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☆ Exxon Raises Questions About Chevron’s $53 Billion Deal for Hess
▼ + stars: | 2024-02-27 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

America’s two largest energy companies, Exxon Mobil and Chevron, are jousting over a prized new source of oil in the waters off Guyana, in Latin America. The conflict is creating doubts over Chevron’s bid to acquire Hess Corp. for $53 billion, announced in October. With just 800,000 people, Guyana, long one of Latin America’s poorest countries, is now being compared to Qatar, the natural gas-rich Persian Gulf emirate. Exxon has raised concerns over Chevron’s effort to gain entry to this petroleum bonanza through a proposed purchase of Hess’s 30 percent stake in Stabroek. Exxon owns 45 percent of Stabroek and is the operator or manager of the area.

Organizations: Exxon Mobil, Chevron, Hess Corp, Exxon Locations: Guyana, Latin America, Qatar, Stabroek

☆ Investors Hope the Dogs of the Dow Can Find Their Bite
▼ + stars: | 2024-01-13 | by ( Charley Grant | ) www.wsj.com time to read: 1 min

Chevron’s stock is one of this year’s 10 Dogs of the Dow. Photo: Paul Hennessy/Zuma PressThe Dogs of the Dow weren’t the best in show last year, but the recent rally in beaten-down corners of the stock market is giving hope to fans of the popular contrarian investment strategy. The approach calls for buying the 10 stocks with the highest dividend yields of the 30 Dow components at the beginning of a year—the Dogs of the Dow—and holding them over the next 12 months. The group of stocks is rebalanced at the end of each year to maintain an investment in the top 10 dividend payers.

Persons: Paul Hennessy Organizations: Dow, Zuma

☆ Chevron takeover of Hess resurrects multi-billion dollar tax shield
▼ + stars: | 2023-11-14 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +5 min

“The tax benefits were definitely factored into how Chevron valued Hess,” said Donald Williamson, an accounting professor at American University’s Kogod School of Business. “When you combine the companies, we have the greater U.S. income, and we can use those net operating losses,” he said. The bottom line effect, when that loss limit is multiplied by the U.S. federal tax rate of 21%, is extra cash flow that could top $400 million a year. “There’s a strong and appropriate case to increase the corporate income tax rate.”Last year, corporate tax revenue totaled a record $425 billion, according to the Congressional Budget Office. Over the past decade, Chevron's current U.S. federal tax expense has averaged $40 million a year.

Persons: Dado Ruvic, Hess, ”, Donald Williamson, “, Pierre Breber, Williamson, Jim Seida, Jean Ross, Exxon, Darren Woods, ” Woods, Tim McLaughlin, Marguerita Choy Organizations: Chevron, Hess, REUTERS, Kogod School of Business, Internal Revenue Service, U.S, University of Notre Dame, Center for American Progress, Congressional, Graphics, Exxon Mobil, Pioneer Resources, Exxon, Reuters, Boston College, Thomson Locations: U.S, Chevron

☆ These Oil Giants Don’t Seem Tempted by Merger Mania
▼ + stars: | 2023-11-02 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

Shell released solid third-quarter results on Thursday. Photo: Jason Alden/Bloomberg NewsOil bosses in Europe are intent on closing the valuation gap with their American rivals. This doesn’t automatically mean they will follow Exxon Mobil and Chevron down the megamerger path. “M&A is not really on our minds, if I’m honest,” BP interim boss Murray Auchincloss said on the company’s earnings call this week when asked for his reaction to Exxon Mobil and Chevron’s recent multibillion-dollar spending spree.

Persons: Shell, Jason Alden, Murray Auchincloss Organizations: Bloomberg News Oil, Exxon Mobil, Chevron Locations: Europe

☆ Europe’s gas prices are a worry ahead of winter despite brimming stores
▼ + stars: | 2023-11-02 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

But while gas shortages are unlikely in Europe this winter, the price of the fuel remains a worry. According to S&P Global, about one-fifth of global LNG supply travels through the channel on Iran’s south coast. In a less jittery market, neither incident may have had the effect it did, helping boost European gas prices by more than 40% over the course of a single week. High gas prices have presented a persistent economic headwind for Europe's biggest economy due to its reliance on energy-intensive industries. Together, these milestones should push European gas prices down to €30 ($32) per megawatt hour by the end of next year, Weatherburn added.

