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”

Chevron Record Earnings as Crude Oil and Natural Gas Prices Jumped 65%

Chevron, the second-largest U.S. oil company after Exxon, on Friday said it made a record profit Friday of $11.6 billion, up from $3.1 billion in the same period last year. Revenues nearly doubled to $68.7 billion, crushing Wall Street expectations by $11 billion. Chevron’s refining sector and profits from overseas oil production fueled the massive recovery for $CVX. Fellow American Oil giant Exxon Mobil also posted a record profit Friday of $17.9 billion, its highest ever and nearly four times … Continue reading “Chevron Record Earnings as Crude Oil and Natural Gas Prices Jumped 65%”

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.