239/chevron-lends-2bln-to-venezuelan-jv-partner--44353.html Chevron (NYSE:CVX) is lending $2 billion to its Venezuelan state-owned joint venture partner, Petroleos de Venezuela, to boost production at Petroboscan. 

According to reports, Venezuelan energy minister Rafael Ramirez says he hopes output at Petroboscan will reach 127,000 barrels a day by 2019, which is a 18.7 per cent jump from current levels. 

Shares reached an all-time high of $127.40 prior to midday before retreating.

The San Ramon, California-based energy firm made the announcement over the weekend.

Separately, Chevron says its $52 billion Gorgon liquefied natural gas project, Australia's largest resource development, is 60 per cent complete. Chevron expects capacity to reach 15.6 million tons of liquified natural gas per year and plans to begin shipments in early 2015.

Chevron is also in talks to expand its $29 billion Wheatstone LNG plant, also in Australia. Wheatstone will include an onshore facility and two LNG trains with a combined capacity of 8.9 million tonnes. 

The project is a joint venture between Chevron, Apache Corp. (NYSE: APA), Kuwait Foreign Petroleum Exploration Company, Shell (NYSE: RDS.A) and Kyushu Electric Power Company.

Shares were moving $0.69 higher to $126.14 as of 3:12 pm ET. 

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Tue, 28 May 2013 15:25:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/95239/chevron-lends-2bln-to-venezuelan-jv-partner--44353.html
<![CDATA[News - Chevron posts 4.5% drop in Q1 profit on lower crude prices; lifts dividend ]]> https://www.proactiveinvestors.co.uk/companies/news/94554/chevron-posts-45-drop-in-q1-profit-on-lower-crude-prices-lifts-dividend-43169.html

Oil major Chevron Corp (NYSE:CVX) reported Friday a drop in first quarter net income as sales declined mainly due to lower prices for crude oil, but profit still beat Wall Street views, and the company increased its quarterly dividend by 11.1 per cent. 

Net earnings for the three months that ended March 31 fell to $6.18 billion or $3.18 per share, compared to $6.47 billion or $3.27 per share, a year earlier. 

The latest quarter included net charges of $439 million, compared with $504 million a year ago.

Revenue declined 6.4 per cent to $56.82 billion from $60.7 billion a year ago.

Analysts polled by Thomson Reuters had most recently forecast earnings of $3.08 a share on revenue of $67.73 billion.

Operating margin fell to 18.1 per cent from 19.9 per cent.

“Our first quarter earnings were strong,” said chairman and CEO John Watson in the statement released Friday with the quarterly figures. “Our consistent financial performance has enabled us to significantly increase the dividend again, and fund major development projects that are the foundation of the company’s future growth in production, earnings and cash flows.”

The company's board of directors approved an 11.1 per cent increase in its quarterly dividend to $1.00 per share, payable in June. Chevron also bought $1.25 billion of its common stock in the first quarter under its share buyback program. 

In the latest quarter, total upstream earnings, or earnings from exploration and production, were $5.9 billion in the latest period, down from $6.17 billion a year ago. 

Despite slightly higher overall upstream oil equivalent production of 2.65 million barrels per day in the first quarter, up from 2.63 million barrels a year ago, the company saw lower crude oil realizations and higher operating expenses. 

In the U.S., the company’s average sales price per barrel of crude oil and natural gas liquids was $94 in the quarter, down from $102 a year ago. The average sales price of natural gas, however, was $3.11 per thousand cubic feet, compared with $2.48 in last year’s first quarter.

Chevron also said overall production increases in the latest period from project ramp-ups in the United States and Nigeria were largely offset by normal field declines.

International upstream earnings of $4.8 billion increased $142 million from a year earlier, as lower crude oil production and realizations were somewhat offset by tax benefits and lower exploration expenses. 

The company's downstream unit saw overall earnings decline to $701 million from $804 million a year ago. In the U.S. downstream segment, profits dropped due to higher operating expenses, primarily as a result of turnaround activity at the refineries in El Segundo, California, and Pascagoula, Mississippi, as well as lower margins on refined product sales.

In the U.S., refinery crude oil input of 576,000 barrels per day in the first quarter 2013 was down 350,000 barrels per day from the year-ago period. 

International downstream earnings increased, however, as a result of higher margins on refined product sales, partly offset by the absence of a 2012 gain on the sale of the company’s fuels and finished lubricants businesses in Spain. 

“Our key development projects remain on track,” said Watson in the release. “Construction is progressing well on the Gorgon and Wheatstone LNG projects in Australia.

"Important milestones have been reached recently for our Jack/St. Malo and Big Foot deepwater projects in the Gulf of Mexico, and both remain on schedule for start-up in 2014.”

Shares of the oil major rose 0.7 per cent on Friday morning, to $119.29 from an open of $119.00. 

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Fri, 26 Apr 2013 09:59:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/94554/chevron-posts-45-drop-in-q1-profit-on-lower-crude-prices-lifts-dividend-43169.html
<![CDATA[News - Chevron, Imperial Oil post Q4 profit gains on higher refining margins ]]> https://www.proactiveinvestors.co.uk/companies/news/92805/chevron-imperial-oil-post-q4-profit-gains-on-higher-refining-margins-40151.html  

Chevron Corp. (NYSE:CVX) and Imperial Oil (TSE:IMO) were among a number of oil producers reporting earnings on Friday, with both companies reporting an increase in fourth quarter profits on higher refining margins.

Shares of Imperial were up 0.48 per cent as at about 11:30 a.m. EDT, trading at $44.01, while Chevron’s shares rose 0.69 per cent to $115.95.

For the fourth quarter, Chevron posted earnings of $7.2 billion or $3.70 per diluted share, compared with $5.1 billion or $2.58 per diluted share a year earlier. 

The company noted that the fourth quarter results included a gain of $1.4 billion from an upstream asset exchange.

Sales and other operating revenues were $56 billion, down from $58 billion in the year-ago period, mainly due to lower crude oil volumes.

“Chevron delivered another very strong year in 2012,” said chairman and CEO John Watson. “Our upstream portfolio continues to produce excellent results. 

“We’ve now led the industry in earnings per barrel for over three years. Our downstream businesses also delivered highly competitive earnings per barrel.”

Watson commented that the company added about 1.07 billion barrels of net oil-equivalent proved reserves in 2012. The company said it will provide additional details relating to 2012 reserve additions in its annual report scheduled for filing with the SEC on February 22.

Worldwide net oil-equivalent production was 2.67 million barrels per day in the fourth quarter, up from 2.64 million barrels per day a year earlier. 

U.S. upstream earnings of $1.36 billion were down from $1.6 billion a year earlier as lower crude oil and natural gas realizations were partially offset by higher crude oil production.

The company’s average sales price per barrel of crude oil and natural gas liquids was $91, down from $101 a year ago, while the average sales price of natural gas was $3.22 per thousand cubic feet, compared with $3.62 in last year’s fourth quarter.