Persons: Asia —, Soeren, ”, Jack Sharples, Heikki Saukkomaa, Simone Tagliapietra, Bill Weatherburn, Stefan Sauer, Weatherburn, “ Organizations: London CNN, European Union, International Energy Agency, EU, Getty, “, Oxford Institute of Energy Studies, CNN, Hamas, P, Chevron, Egyptian, Steam, ”, Capital Economics, Qatar, Energy Locations: Russia, Moscow, Ukraine, Europe, North America, Asia, Norway, Hungary, Austria, Azerbaijan, Algeria, Germany, Israel, Gaza, Hormuz, Jordan, Egypt, Cairo, Estonia, Australia, AFP, “, ” Europe, France, Italy, Lubmin, Pomerania, United States, Qatar

WASHINGTON (AP) — Senate Majority Leader Chuck Schumer and 22 other Democratic senators are urging federal regulators to investigate multibillion-dollar acquisitions by oil giants ExxonMobil and Chevron, saying the deals could lead to higher prices at the gas pump. “These deals are likely to harm competition, risking increased consumer prices and reduced output throughout the United States,'' the senators wrote. Chevron, Exxon and other oil companies have announced huge profits from strong energy prices and demand since Russia’s invasion of Ukraine in February 2022. Exxon reported $9.1 billion in profits in the quarter that ended Sept. 30, while Chevron reported $6.5 billion in profits. Environmental groups hailed the call for an investigation of what some called “merger mania” within the oil industry that threatens competition.

Persons: Chuck Schumer, Exxon's, Chevron’s, Minnesota Sen, Amy Klobuchar, Elizabeth Warren of Massachusetts, Bernie Sanders, Chevron, Hess, Lukas Ross, ”, ” API's Bethany Williams, Schumer Organizations: WASHINGTON, ExxonMobil, Chevron, Federal Trade Commission, Natural Resources, Hess Corp, Exxon, FTC, Resources, Big Oil, American Petroleum Institute, Senate Commerce, Science, Transportation Locations: United States, Minnesota, Sens, Vermont, Ukraine, Texas, U.S, New York

☆ Why Exxon and Chevron’s Deals Leave Investors Cold
▼ + stars: | 2023-10-31 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

Chevron’s shares are down 12% since news of its acquisition of Hess. Photo: Brandon Bell/Getty ImagesU.S. oil majors Exxon Mobil and Chevron are good at squeezing hydrocarbons out of the ground. Digging for extra Brownie points from investors has been tougher. The companies have tried hard to be attractive, first by continuously demonstrating spending discipline and consistently doling out generous shareholder returns. Most recently, both announced mega acquisitions at reasonable prices.

Persons: Hess, Brandon Bell Organizations: Getty, Exxon Mobil, Chevron

☆ Chevron’s third-quarter profit slumps, shares fall on earnings miss
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron’s third-quarter profit slumps, shares fall on earnings missCNBC's Becky Quick reports on the company's quarterly earnings results.

Persons: Becky Quick

☆ Oil giants’ wavering discipline
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

Oil, miniatures of oil barrels and U.S. dollar banknote are seen in this illustration taken, June 6, 2023. The two companies reported somewhat similar results on Friday, with the $420 billion Exxon earning $9.1 billion, and the $279 billion Chevron making $6.5 billion. With more than $110 billion in acquisitions between the two of them, investors might wonder where they will slot in. Exxon returned over $8 billion to investors and Chevron $6 billion, and right now that’s not at the expense of their balance sheets. Over the past decade both stocks have sharply underperformed the S&P 500 Index (.SPX) as they’ve grown their positions dramatically.

Persons: Dado Ruvic, Hess, Robert Cyran, Lauren Silva Laughlin, Sharon Lam Organizations: REUTERS, Reuters, Exxon Mobil, Chevron, Exxon, Pioneer Natural Resources, X, Investors, Unilever, Thomson

But a couple of the world’s largest oil companies beg to differ – or at least for the future that extends out about three decades. This month, Exxon Mobil and Chevron have together bet heavily on a future their CEOs think will still need a lot of black gold. Hess also has considerable oil and gas assets in the U.S., including the Bakken area of western North Dakota, eastern Montana and southern Saskatchewan in Canada. But equally critical, the moves are important statements that the age of oil remains, despite the release on Tuesday of the annual world energy outlook from the International Energy Agency that forecasts global demand for fossil fuels will peak in 2030. Although he has championed many green energy policies, President Joe Biden also has done little to block the advancement of domestic oil and gas production.

Persons: Hess, ” Chevron, “ Hess, ”, Dan Pickering, we’re, it’s, ’ –, Fatih Birol, Mike Wirth, “, Pickering, Joe Biden Organizations: White, Exxon Mobil, Chevron, Natural Resources, Republican Party, “ Investors, Pickering Energy Partners, Hamas, International Energy Agency, Financial Times, French, U.S . Energy, Administration, Republicans Locations: Brussels, Chevron, U.S, Guyana, North Dakota, Montana, Saskatchewan, Canada, Texas, New Mexico, Saudi Arabia, Russia, Israel, Iran, Europe

☆ Chevron Bets on Peak Green Energy
▼ + stars: | 2023-10-24 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Images: AP/EPA Composite: Mark KellyThe climate lobby’s pronouncements that the end of fossil fuels is nigh appear as premature as warnings two decades ago that supply would soon run out. Chevron on Monday announced a $53 billion bid for Hess Corp. because it knows the world will need oil and gas for the foreseeable future no matter how much politicians subsidize green energy. Chevron’s Hess acquisition comes on the heels of Exxon Mobil ’s $60 billion tie-up with Pioneer National Resources this month. Higher interest rates are prompting consolidation across the U.S. economy, as smaller, less-capitalized companies struggle to borrow. Oil and gas giants are flush with cash owing to the run-up in prices over the past two years.

