Chevron Corp., savaged in the second quarter by the hurricane-force winds of Covid-19, warned Friday that the pandemic may choke profits through September. The San Ramon, CA-based major posted an $8.3 billion loss (minus $4.44/share), compared with net profits a year earlier of $4.3 billion ($2.27). U.S. upstream operations lost $2.1 billion, versus year-ago earnings…
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Chevron Corp. said Thursday it plans to sell its 16.67% interest in Australia’s North West Shelf Project, which is among the country’s largest liquefied natural gas (LNG) facilities.
Majors Seeking to Streamline Portfolios through Oil, Natural Gas Asset Sales Amid Covid-19 Impacts, Rystad Says
Oil and gas companies around the world have announced plans to divest non-priority assets with recoverable reserves totaling some 12.5 billion boe since December 2019, according to new analysis by Rystad Energy.
ExxonMobil Defeats All Shareholder Resolutions, while Chevron Investors Favor Climate Risk Reporting
ExxonMobil and Chevron Corp. investors on Wednesday were generally unswayed by the historic downturn in oil prices and voted against nearly all shareholder-backed resolutions at their annual meetings. However, a push for more information about climate risks was given the green light by Chevron shareholders.
U.S. Energy Leaders BP, ExxonMobil, Chevron, Shell Join Forces with Peers to Continue Advocating Climate Change Initiatives
One day ahead of their annual shareholder meetings, ExxonMobil CEO Darren Woods and Chevron Corp. CEO Mike Wirth joined their global natural gas and oil peers, including BP plc and Royal Dutch Shell plc, to advocate climate change initiatives even as Covid-19’s long-term impact is uncertain.
Chevron’s Future Earnings Under Heavy Pressure Amid Coronavirus Impacts, but CEO Optimistic Long Term
Continued strong production in the Permian Basin helped drive Chevron Corp.’s first quarter earnings higher. But the San Ramon, CA-based major said production would drop with planned curtailments, and it warned that distressed market conditions imposed by coronavirus fallout necessitated further budget cuts and could depress future earnings.
Capital spending cuts are coming across the energy spectrum, with Chevron Corp. and Schlumberger Ltd. among the latest to respond aggressively to the unprecedented downturn in the oil and gas industry.
Chevron Corp. led the way by oil and natural gas producers on Tuesday in announcing huge cuts to capital spending this year, with Marcellus Shale operator Antero Resources Inc. and Permian Basin-focused Laredo Petroleum Inc. also pulling back as the North American energy industry attempts to regroup amid a pandemic and an oil price war.
Oil and natural gas prospects in the Gulf of Mexico (GOM) drew bids from 22 operators Wednesday in the latest federal lease sale, with deepwater blocks pulling the most interest.
Environmental and societal stewardship have been trending the last couple of months across the oil and natural gas industry, but Chevron Corp.’s executive team made clear Tuesday that those concepts already are deeply ingrained throughout the 45,000-member workforce.