U.S. downstream operations earned $331 million in the fourth quarter 2012, compared with a loss of $204 million a year earlier, Chevron said, adding that the increase was due to improved margins on refined products and higher earnings from the 50 percent-owned Chevron Phillips Chemical Company LLC.

International downstream operations earned $594 million in the quarter, compared with $143 million a year earlier, on higher gains on asset sales and improved margins on refined products.

Meanwhile, Imperial Oil reported fourth quarter earnings of $1.07 billion or $1.26 per share, an increase of seven per cent compared with $1.0 billion or $1.18 per share a year earlier.

The company attributed the rise in earnings to higher mid-continent industry refining margins of about $275 million, lower upstream realizations and higher Syncrude volumes of about $70 million. 

Canada's largest petroleum refiner said revenue was $7.8 billion, down from $8.12 billion in the year ago quarter.

Analysts were expecting per share earnings of 99 cents on revenue of $7.81 billion.

Total oil-equivalent production averaged 285,000 barrels a day versus 291,000 barrels in the same period last year. 

Upstream net income was $488 million, down from $771 million, due to lower realizations of about $255 million. 

Prices for most of the company's liquids production are based on West Texas Intermediate (WTI) crude oil, a common benchmark for mid-continent North American oil markets. Compared to the corresponding period last year, the average WTI crude oil price in U.S. dollars was lower by $5.83 a barrel or about six per cent in the fourth quarter of 2012, noted Imperial. 

The company's average bitumen realizations in the fourth quarter decreased 23 per cent to $55.90 a barrel as supply/demand imbalances of heavier crude oils in mid-continent North American markets widened the price spread between light crude oil and Cold Lake bitumen. 

Imperial said its average realizations on natural gas sales were lower by about nine per cent, in line with the decline in the average of 30-day spot prices for natural gas in Alberta.

Gross production of Cold Lake bitumen averaged 155 thousand barrels a day, versus 162 thousand barrels in the same period last year. The company's share of Syncrude's gross production was 75 thousand barrels a day, up 19 per cent on higher volumes.

Gross production of conventional crude oil averaged 20 thousand barrels a day, flat with the year-ago period.

Gross production of natural gas was 187 million cubic feet a day, down 22 per cent as a result of divested producing properties, the company said.

Downstream net income doubled to $549 million in the fourth quarter as “solid refining operations” resulted in “strong” mid-continent refining margins.

Chemical net income was $44 million in the fourth quarter, up from $11 million, as a result of continuing strong polyethylene margins and sales volumes.

 

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Fri, 01 Feb 2013 11:34:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/92805/chevron-imperial-oil-post-q4-profit-gains-on-higher-refining-margins-40151.html
<![CDATA[News - Chevron shares gain as Q4 earnings expected to be "notably higher" than Q3 ]]> https://www.proactiveinvestors.co.uk/companies/news/92336/chevron-shares-gain-as-q4-earnings-expected-to-be-notably-higher-than-q3--39314.html  

Oil giant Chevron (NYSE:CVX) shares rose Friday morning, a day after it said its fourth quarter earnings would be "notably higher" than in the third quarter, supported by asset and output gains. 

Upstream results are projected to be higher between sequential quarters, reflecting increased gains on asset transactions and higher liftings, it said.

U.S. net oil-equivalent production increased 39,000 barrels per day during the first two months of the fourth quarter compared to the full third quarter, reflecting recovery from the impacts of Hurricane Isaac and an increase in production associated with recently acquired acreage in the Permian Basin. 

The company said international net oil-equivalent production during the first two months of the quarter rose 107,000 barrels per day, mainly due to the absence of planned maintenance in Kazakhstan and the United Kingdom.

International upstream earnings in the fourth quarter are also expected to include a gain of around $1.4 billion from an asset exchange in Australia, compared to a gain of $600 million in the third quarter on the sale of an equity interest in the Wheatstone project.

Chevron said U.S. crude oil realizations increased 27 cents to $97.61 per barrel during the first two months of the fourth quarter, consistent with the typical monthly lag on pricing in the Gulf of Mexico. International liquids realizations increased $1.86 to $100.06 per barrel. 

Meanwhile, downstream earnings in the fourth quarter are also expected to be higher, largely reflecting a positive swing in timing effects, despite a sharp decline in industry refining margins.

During the first two months of the fourth quarter, U.S. refinery crude-input volumes decreased by 77,000 barrels per day compared to the third quarter, driven primarily by the continued shutdown of the Richmond, California refinery crude unit. 

This decrease was partially offset by a return to normal operations at the Pascagoula, Mississippi refinery post Hurricane Isaac. International refinery crude-input volumes increased 9,000 barrels per day compared to the third quarter.

The company also said late Thursday it expects total net charges related to coporate activities for the fourth quarter to be "notably higher" than the general guidance range of between $300 and $400 million.  

Chevron's full quarterly results are slated to be released on February 1. Its stock rose more than 1% this morning to trade at $111.61 as of 10:10 am ET. 

 

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Fri, 11 Jan 2013 10:11:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/92336/chevron-shares-gain-as-q4-earnings-expected-to-be-notably-higher-than-q3--39314.html
<![CDATA[News - Chevron Q3 profits fall 32% on reduced production, lower crude prices ]]> https://www.proactiveinvestors.co.uk/companies/news/90925/chevron-q3-profits-fall-32-on-reduced-production-lower-crude-prices-36856.html  

Oil giant Chevron Corp. (NYSE:CVX) said third quarter earnings fell 32 per cent as planned maintenance reduced oil and gas production, and foreign exchange effects hurt results.

For the period ended September 30, the company posted earnings of $5.3 billion or $2.69 per diluted share, compared with $7.8 billion or $3.92 per diluted share a year earlier.

Revenues came in at $56 billion, down eight per cent compared to $61 billion in the year-ago period.

Analysts polled by Thomson Reuters expected per share earnings of $2.83 on revenues of $64.09 billion.

“This quarter’s earnings were solid, but off from their near record level of a year ago,” said Chevron's chairman and CEO John Watson. 

“Crude oil prices were down and we had a heavy period of planned oil field maintenance which temporarily reduced oil and gas production in several locations. 

“Foreign currency movements also hurt our results this quarter, while they benefited the year-ago period.”

In its upstream unit, Chevron said worldwide net oil-equivalent production was 2.52 million barrels per day in the third quarter, down from 2.60 million barrels per day a year ago. 

Production increases from project ramp-ups in Thailand, Nigeria and the United States were more than offset by the effects of planned maintenance, normal field declines, continued shut-in of the Frade Field in Brazil, dispositions and storm-related shut-ins in the Gulf of Mexico, the company noted.

U.S. upstream earnings were $1.12 billion, down from $1.5 billion a year earlier, primarily due to lower crude oil and natural gas realizations and lower production.

The company’s average sales price per barrel of crude oil and natural gas liquids was $91 in the third quarter, down from $97 a year ago. The average sales price of natural gas was $2.63 per thousand cubic feet, compared with $4.14 in last year’s third quarter.

