Chevron Earnings Surge as CVX Plans to Raise Permian Production 15% to Grow Domestic Supply

Chevron, the second-largest U.S. oil company after Exxon, on Friday said it made $6.3 billion in quarterly profit, up from about $1.4 billion in the same period last year and slightly below analyst expectations. Chevron Chief Executive Mike Wirth said, “Chevron is doing its part to grow domestic supply,” and aims to raise output in the Permian 15% from 2021 levels this year. “Chevron is doing its part to grow domestic supply,” Fellow oil major Exxon reported Friday also Chevron … Continue reading “Chevron Earnings Surge as CVX Plans to Raise Permian Production 15% to Grow Domestic Supply”

Occidental Petroleum Earnings Show the Difference a Year Makes with Oil Prices Up 85%

Occidental Petroleum reported better than expected fourth quarter earnings on Thursday from a year-ago loss on higher-than-forecast U.S. production and crude prices. $OXY is the biggest Permian Basin producer. ExxonMobil, Chevron and Diamondback reported earlier. Beyond The Survival Mode In The Oil Patch Guidance on exploration and production spending is key since oil prices collapsed and natural gas prices have continued to soar. Now with the change in shift in US politics and the COVID affect with the recent Russian attack … Continue reading “Occidental Petroleum Earnings Show the Difference a Year Makes with Oil Prices Up 85%”

Chevron Earnings Miss on Weaker Production Outweighing Gains from Soaring Oil and Natural Gas Prices

Chevron reported worse than expected fourth quarter earnings Friday. $CVX missed bottom-line expectations which saw the stock drop over 4%. Weaker than expected oil and gas production were not able to take advantage of multi-year highs of energy prices. The miss was driven by International upstream primarily in Indonesia. Downstream earnings disappointed with weakness across both refining and chemicals. Fellow oil major Exxon report next week. Chevron is the US’s second biggest oil company after Exxon Chevron Inc. (NYSE: $CVX) … Continue reading “Chevron Earnings Miss on Weaker Production Outweighing Gains from Soaring Oil and Natural Gas Prices”

Chevron Earnings Highest Since First Quarter 2013 With Soaring Oil and Natural Gas prices in 2021

Chevron reported better than expected third quarter earnings Friday. With oil and natural gas prices at significant highs $CVX reported earnings of $6.1 billion and cash flow from operations of $8.6 billion with record free cash flow of $6.7 billion and share repurchases of $625 million. Fellow oil major Exxon also reported Friday.

Most Texas Refineries Have Restarted Since Big Freeze

The big freeze from the arctic blast knocked out more than 18 of the Texas refineries just a month ago. For these refineries it has been a battle to repair and restart. 16 of those 18 plants shut by freeze have started some or all units. In that time demand has risen and already some are able to run at full rates on better margins.

Chevron Report Third Straight Quarterly Loss But Maintains Dividend

Chevron reported worse than expected fourth quarter earnings Friday for the third quarter in a row. Nevertheless $CVX increased their dividend payout for the 33rd consecutive year. Capital spending was down, the Noble Energy acquisition completed in October 2020. Revenue continues to be hammered by the coronavirus economic collapse.

S&P Puts Big Oil Companies On Negative Ratings Watch

Rating agancy S&P on Tuesday puts the majority major oil companies on negative ratings watch or lowered their outlook. Many of the energy sector has massive debt exposure which has exposed them to the lockdown economic collapse. To add salt we are seeing aggressive energy transition by the developed world.

Chevron Reports Profit Boosted by Capital Spending down 48% Operating Expenses down 12%

Chevron reported better than expected third quarter earnings Friday along with fellow oil major ExxonMobil. Capital spending was down 48% and operating expenses down 12%. Noble Energy acquisition completed in October 2020. Revenue continues to be hammered by the coronavirus economic collapse.

Occidental Petroleum Posts Loss of $8.35 Billion in Second Quarter on Slashed EnergyPrices

Occidental Petroleum reported for the second quarter on Monday a loss of $8.13 billion including impairment charges of $6.6 billion.  $OXY is the biggest Permian Basin producer is living on a knife edge. ExxonMobil , Chevron and Diamondback reported a much sounder position. Survival Mode In The Oil Patch Guidance on exploration and production spending is key since oil prices collapsed and natural gas prices have continued to fall, with U.S. drilling and production still at high levels despite the … Continue reading “Occidental Petroleum Posts Loss of $8.35 Billion in Second Quarter on Slashed EnergyPrices”