Chevron Revenue Increases from PDC Energy, Raises Dividend 8%

Chevron, the second-largest U.S. oil company after Exxon, on Friday reported stronger-than-expected third quarter earnings. CVX posted total adjusted earnings of $2.3 billion, or $3.45 a share beating analysts looking for a profit of $3.19 a share. Chevron announced record annual production, enabled by the acquisition of Colorado producer PDC Energy and raised the quarterly dividend by 8% to $1.63 a share bringing the company’s dividend yield to 4.3%, ahead of Exxon’s 3.7%. Chevron spent a record $26 billion on … Continue reading “Chevron Revenue Increases from PDC Energy, Raises Dividend 8%”

Chevron Profits Lower with Weak Refinery Margins and Natural Gas Prices

Chevron, the second-largest U.S. oil company after Exxon, on Friday reported weaker-than-expected third quarter earnings. Adjusted earnings of $3.05 a share was below estimates for $3.70, however revenue of $51.9 billion beat expectations for $51.4 billion. Profits were impacted by lower upstream realizations and lower margins on refined product sales. Refineries delivering the weakest segment result in the past six quarters. Lower natural gas prices impaired both Chevron but also peer ExxonMobil who also reported. CVX’s natural gas sales are … Continue reading “Chevron Profits Lower with Weak Refinery Margins and Natural Gas Prices”

Chevron To Buy Hess for $53 billion, Follows PDC Energy and Exxon’s Pioneer Deal

Cash rich Chevron, the second-largest U.S. oil company after Exxon, and Dow component Chevron (CVX) on Monday announced it has entered into a definitive agreement to buy Hess Corporation (HESS) for $53 billion in an all-stock deal. Chevron will pay $171 per share for Hess, a premium of about 10% to the 20-day average price, according to a statement from the companies on Monday. Hess shareholders will receive 1.025 shares of Chevron for each Hess share, giving the company a … Continue reading “Chevron To Buy Hess for $53 billion, Follows PDC Energy and Exxon’s Pioneer Deal”

Chevron Earnings Lower with Crude Prices and Refinery Margins

Chevron, the second-largest U.S. oil company after Exxon, on Friday reported better-than-expected second quarter earnings adjusted earnings were $5.8 billion, or $3.08 per share, down nearly than 50% from the same period last year but over the consensus forecast of $2.93 per share. Revenues fell 29.2% from last year to $48.90B, ahead of estimates of $48.52Billion. CVX said profits fell due to lower upstream realizations and lower margins on refined product sales. Chevron last Sunday pre-released warning investors that adjusted … Continue reading “Chevron Earnings Lower with Crude Prices and Refinery Margins”

Chevron Acquires PDC Energy in $6.3 Billion Deal Increasing Shale Commitment

Chevron, the second-largest U.S. oil company after Exxon, and Dow component Chevron (CVX) on Monday announced it has entered into a definitive agreement with PDC Energy (PDCE) to acquire all of the outstanding shares of PDC in an all-stock transaction valued at $6.3 billion, or $72/share. Chevron is cash rich with Q1 adjusted earnings of $6.74 billion or $3.55 per share on revenues of $50.79 billion. Cash flow from operations was $7.2 billion in the quarter with free cash flow … Continue reading “Chevron Acquires PDC Energy in $6.3 Billion Deal Increasing Shale Commitment”

Chevron Earnings Beat Expectations with Higher Refining Profits

Chevron, the second-largest U.S. oil company after Exxon, on Friday reported Q1 adjusted earnings of $6.74 billion or $3.55 per share, beating the consensus of $3.41. Revenues of $50.79 billion beat the consensus of $47.98 billion. Chevron’s results were boosted by their fuel-making refineries, whose profitability has remained elevated as crude prices dropped booking, $1.8 billion during the period, a five-fold increase from the first quarter of 2022. Cash flow from operations was $7.2 billion in the quarter with free … Continue reading “Chevron Earnings Beat Expectations with Higher Refining Profits”

CERAWeek 2023 Key Speakers for Energy Traders and Investors

S&P Global hosted CERAWeek is one of the world’s premier energy events. The significant players from the world over will be in attendance March 6-10, 2023, in Houston. Speakers include CEO of Oil and Gas majors including ExxonMobil, Chevron, Oxy, Shell, Saudi Aramco and Total. There will also be key political speakers including the US Secretary of Energy Jennifer Granholm. This year’s theme is “Navigating a Turbulent World: Energy, Climate and Security”. The global energy industry is facing a welter of … Continue reading “CERAWeek 2023 Key Speakers for Energy Traders and Investors”

Chevron Q4 Earnings Lower Than Expected with Higher CapEx and Lower Volumes

Chevron, the second-largest U.S. oil company after Exxon, on Friday reported Q4 adjusted earnings that missed expectations, while revenues topped forecasts. CVX Q4 net income rose to $6.35B, or $3.33/share, from $5.05B, or $2.63/share, in the year-ago period, but fell from $11.2B in Q3, as $1.1B in write-downs in international oil and gas operations left adjusted earnings short of forecasts. For the full year, Chevron said earnings totaled $35.5B for its highest-ever annual profit, more than double the prior year … Continue reading “Chevron Q4 Earnings Lower Than Expected with Higher CapEx and Lower Volumes”

Chevron Earnings Soar on Record Permian Basin Production and Australian LNG Cargoes

Chevron, the second-largest U.S. oil company after Exxon, on Friday reported much better than expected earnings for the third quarter. CVX) reported adjusted earnings of $10.8 billion, or $5.56 a share, a 90% increase on the year-ago period but below the second-quarter’s record $11.4 billion. Chevron’s LNG cargoes were a record out of Australia and refining sector and profits from overseas oil production fueled the massive numbers for Chevron. Fellow American Oil giant Exxon Mobil also posted a record profit … Continue reading “Chevron Earnings Soar on Record Permian Basin Production and Australian LNG Cargoes”

US Preparing to Lift Venezuela Sanctions with Chevron to Resume Oil Production WSJ Reports

The WSJ is reporting that the US administration is preparing to scale down sanctions on Venezuela. The move would allow Chevron to resume oil production in the country. Such a move could see a reopening of U.S. and European markets to oil exports from Venezuela. WSJ cites people familiar with the proposal. The move comes after OPEC+ agreed on a 2mbpd crude oil production cut at the October meeting Wednesday.  President Biden appears increasingly desperate after having sold the US … Continue reading “US Preparing to Lift Venezuela Sanctions with Chevron to Resume Oil Production WSJ Reports”