International upstream earnings were $4.02 billion, down from $4.69 billion in the year-ago quarter. Chevron noted that the decline was primarily due to lower volumes and realizations for crude oil, as well as higher exploration expense. 

The average sales price for crude oil and natural gas liquids in the 2012 third quarter was $98 per barrel, down from $103 a year earlier. The average price of natural gas was $6.03 per thousand cubic feet, compared with $5.50 in last year’s third quarter.

The company’s U.S. downstream operations earned $456 million, compared with $704 million a year earlier, mainly due to lower margins on refined product sales and higher operating expenses.

Refinery crude oil input fell to 779,000 barrels per day, from 897,000 barrels per day in the year-ago period, primarily due to an early-August fire at the refinery in Richmond, California. 

Chevron said refined product sales fell to 1.18 million barrels per day from 1.25 billion barrels per day a year earlier, while branded gasoline sales declined two per cent percent to 519,000 barrels per day.

International downstream operations posted earnings of $233 million, compared with $1.3 billion a year earlier amid lower gains on asset sales, and foreign currency effects.

Refinery crude oil input of 909,000 barrels per day increased 27,000 barrels per day from the year-ago quarter, the company said. 

Total refined product sales were 1.56 million barrels per day in the third quarter, down two per cent, primarily on the sale of the company’s refining and marketing assets in the UK and Ireland. 

Looking forward, the company said it will continue to progress its upstream projects, with Gorgon in Australia and Bigfoot and Jack/St. Malo in the deepwater Gulf of Mexico all over 50 percent complete. 

The company purchased $1.25 billion of its common stock in the third quarter 2012 under its share repurchase program.

Chevron’s shares slipped 0.67 per cent in premarket trading to $110.71 apiece.

 

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Fri, 02 Nov 2012 09:16:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/90925/chevron-q3-profits-fall-32-on-reduced-production-lower-crude-prices-36856.html
<![CDATA[News - Chevron says Q3 earnings to be substantially lower than Q2 ]]> https://www.proactiveinvestors.co.uk/companies/news/90241/chevron-says-q3-earnings-to-be-substantially-lower-than-q2-35759.html

Oil giant Chevron Corp. (NYSE:CVX) expects third quarter earnings to be "substantially" lower than its second quarter amid reduced oil production, foreign exchange losses and lower realized margins. 

Chevron issued its warning after markets closed on Tuesday. Shares, in Wednesday pre-market trade, dropped by 2.07 per cent to $114.93 each in New York.

Upstream results, from exploration and production, are projected to be lower between sequential quarters, reflecting foreign exchange losses and lower liftings and realizations, partially offset by an asset sale gain, the company said. 

International upstream earnings are expected to include a gain of $600 million in the third quarter thanks to the divestiture of the Wheatstone liquid natural gas project.  

Downstream earnings are anticipated to be significantly lower than the second quarter on account of negative timing effects, lower realized margins and several smaller unrelated items, said Chevron.

San Ramon, California-based Chevron, in its interim earnings update, said U.S. net oil-equivalent production decreased 19,000 barrels per day during the first two months of the third quarter, impacted by Hurricane Isaac. 

The average realized crude price in the US in the first two months of the third quarter dropped $8.47 to $95.44 per barrel from the second quarter, consistent with the typical monthly lag on pricing in the Gulf of Mexico. 

International liquids realizations decreased $2.35, to $96.86 per barrel.

Planned maintenance in Kazakhstan and the U.K. also impacted international oil equivalent production in the first two months, decreasing 87,000 barrels per day.

The oil producer said it sees increased production in the fourth quarter, reflecting completion of the planned turnarounds and restoration of shut in production in the Gulf of Mexico. 

In the downstream market, for the full third quarter, U.S. and international refining margins increased compared to the second quarter, while U.S. marketing margins decreased sharply over the same period, particularly for the U.S. West Coast, Chevron said. 

The company, which has oil assets in South America, Africa and Asia, said total net charges for the third quarter are expected to be higher than its initial $300 to $400 million guidance range. 

Chevron is scheduled to report third-quarter results on November 2.

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Wed, 10 Oct 2012 09:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/90241/chevron-says-q3-earnings-to-be-substantially-lower-than-q2-35759.html
<![CDATA[News - Chevron finds more gas at Satyr-2 offshore Australia ]]> https://www.proactiveinvestors.co.uk/companies/news/89712/chevron-finds-more-gas-at-satyr-2-offshore-australia-34906.html Chevron Corp. (NYSE:CVX) reported another natural gas find from its Carnarvon Basin, in the greater Gorgon area, which could help expand its liquefied natural gas projects in Australia.

The Satyr-2 discovery well found 128 feet of net gas pay. The well, which is located near the WA-374-P permit area, was drilled 3,796 metres.

Satyr-2 is Chevron's fifteenth discovery in Australia since mid-2009.

"This new discovery in the Greater Gorgon Area further highlights the quality of Chevron’s exploration capability in the region and the significance of Australia to Chevron’s energy portfolio," George Kirkland, Chevron's vice chairman said in a statement. 

In a release, Melody Meyer, a president, added: "The continued exploration success in the Carnarvon Basin could help underpin expansion opportunities at our LNG projects in Australia and support our drive to become a leading supplier of liquefied natural gas to world markets and domestic gas to Western Australia."

Chevron Australia operates the WA-374-P with a 50 per cent interest, while Shell and Exxon Mobil each hold a 25 per cent stake.

Shares of Chevron fell 0.20 per cent to reach $116.74 apiece on the New York Stock Exchange.

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Wed, 19 Sep 2012 12:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/89712/chevron-finds-more-gas-at-satyr-2-offshore-australia-34906.html
<![CDATA[News - Chevron spends $500 mln to boost Bangladesh gas output ]]> https://www.proactiveinvestors.co.uk/companies/news/88299/chevron-spends-500-mln-to-boost-bangladesh-gas-output-32618.html Oil major Chevron Corp. (NYSE:CVX) said it will spend about $500 million to raise output from Bangladesh's largest gas field.

The plan includes drilling new wells in the Bibiyana field in northwest Bangladesh, expansion of a gas processing plant and construction of an enhanced liquids recovery unit, the company said in a statement.

The project will raise Chevron's gas production capacity in Bangladesh by more than 300 million cubic feet a day to 1.4 billion cubic feet a day and 4,000 barrels of liquids. First production is expected in 2014.

"As the largest holder of natural gas resources in Asia-Pacific among our peers, this investment in Bangladesh further strengthens our regional portfolio of major gas projects and enhances our position as a leading supplier in the Asia Pacific region," Chevron's vice chairman George Kirkland said.

Melody Meyer, Chevron's president of Asia Pacific Exploration and Production added: "Bibiyana is the largest producing gas field in Bangladesh and a leading example of how technology, investment, and expertise can assist countries to utilize domestic resources to secure reliable, cleaner-burning, and affordable sources of energy."

Bangladesh is seeking investment from international oil companies to raise gas production from domestic fields as the country faces a widening energy deficit that is hurting its economic growth.