Persons: Paul Gigot, Bjorn Lomborg, Mark Kelly, Chevron’s Hess Organizations: Chevron, Monday, Hess Corp, Exxon Mobil ’, Pioneer National Resources Locations: U.S

☆ Chevron to Buy Hess for $53 Billion
▼ + stars: | 2023-10-23 | by ( Collin Eaton | Peter Stiff | ) www.wsj.com time to read: 1 min

Chevron also said that it would boost returns to shareholders. Photo: Philip Gostelow/Bloomberg NewsChevron said it would buy Hess in an all-stock deal worth $53 billion, the second major oil tie-up this month following Exxon Mobil ’s deal to buy Pioneer Natural Resources . The U.S. energy company said buying Hess would upgrade and diversify its portfolio, marking Chevron’s entrance into an Exxon-led partnership overseeing a generational oil find in Guyana, while picking up additional U.S. shale assets largely in North Dakota. Chevron also highlighted the attraction of Hess’s assets in the Gulf of Mexico and its natural-gas business in Southeast Asia.

Persons: Philip Gostelow, Hess Organizations: Chevron, Bloomberg, Exxon Mobil ’, Natural Resources, Exxon Locations: U.S, Guyana, North Dakota, Chevron, Gulf of Mexico, Southeast Asia

NEW YORK (AP) — Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge. Chevron said Monday that the acquisition of Hess adds a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota. Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The boards of both companies have approved the Hess deal, which is targeted to close in the first half of next year. Shares of Chevron Corp., based in San, Ramon, California, declined more than 3% before the opening bell Monday.

Persons: Hess, China’s CNOOC, John Hess Organizations: Chevron, Hess Corp, Exxon Mobil, Natural Resources, China’s, Hess, Chevron Corp Locations: Russia, Ukraine, Guyana, North Dakota, American, Qatar, United States, Mexico, Norway, South America, Australia, San, Ramon , California, New York City

☆ Chevron’s $53 billion deal is risky Exxon copycat
▼ + stars: | 2023-10-23 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

The $318 billion oil giant said Monday it would buy New York-based Hess (HES.N) for $53 billion in an all-stock deal. The main appeal for Chevron is Hess’s 30% stake in a consortium producing oil offshore in Guyana. Importantly, Chevron is catching up to Exxon, which runs and owns 45% of the same Guyana consortium. Higher production in Guyana after 2024 will increase Chevron’s returns, assuming the price of oil remains favorable. Hess owns a 30% share in a consortium in Guyana alongside Exxon, which owns a 45% interest, and Chinese oil company CNOOC, which owns the remaining 25%.

Persons: Hess, It’s, Mike Wirth, Scott Sheffield, John Hess, Hess’s, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Reuters, Chevron, Exxon Mobil, New York Stock Exchange, Natural Resources, drillers, Brent, Exxon, Pioneer, Exxon Mobil’s, Thomson Locations: New York, Texas, Guyana, Gulf of Mexico

☆ Chevron to Acquire Hess for $53 Billion in Latest Major Oil Deal
▼ + stars: | 2023-10-23 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

Chevron, the U.S. energy giant, said Monday that it had agreed to acquire Hess, a medium-sized rival, in an all-stock deal valued at $53 billion. The deal marks a further consolidation of the energy industry, especially in the United States, where smaller companies appear to be taking advantage of relatively high oil prices to join forces with bigger players. The transaction follows Exxon Mobil’s $60 billion purchase of shale driller Pioneer Natural Resources earlier this month, another sign of confidence among large industry players in the future of fossil fuels even as policymakers promote cleaner energy sources. Hess would add about 10 percent to Chevron’s overall oil and gas production of about 3 million barrels a day. Mike Wirth, Chevron’s chairman and chief executive, said in a statement that the deal enhances the company’s operations “by adding world-class assets.”

Persons: Hess, Mike Wirth Organizations: Chevron, Exxon Mobil’s, Resources, Chevron’s Locations: U.S, United States

Meanwhile, Meta has struggled with applying its content policies fairly across its platforms, including Facebook and Instagram, according to The Wall Street Journal. Experts say companies often find themselves out of their depth in talking about the knotty topic and that sometimes there’s little benefit to rushing out a statement. Some companies, especially those without operations in the Middle East, have chosen not to speak. In related news: How diplomats from the U.S., Qatar and elsewhere helped free two Americans taken hostage by Hamas. The two were far apart earlier this month on issues including streaming payouts and the use of artificial intelligence.

