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.
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NGI The Weekly Gas Market Report
Chevron Cuts Capex by 20% and Phillips 66 Defers Projects
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.
Deluge of North American E&Ps, OFS Operators Slash Spending as Demand Crushed from Coronavirus
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.
NGI The Weekly Gas Market Report
BHP Billiton High Bidder in GOM Lease Sale, but Auction Draws Little Interest Overall
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.
NGI The Weekly Gas Market Report
Chevron Sees Renewables as Core to Upstream, Downstream Operations
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.
NGI The Weekly Gas Market Report
Chevron Plans to ‘Win in Any Environment,’ CEO Promises, as 4Q Writedowns Total $10.4B
Record production from the Permian Basin and a bevy of oil and natural gas projects worldwide was not enough to stanch the decline in commodity prices during the final quarter, as Chevron Corp. recorded a $10.4 billion impairment for assets that included the Appalachia portfolio, a natural gas export facility planned for British Columbia and a deepwater Gulf of Mexico project.
NGI The Weekly Gas Market Report
Chevron Plans to ‘Win in Any Environment,’ CEO Promises, as 4Q Writedowns Total $10.4B
Record production from the Permian Basin and a bevy of oil and natural gas projects worldwide was not enough to stanch the decline in commodity prices during the final quarter, as Chevron Corp. recorded a $10.4 billion impairment for assets that included the Appalachia portfolio, a natural gas export facility planned for British Columbia and a deepwater Gulf of Mexico project.
Chevron Lifting Permian Spend but Appalachia Shale Shunned on Natural Gas Price Slump
Chevron Corp. is raising capital spending in the Permian Basin by around 11% for the coming year, but Appalachia is to see budget cutbacks on the continued slump in natural gas prices.
NGI The Weekly Gas Market Report
Anchors Aweigh as Chevron Sanctions Green Canyon Deepwater Project in GOM
Chevron Corp. on Thursday sanctioned the massive Anchor oil and natural gas project in the U.S. Gulf of Mexico (GOM), the first greenfield launch in nine years and the first high-pressure project for the domestic offshore.
NGI The Weekly Gas Market Report
Slumping Natural Gas Prices Lead Chevron to Slash Spend in Appalachia, Look for Kitimat LNG Alternatives
Stung by the continued slump in natural gas prices, Chevron Corp. plans to cut back spending in Appalachia and a long-delayed gas export project proposed for the west coast of Canada, the supermajor said.