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Mon, 30 Jul 2012 07:58:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/88299/chevron-spends-500-mln-to-boost-bangladesh-gas-output-32618.html
<![CDATA[News - Chevron Q2 profits lower on declining oil prices and production ]]> https://www.proactiveinvestors.co.uk/companies/news/88275/chevron-q2-profits-lower-on-declining-oil-prices-and-production-32570.html Chevron (NYSE:CVX) Friday reported a lower second quarter profit as oil prices and production declined.

For the three months that ended June 30, the second-largest US oil company posted net income of $7.2 billion, or $3.66 per diluted share, compared with $7.7 billion or $3.85 per diluted share in the year-ago quarter.

Total revenues and other income fell to $60 billion, compared to $67 billion in the same period a year ago.

Analysts polled by Thomson Reuters expected earnings per share of $3.24 for the quarter, on revenues of $68.56 billion.

“Our second quarter earnings and cash flow were among our strongest ever, even with softer oil markets,” said chairman and CEO John Watson.

“Despite current weakness in the global economy, we continue to invest in our long-term growth projects to help deliver affordable energy to meet future demand."

Chevron reported worldwide net oil-equivalent production of 2.62 million barrels per day in the second quarter, down from 2.69 million barrels per day in the year-ago second quarter.

In its upstream unit, the company’s average sales price per barrel of crude oil and natural gas liquids was $97 in the second quarter, down from $104 a year ago. The average sales price of natural gas was $2.17 per thousand cubic feet, compared with $4.35 in last year’s second quarter.

US upstream net oil-equivalent production of 659,000 barrels per day in the second quarter was down 35,000 barrels per day, or five per cent, from a year earlier. The decrease in production was associated with normal field declines and an absence of volumes associated with Cook Inlet, Alaska, assets sold in 2011.

Earnings from the unit were $1.32 billion in the second quarter, down $632 million from a year earlier, primarily due to lower crude oil and natural gas realizations, lower production and the absence of gains on asset sales.

Chevron’s international upstream earnings of $4.30 billion decreased $619 million from the second quarter 2011, due to lower realizations and volumes for crude oil, as well as higher exploration expense, partially offset by higher realizations for natural gas.

The company's US downstream operations reported that refinery crude oil input of 928,000 barrels per day in the second quarter 2012 increased 53,000 barrels per day from the year-ago period. Earnings from the unit totaled $802 million in the second quarter, compared with earnings of $564 million a year earlier.

Its international downstream operations posted refinery crude oil input of 870,000 barrels per day, down 147,000 barrels per day from second quarter 2011, primarily due to the third quarter 2011 sale of the Pembroke Refinery in the UK. The segment drew in $1.08 billion in the second quarter, compared with $480 million a year earlier.

The company purchased $1.25 billion of its common stock in the second quarter under its share repurchase program.

Chevron shares edged up 0.10 per cent as at 11:13 ET, trading at $108.38.

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Fri, 27 Jul 2012 11:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/88275/chevron-q2-profits-lower-on-declining-oil-prices-and-production-32570.html
<![CDATA[News - Chevron reports natural gas find in Western Australia ]]> https://www.proactiveinvestors.co.uk/companies/news/88117/chevron-reports-natural-gas-find-in-western-australia-32319.html Energy giant Chevron Corp. (NYSE:CVX) reported Monday a natural gas discovery by its Australian unit in the Greater Gorgon area, in Western Australia.

The Pontus-1 well, located in the WA-37-L permit area, hit about 97 feet of net gas pay. It was drilled to a depth of 16,581 feet.

"The discovery highlights Chevron’s exploration success as we continue building a significant natural gas position in Western Australia to supply Australia and the Asia-Pacific region," said  vice chairman George Kirkland.

This is Chevron’s fourteenth discovery offshore north-western Australia since 2009, and will support the future expansion for the Gorgon project, it said.

The Gorgon project includes construction of a 15 million tonne per year liquefied natural gas plant on Barrow Island and a domestic gas plant with the capacity to pRovide 300 terajoules a day to supply gas to Western Australia.

Chevron Australia runs WA-37-L, and has a 47.3 per cent stake in the permit. Exxon Mobile (NYSE:XOM), and Shell Development both hold 25 per cent. Osaka Gas and Tokyo Gas each hold 1.25 per cent and 1 per cent, respectively. Electric Power has a 0.42 per cent stake.

Late last week, the oil and natural gas giant reported it purchased a stake in two blocks in the Kurdistan Region of Iraq.

Chevron said it would buy an 80 per cent interest from Reliance Exploration & Production along with production sharing contracts that cover the Rovi and Sarta blocks.

These blocks rest north of Erbil, and encompass a combined area of about 490 square miles, or 1,124 kilometres.

Chevron’s units will saddle up with OMV Rovi and OMV Sarta, which hold a 20 per cent interest in the Rovi and Sarta contracts, respectively.

Shares, in late morning trade, lost 1.80 per cent to $107.23 on the New York Stock Exchange as fresh concerns over Europe’s debt crisis were on traders' minds.

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Mon, 23 Jul 2012 12:28:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/88117/chevron-reports-natural-gas-find-in-western-australia-32319.html
<![CDATA[News - Chevron to buy 80% stake in 2 Iraqi blocks ]]> https://www.proactiveinvestors.co.uk/companies/news/88048/chevron-to-buy-80-stake-in-2-iraqi-blocks-32207.html Oil and natural gas giant Chevron Corp. (NYSE:CVX) said Thursday that it has acquired a stake in two blocks in the Kurdistan Region of Iraq.

Chevron said it would buy an 80 per cent stake from Reliance Exploration & Production along with production sharing contracts that cover the Rovi and Sarta blocks.

These blocks rest north of Erbil, and encompass a combined area of about 490 square miles, or 1,124 kilometres.

Chevron’s units will saddle up with OMV Rovi and OMV Sarta, which hold a 20 per cent interest in the Rovi and Sarta contracts, respectively.

Shares, in early afternoon trade, rose 54 cents, or 0.50 per cent to hit $108.42 apiece on the New York Stock Exchange.

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Thu, 19 Jul 2012 13:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/88048/chevron-to-buy-80-stake-in-2-iraqi-blocks-32207.html
<![CDATA[News - Chevron sees stronger Q2 refining, marketing results ]]> https://www.proactiveinvestors.co.uk/companies/news/87827/chevron-sees-stronger-q2-refining-marketing-results-31865.html Oil major Chevron (NYSE:CVX) late Wednesday said it expects second quarter profits to be higher than they were in the first quarter, thanks to improved refining margins.

"Downstream earnings in the second quarter are expected to be significantly higher," the company said in a statement.

The news comes as oil majors digest the consequences of the decline in oil prices that took place toward the end of the second quarter. Crude prices have fallen by about 20 per cent from levels seen in the first quarter in the wake of the European debt crisis, a slowdown in China, and sluggishness in the U.S. economy.

Cheaper crude meant lower revenues from Chevron's profitable upstream unit, but they enabled its refining and marketing arm, for which crude oil is a cost, to capture more profits in the U.S.

Chevron said that international margins decreased somewhat over the same period, but results will reflect a $200 million gain from asset sales. They will also benefit from favorable inventory effects, the company said in its interim earnings report.

The company also said U.S. oil-equivalent production increased 14,000 barrels per day during the first two months of the second quarter, largely due to increased production in the Gulf of Mexico.

International oil-equivalent production during the first two months of the period decreased 30,000 barrels a day due to the continued shut-in of production at the Frade field in Brazil and to planned maintenance in Kazakhstan.

Chevron's U.S. production in the first two months of the quarter reached about 665,000 barrels of oil equivalent a day, a 2.1 per cent increase from the first quarter.

In Chevron's international upstream business, total oil equivalent production reached about 1.95 billion barrels of oil equivalent a day, down 1.5 per cent from the first quarter.

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Thu, 12 Jul 2012 07:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/87827/chevron-sees-stronger-q2-refining-marketing-results-31865.html
<![CDATA[News - Chevron’s Q1 profit misses expectations ]]> https://www.proactiveinvestors.co.uk/companies/news/85722/chevrons-q1-profit-misses-expectations-28330.html Chevron (NYSE:CVX) reported a four percent increase in quarterly profit Friday, as rising oil prices and refining margins made up for a decline in oil and gas production, but the company still missed analyst views.

For the three months that ended March 31, the second-largest US oil company posted net income of $6.47 billion, or $3.27 per share, up from $6.21 billion, or $3.09 per share, a year ago.

Total revenues and other income rose slightly to $60.70 billion from $60.34 billion in the year-ago quarter.
Analysts polled by Thomson Reuters expected earnings per share of $3.26 for the quarter, on revenues of $72.42 billion.

Exploration-and-production earnings in the quarter rose 3.2 percent to $6.17 billion, helped by higher crude oil realizations.

The refining, marketing and chemical operations, or downstream operations, saw earnings jump 29 percent in the quarter to $804 million, benefiting from gains on asset sales. The company said lower refined product margins were offset by favorable derivative effects.

During the first quarter, the oil and gas producer's worldwide upstream business posted total net production of 2.63 million barrels of oil-equivalent (boe) per day, down from 2.76 million boe per day in the year-ago-period.

US upstream production of 651,000 barrels per day in the first quarter was down 43,000 barrels per day, or six percent, from a year earlier.

The company said the decrease in production was associated with normal field declines and an absence of volumes associated with the Cook Inlet, Alaska, asset sale in 2011.

Partially offsetting this decrease was further ramp-up at the Perdido project in the Gulf of Mexico.

Chevron said international upstream earnings of $4.64 billion increased $114 million from the first quarter 2011, with higher realizations for crude oil and natural gas boosting earnings between quarters.

Average sales price of crude oil and natural gas liquids (NGLs) in the 2012 first quarter was $110 per barrel, up from $95 a year earlier.

The average price of natural gas was $5.88 per thousand cubic feet, compared with $5.03 in last year’s first quarter.

Chevron's US downstream business posted refinery crude oil input of 926,000 barrels per day in the first quarter, up by 47,000 barrels per day from the year-ago period.

Refined product sales of 1.24 million barrels per day were down 41,000 barrels per day from the first quarter 2011, mainly due to lower residual fuel oil and gasoline sales, said the company. Branded gasoline sales were essentially flat with a year ago.

The international downstream business posted refinery crude oil input of 779,000 barrels per day, down 253,000 barrels per day from a year earlier, mainly on the sale of Chevron's Pembroke Refinery. Refined product sales declined 15 percent, to 1.52 million barrels per day.

"In the first quarter, we continued to post strong earnings and healthy cash flows," said Chevron's CEO John Watson.

"This has enabled us to both reward our shareholders with a substantial dividend increase, our third in just over a year, and to reinvest in profitable growth projects to help meet rising global energy demand.

"Our key development projects remain on track to deliver compelling volume growth over the next five years. New production is coming on as planned, and we continue to see strong customer interest in our Australia LNG projects that underpin our future growth."

Chevron said planned spending on production growth will not kick in until 2014.

In New York, Chevron shares fell 0.07 percent to $106.15, early Friday.

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Fri, 27 Apr 2012 10:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/85722/chevrons-q1-profit-misses-expectations-28330.html
<![CDATA[News - Chevron Q4 earnings drop on lower production, sales ]]> https://www.proactiveinvestors.co.uk/companies/news/83200/chevron-q4-earnings-drop-on-lower-production-sales-24115.html Chevron (NYSE:CVX) reported a drop in its fourth quarter earnings on Friday, as rising oil prices could not offset the decline in its production and sales volumes.

For the three months ended December 31, the oil and gas producer posted earnings of $5.12 billion, or $2.58 per share, down over three percent from $5.3 billion, or $2.64 per share, a year ago.

Analysts had expected $2.85 per share, according to FactSet.

Total revenues, however, rose 11 percent to $59.99 billion, from $54.03 billion in the same period last year.

During the fourth quarter, the company's upstream business posted total net production of 2.64 million barrels of oil-equivalent (boe) per day, down over five percent from the year-ago period.

US upstream production fell five percent to 661,000 boe per day, though normal field declines and maintenance-related downtime was partially offset by new production in the Marcellus Shale, and increases at Chevron's Perdido project in the
Gulf of Mexico.

Production from its international upstream business also fell five percent to 1.98 million boe per day, as ramp-ups at its
projects in Thailand, Nigeria, and Brazil were more than offset by maintenance-related downtime, normal field declines, and a 25,000 barrel per day negative effect from higher prices on entitlement volumes.

Average sales price of crude oil and natural gas liquids (NGLs) rose nearly 33 percent to $101 per barrel. Natural gas sales price declined slightly, to $3.62 per thousand cubic feet.

Chevron's US downstream business posted refinery crude oil input of 763,000 barrels per day, down 13 percent, due to maintenance-related downtime at its Richmond Refinery. Refined product sales were down over five percent to 1.23 million barrels per day, as gasoline and fuel sales fell, mainly on weak demand.

The international downstream business posted refinery crude oil input of 805,000 barrels per day, down 23 percent, mainly on the sale of Chevron's Pembroke Refinery. Refined product sales declined 12 percent, to 1.57 million barrels per day.

Chevron's CEO John Watson commented: "In the fourth quarter, we took another important step forward in our efforts to commercialize the company’s significant natural gas resources with the start of construction at the Wheatstone liquefied natural gas project in Australia.

"We also recently announced two additional natural gas discoveries in the Carnarvon Basin that will help underpin future LNG expansion opportunities.

"At the same time, we ramped up production to over 330 million cubic feet per day at the Platong II natural gas project in the Gulf of Thailand.

"In the downstream business, we successfully completed the second year of a multiyear plan to improve returns.

"Efforts continued on streamlining the asset portfolio, with completion of the sale of refining and marketing assets in the United Kingdom and Ireland, including the Pembroke Refinery.

"The company also completed the sale of its marketing businesses in five countries in Africa, and its fuels marketing and aviation businesses in 16 countries in the Caribbean and Latin America."

For the full year 2011, Chevron posted $26.9 billion, or $13.44 per share, in earnings, up 41.4 percent. Revenues rose 23.8 percent t $253.7 billion.

The company said it added about 1.67 billion boe to its reserves in 2011, which are expected to nearly triple production for the year.

Watson said: "The Wheatstone Project was the largest component of our reserve adds this year.

"We continued to build legacy positions with additions from acquisitions in the Marcellus Shale and multiple development projects in the deepwater Gulf of Mexico."

In New York, Chevron shares fell 2.64 percent to $103.78, as of 10:04 am EDT. The company's stock gained 17.34 percent in 2011.

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Fri, 27 Jan 2012 10:21:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/83200/chevron-q4-earnings-drop-on-lower-production-sales-24115.html
<![CDATA[News - Chevron warns Q4 profit to be "significantly below" prior quarter ]]> https://www.proactiveinvestors.co.uk/companies/news/82742/chevron-warns-q4-profit-to-be-significantly-below-prior-quarter-23381.html Chevron Corp. (NYSE:CVX) said Thursday profits for the fourth quarter are expected to be “significantly below” the prior quarter, as the crude oil and natural gas giant was hurt by lower margins and refinery input volumes.

The company, based in San Ramon, California, said that upstream earnings from oil and gas production would be comparable to $6.2 billion in the third quarter, but only absent the foreign exchange gain seen in the prior period.

Full third quarter earnings included foreign exchange gains of nearly $450 million, compared to a loss anticipated in the fourth quarter, the company said in its statement.

Analysts polled by Thomson Reuters were looking for an overall profit of $6.6 billion in the fourth quarter, or $3.33 per diluted share. This compares to total net earnings of $7.8 billion in the third quarter.

Chevron, the second largest U.S. oil producer, saw its stock sink over two percent to reach $105.57 Thursday in as of 9:40am ET.

The company said its U.S. oil equivalent production in October and November declined to 660,000 barrels per day (bpd) from 662,000 bpd in all of the third quarter.

Chevron’s international oil-equivalent production, meanwhile, rose to 1.98 million barrels per day (bpd) in the first two months of the quarter from an average of 1.94 million in the third quarter.

"International net oil-equivalent production increased 42,000 barrels per day reflecting the completion of maintenance in Kazakhstan, and resolution of a third party pipeline incident and the ramp up of the Platong II project in Thailand, partly offset by an extended turnaround in Trinidad and reduced natural gas demand in Thailand due to flooding,” Chevron added.

Chevron had 2.64 million bpd of total oil-equivalent production for the first two months of the quarter, up from 2.60 million in the third quarter but way below its full year 2011 forecast of 2.73 million bpd.

The company also said that downstream earnings in the fourth quarter are expected to be near breakeven.

"Lower margins and refinery input volumes, and the absence of an asset sale gain are expected to reduce downstream earnings significantly compared to third quarter results."

U.S. refinery input fell by 180,000 bpd to 717,000 bpd, due to a major turnaround at its Richmond, California refinery. Gulf Coast refining margins fell substantially in the fourth quarter compared to the third quarter, the company said.

Outside the U.S., refining and marketing margins fell in the fourth quarter relative to the prior period as daily refinery crude input volumes sank by 90,000 bpd for the first two months of the fourth quarter, to 792,000 bpd.

The drop primarily reflected the sale of its Pembroke U.K. refinery, which was completed early in the third quarter.

In addition, the company said that total net charges for the fourth quarter are expected to be “notably higher” than the general guidance range of $250 and $350 million.

Chevron plans to release financial results on January 27, 2012 before markets open.

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Thu, 12 Jan 2012 09:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/82742/chevron-warns-q4-profit-to-be-significantly-below-prior-quarter-23381.html
<![CDATA[News - Chevron Q3 earnings double on higher oil prices ]]> https://www.proactiveinvestors.co.uk/companies/news/80966/-chevron-q3-earnings-double-on-higher-oil-prices-20299.html Oil company Chevron (NYSE:CVX) said Friday that third-quarter earnings doubled thanks to higher oil prices despite a decline in production.

For the three months that ended September 30, Chevron said earnings reached $7.8 billion, or $3.92 per share, up from $3.8 billion, or $1.87 per share a year earlier.

Revenue increased to $64.4 billion from $49.7 billion the same period last year.

Earnings beat analyst expectations of $3.47 per share, but fell short of revenue estimates of $70.4 billion, according to FactSet.

Chevron chairman and CEO, John Watson, said: "We had another successful quarter with both strong earnings and cash flow. Current quarter earnings for our upstream operations benefited from higher crude oil prices on world markets.
"At the same time, gains on asset sales and improved margins for refined petroleum products contributed to increased earnings for our downstream businesses."

The San Ramon, California-based company's average sales price per barrel of crude oil and natural gas liquids increased to $97 a barrel from $69 a year ago. The average sales price of natural gas increased to $4.14 per thousand cubic feet, compared with $4.06 last year.

Worldwide net oil-equivalent production, however, dropped to 2.6 million barrels per day from 2.74 million barrels per day a year earlier, Chevron said. Analysts had forecast production of 2.69 million barrels a day.

Chevron's upstream business, or exploration and production, earned $6.2 billion, up from $3.6 billion in the third quarter of 2010. The downstream business, which includes refining and marketing, increased its profit to $2 billion from $565 million a year ago.

Chevron also recorded a one-time gain of about $500 million from the sale of its Pembroke refinery to Valero Energy (NYSE:VLO), the company said.

On Thursday, fellow oil giants Exxon Mobil (NYSE:XOM) and Royal Dutch Shell (NYSE:RDS.A)(LON:RDSA) reported sharp increases in quarterly profits that came in ahead of analysts' forecasts.

Friday morning, Chevron was trading flat at $109.26, while crude futures were down 0.81 precent at $93.20.

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Fri, 28 Oct 2011 11:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/80966/-chevron-q3-earnings-double-on-higher-oil-prices-20299.html
<![CDATA[News - Chevron Corp posts 36% Q1 profit growth, tops views ]]> https://www.proactiveinvestors.co.uk/companies/news/77344/chevron-corp-posts-36-q1-profit-growth-tops-views-14178.html

Chevron Corp (NYSE:CVX) topped first quarter earnings estimates on Friday as the company benefited from higher crude oil prices and improved margins on refined petroleum products.

For the first three months of 2011, the second largest US oil company reported earnings of $6.2 billion, or $3.09 per share, compared to $4.6 billion, or $2.27 per share, in the year ago period. Analysts estimated a profit of $3.04 per share.

The California-based company’s 36% profit growth follows the similar results of other oil companies that reported this week, including Exxon Mobil, which posted a 69% increase in first quarter net income.

Chevron’s quarterly revenue also climbed 25% to $60.34 billion.

Total upstream, or exploration and production, earnings rose 27%, while worldwide production fell slightly by 0.7% to 2.76 million oil equivalent barrels per day. The decline in production was primarily due to normal field declines and weather-and-maintenance-related downtime, the company said.

U.S. upstream earnings of $1.45 billion increased 25%, and average daily production dropped 5%.

The company’s average sales price per barrel of crude oil and natural gas liquids rose 25% to $89 in the first quarter, while the natural gas price fell 24% to $4.04 per thousand cubic feet.

Chevron said the benefit of higher crude oil prices in the US unit, was partly offset by decreased production and lower natural gas realizations.

Meanwhile, the company’s downstream earnings, which include refined products, saw earnings more than triple on improved margins.

Chevron has been streamlining its downstream business, most recently announcing its plans to sell its 220,000-barrels-per-day Pembroke Refinery and other downstream assets in the UK to Valero Energy Corp for $730 million, plus an additional $1 billion for inventory.

The company also announced an agreement to sell its fuels, finished lubricants and aviation fuels businesses in Spain, and has sold its fuels-marketing and aviation businesses in nine eastern Caribbean countries and two African countries.

In addition, the giant oil producer received its first deepwater exploratory drilling permit in the Gulf of Mexico following the moratorium, and has resumed work on the Moccasin well that was suspended in the wake of the BP oil spill last June.

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Fri, 29 Apr 2011 10:46:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/77344/chevron-corp-posts-36-q1-profit-growth-tops-views-14178.html
<![CDATA[News - Chevron sells UK refinery and other downstream assets to Valero Energy ]]> https://www.proactiveinvestors.co.uk/companies/news/76638/chevron-sells-uk-refinery-and-other-downstream-assets-to-valero-energy-12900.html Chevron (NYSE:CVX) said Friday it has agreed to sell a UK refinery and other downstream assets in the region to Valero Energy Corp (NYSE:VLO) for $730 million.

The deal is part of Chevron's strategy to re-focus its downstream portfolio. The global integrated energy company recently agreed to sell most of its downstream assets in Spain, and since last year, has made arrangements to divest these types of assets in more than 20 other countries, particularly in the Caribbean and southern Africa.

"We're concentrating our downstream portfolio primarily in North America and the Asia-Pacific region," said executive vice president of Chevron Downstream & Chemicals, Mike Wirth, "markets where we enjoy our greatest competitive strength and opportunities for growth."

Under the agreement announced today, Chevron will sell its Chevron Limited business, which operates the 220,000 barrel per day refinery in Pembroke, Wales. In addition to the $730 million, Valero will pay Chevron an estimated $1 billion for inventory and other items.

Aside from the Pembroke facility, Chevron Limited also holds approximately 1,000 Texaco-branded retail service stations in the UK and Ireland, a commercial and industrial fuels business and shareholdings in four pipelines, among other assets.

San Ramon, California-based Chevron said it will retain its upstream, lubricants and oronite additives businesses in Europe, as well as its aviation unit in Sweden, Greece and the Benelux region.

The agreement is expected to close in the second half of the year, but remains subject to regulatory approvals.

Chevron shares rose more than 1.1% on Friday to trade at $100.21, while Valero's stock climbed nearly 5.8% to $27.85 as of 3:00pm EST.

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Fri, 11 Mar 2011 15:01:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/76638/chevron-sells-uk-refinery-and-other-downstream-assets-to-valero-energy-12900.html
<![CDATA[News - Chevron announces another natural gas find in offshore Australia ]]> https://www.proactiveinvestors.co.uk/companies/news/76191/chevron-announces-another-natural-gas-find-in-offshore-australia-12167.html Chevron Corp. (NYSE:CVX) announced Wednesday it has made its tenth natural gas offshore discovery in Australia within the past 18 months.

The latest find is the Orthrus-2 well in the Carnarvon Basin, approximately 60 miles northwest of Barrow Island, where Chevron and partners are building the Gorgon project.

The well was drilled to a total depth of 14,098 feet, encountering 243 feet of net gas pay, nearly half of which was found in a deeper, previously unexplored target.

Gorgon is Chevron's largest planned project in Australia, and is expected to have a processing capacity of 15 million metric tons of liquefied natural gas per year. Chevron is the operator of the project, holding a 47% stake, with Shell and Exxon Mobil holding 25% each.

"Our leading Carnarvon Basin leasehold and our accompanying exploration success help underpin further expansion opportunities on the Gorgon Project," said president of Chevron Asia Pacific, exploration and production, Jim Blackwell. 

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Wed, 09 Feb 2011 15:04:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/76191/chevron-announces-another-natural-gas-find-in-offshore-australia-12167.html
<![CDATA[News - Chevron To Build $1.4 Billion Lubricant Plant At its Pascagoula Refinery ]]> https://www.proactiveinvestors.co.uk/companies/news/76022/chevron-to-build-14-billion-lubricant-plant-at-its-pascagoula-refinery-11912.html Chevron To Build $1.4 Billion Lubricant Plant At its Pascagoula RefineryPetroleum company Chevron (NYSE: CVX) announced today it will build a $1.4 billion lubricant manufacturing facility at its Pascagoula refinery.

When completed, the lubricant plant is expected to produce 25 thousand barrels per day, which will help double Chevron’s premium base oil production. 


Base oil is used to make lubricants for high-tech machinery and equipment used in the commercial and industrial sectors. 


"With the addition of the Pascagoula facility, Chevron will become the world's largest producer of premium base oil. Demand for this product is increasing in the U.S. and around the world, and Chevron is adding capacity to meet that demand," said Executive Vice President of Chevron Downstream & Chemicals, Mike Wirth. 


The premium base oil produced in the plant is expected to serve the North American, Latin American and European markets.


As Chevron's largest wholly-owned refinery, the Pascagoula refinery, located at Pascagoula, Mississippi, processes up to 0.33 million barrels per day of crude oil and has a work force of 1,610. 


The construction of the lubricant plant is expected to add one thousand jobs over the next two years and 20 permanent positions once the plant is operating.  


The plant is scheduled to be built by the end of 2013.


Chevron’s shares closed higher by 1.7% on Monday to trade at $94.93.

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Mon, 31 Jan 2011 21:08:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/76022/chevron-to-build-14-billion-lubricant-plant-at-its-pascagoula-refinery-11912.html
<![CDATA[News - Chevron snaps up Atlas Energy, fuelling further merger speculation in Shale Gas sector ]]> https://www.proactiveinvestors.co.uk/companies/news/74766/chevron-snaps-up-atlas-energy-fuelling-further-merger-speculation-in-shale-gas-sector-9927.html Chevron Corporation (NYSE:CVX) announced an all cash offer for shale gas play Atlas Energy (NASDAQ:ATLS), lighting further speculation in what other deals may be on the horizon for the U.S. domestic gas scene. 


Chevron is paying US$3.2 billion in cash and taking on $1.1 billion in pro forma net debt to acquire the Pennsylvania focused shale gas company, just one of string of deals that have been completed in the past twelve months. 


Chevron and other blue chip oil and gas giants have been attracted to Marcellus Shale in Pennsylvania and other shale plays in the United States primarily thanks to the potential to add significant reserves through horizontal drilling and long life the production profiles of shale developments, despite the relatively higher upfront cost of development.


"This acquisition is the right opportunity for Chevron," said George Kirkland, Chevron Vice Chairman.


"We are acquiring a company that has one of the premier acreage positions in the prolific Marcellus. The high quality resource, competitive cost structure in the Marcellus, strong growth potential of the asset base and its proximity to premier natural gas markets make this targeted acquisition a compelling investment for Chevron."


Kirkland went on to also note that the Atlas acquisition not only brought in quality assets in the USA, but also boosted its global position in shale gas. Chevron, along with many other mid and large cap energy companies have recently moved into shale gas plays in Eastern Europe, notably Poland and Romania, and also in Canada, which are relatively underdeveloped compared to the quick pace of exploiting shale gas in the U.S.


The Atlas Energy transaction will bring 9 TCF (trillion cubic feet) of natural gas resource, including 850 bcf (billion cubic feet) of reserves and 80 mmcfd (million cubic feet per day) of gas production.


The assets in the Appalachian basin consist of 486,000 net acres of Marcellus Shale; 623,000 net acres of Utica Shale; and a 49 percent interest in Laurel Mountain Midstream, LLC, a joint venture which owns over 1,000 miles of intrastate and natural gas gathering lines servicing the Marcellus. Assets in Michigan include Antrim producing assets and 100,000 net acres of Collingwood/Utica Shale.


Atlas Energy shareholders will receive $38.25 in cash for each share of Atlas Energy stock and a pro-rata distribution of over 41 million units of Atlas Pipeline Holdings, L.P. (NYSE: AHD) following certain restructuring transactions to be completed immediately prior to the merger closing.

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Tue, 09 Nov 2010 19:59:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/74766/chevron-snaps-up-atlas-energy-fuelling-further-merger-speculation-in-shale-gas-sector-9927.html
<![CDATA[News - Chevron second quarter earnings surge to $5.1 billion on higher production and better margins ]]> https://www.proactiveinvestors.co.uk/companies/news/73560/chevron-second-quarter-earnings-surge-to-51-billion-on-higher-production-and-better-margins-7290.html <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-1610611985 1107304683 0 0 415 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-520092929 1073786111 9 0 415 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0cm; margin-right:0cm; margin-bottom:10.0pt; margin-left:0cm; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi; mso-fareast-language:EN-US;} p {mso-style-noshow:yes; mso-style-priority:99; mso-margin-top-alt:auto; margin-right:0cm; mso-margin-bottom-alt:auto; margin-left:0cm; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman";} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi; mso-fareast-language:EN-US;} .MsoPapDefault {mso-style-type:export-only; margin-bottom:10.0pt; line-height:115%;} @page Section1 {size:612.0pt 792.0pt; margin:72.0pt 72.0pt 72.0pt 72.0pt; mso-header-margin:36.0pt; mso-footer-margin:36.0pt; mso-paper-source:0;} div.Section1 {page:Section1;} -->

Chevron Corporation (NYSE:CVX) followed a similar patter to other major oil and gas companies this week, announcing solid earnings as it benefited from rising oil prices , improved margins at its refineries and higher production levels.

The US listed, international giant, generated second quarter earnings of $5.41 billion, or $2.70 per diluted share, compared to $1.75 billion and 87 cents per shares in the second quarter of 2009.  Foreign exchange gains also added $241 million to the results, compared to a forex loss in the same quarter last year of $453 million.  Total revenues in the second quarter came in at $51 billion, up $11 billion, as the company benefited from higher prices for crude oil, natural gas and refined products.

For the first half of 2010, earnings were $9.96 billion, up from $3.58 billion in the first six months of 2009.

"We had another very successful quarter -- both operationally and financially," said Chairman and CEO John Watson. "Current quarter earnings from upstream operations benefited significantly from higher prices for crude oil and natural gas and higher net oil-equivalent production. In the downstream, improved margins for refined petroleum products contributed to increased earnings."

Watson added, "During the second quarter, we continued to make significant progress toward building a leading natural gas business to supply Australia and the Asia-Pacific region.

Chevron went on to highlight several key exploration and development projects in the pipeline for the company, including exploration of 200,000 acres of shale gas leases in Western Canada, which is expected to get underway in at the end of 2011. The company has also confirmed it would be investing in the Duri Field in Indonesia, which would boost production by 20,000 barrels per day (bpd).  Chevron also reported on activities in Australia`s LNG sector, exploration in Romania, Venezuela and Russia.

During the second quarter, Chevron produced (net oil-equivalent) 2.75 million bpd, up 3% on Q2 2009, driven largely by developments in Kazakhstan, Brazil and the US.

The company's average sales price per barrel of crude oil and natural gas liquids was approximately $71 in the 2010 quarter, compared with $50 a year ago.  The average sales price of natural gas was $4.01 per thousand cubic feet, up from $3.27 in last year's second quarter.

Capital and exploratory expenditures in the first six months of 2010 were $9.4 billion, compared with $11.4 billion in the corresponding 2009 period.

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Fri, 30 Jul 2010 17:11:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/73560/chevron-second-quarter-earnings-surge-to-51-billion-on-higher-production-and-better-margins-7290.html
<![CDATA[News - Chevron and Chubu Electric sign LNG offtake deal for Gorgon gas project offshore Australia ]]> https://www.proactiveinvestors.co.uk/companies/news/71718/chevron-and-chubu-electric-sign-lng-offtake-deal-for-gorgon-gas-project-offshore-australia-3279.html Chevron Corp (NYSE: CVX) today announced that its Australian subsidiaries have signed binding long-term sales and purchase agreements (SPAs) with Chubu Electric Power for a portion of Chevron's share of liquefied natural gas (LNG) from the Gorgon project which is being developed offshore northwestern Australia.

Chevron agreed to supply Chubu Electric 1.44 million metric tons per year (MTPY) of LNG for 25 years.  Chubu Electric also intends to purchase 0.417 percent equity from Chevron's stake in the Gorgon project.

The agreement follows the recent signing of three binding long-term SPAs with Osaka Gas, Tokyo Gas and GS Caltex, a 50 percent-owned Chevron equity affiliate, for delivery of a total of nearly 3 MTPY, as well as a Heads of Agreement with the Korea Gas Corporation (KOGAS) for 1.5 MTPY.

The Gorgon project is operated by Chevron, which will have an approximate 47 percent interest in the project after the sale to Chubu. Further participants are ExxonMobil Corp (NYSE: XOM) and Royal Dutch Shell PLC (LSE: RDSA; NYSE: RDS), each holding 25 percent.

The initial Gorgon project development will include a three-train, 15 million-metric-tons-per-year liquefied natural gas facility and a domestic gas plant.

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Wed, 16 Dec 2009 16:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/71718/chevron-and-chubu-electric-sign-lng-offtake-deal-for-gorgon-gas-project-offshore-australia-3279.html