Persons: Dave Chappelle sparred, driller, Hess Organizations: U.S, Social, Israel, Meta, Facebook, Wall Street, ” Employers, Corporate, Web, Creative Artists Agency, Hamas, Exxon Mobil’s, Natural Resources, Republicans, SAG, . Tax, Big Tech Four, Microsoft, Apple, Nvidia, Nasdaq Locations: Israel, Gaza, U.S, Qatar, Ukraine, Chevron’s, Guyana, Texas, New Mexico

☆ VIEW Chevron to buy Hess Corp for $53 bln in all-stock deal
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +4 min

A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken Feb. 8, 2022. The transaction might also create a peculiar coexistence of the United States' two leading oil majors in Guyana... Hess is geared towards crude production, with oil accounting for 60% of its current output which fits in very nicely with Chevron's similarly oil-focused portfolio. On the deal itself, the Chevron-Hess merger is expected to have a significant impact on the shale oil industry with Chevron becoming the second-largest shale producer in the United States. The merger is also likely to lead to increased M&A and industry consolidation in the North America shale sector.

Persons: Dado Ruvic, bode, Hess, John Hess, PETER MCNALLY, VIKTOR KATONA, KPLER Hess, Chevron, ROBIN HELANDER, Seher Dareen, Ron Bousso, Dmitry Zhdannikov, Mark Potter Organizations: Chevron, REUTERS, Chevron Corp, Hess Corp, Exxon Mobil, ROYAL, Third, Natural Resources, Hess, Thomson, & $ Locations: Guyana, Chevron, North Dakota, United States, North America

The Tamar field, located 15 miles off Israel’s southern coast, meets 70% of Israel’s energy needs for power generation, according to the US energy company. A prolonged shutdown could lead to a drop in Israeli gas exports to its neighbors, Egypt and Jordan, as well as squeeze an already tight global gas market. For now, Chevron (CVX) continues to supply its customers in Israel and the region with gas from the larger Leviathan platform. Goldman Sachs analysts think the Tamar shutdown has “contributed” to the rally in European gas prices. However, all in all, the consequences for the global gas market would be “very limited,” he added, because Israel isn’t a major supplier.

Persons: Sally Jones, ” Jones, Chevron, “, Tamar, —, Wood Mackenzie, Goldman Sachs, Simone Tagliapietra, Marc Israel Sellem, Chevron’s Wheatstone, Tagliapietra, Israel, ”, Israel isn’t, Jordan, Israel’s, Martijn Murphy, Luo, ” Murphy Organizations: New York CNN, Chevron, Israel’s Ministry of Energy, Hamas, CNN, Rystad Energy, International Energy Agency Locations: London, New York, Israel, Egypt, Jordan, Europe, Ukraine, Baltic, Australia, Finland, Estonia, Tamar

☆ Chevron Australia workers to restart strikes next week after deal talks falter
▼ + stars: | 2023-10-10 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Union workers are set to go on strike at Chevron’s liquefied natural gas (LNG) facilities in Australia next Thursday, in renewed action that could disrupt about 7% of global LNG supply. The proposed deals had contained improvements in pay and other conditions, leading unions to call off strikes at the time. Fresh strikes could again threaten to disrupt production at Chevron’s hugely significant Wheatstone and Gorgon facilities, located near the coast of Western Australia. In separate statements shared with CNN, Chevron and the alliance said they had worked to draft agreements based on recommendations from Australia’s Fair Work Commission. Chevron added that it remained “committed” to a deal and hoped to resolve the last outstanding issues.

Persons: “, ”, Felix Booth, — Olesya Dmitracova Organizations: Hong Kong CNN — Union, Chevron, Offshore Alliance, CNN, Chevron Australia Locations: Hong Kong, Australia, Western Australia, reneging, ”

☆ Chevron workers at key LNG facilities in Australia vote to restart strikes
▼ + stars: | 2023-10-06 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +3 min

London CNN —Union members have voted to restart industrial action at Chevron’s liquefied natural gas facilities in Australia, threatening renewed strikes that could disrupt about 7% of global LNG supply. In the past days, the Offshore Alliance had been working with Chevron (CVX) to finalize the agreements, the alliance said in the statement. In Europe, the threat of strikes in Australia had caused a series of spikes in natural gas prices since August. “Persistently high and volatile gas prices will erode European competitiveness, [which is] a longer-term risk,” the credit rating agency wrote. “Gas prices will remain higher in Europe than elsewhere, making energy-intensive sectors like chemicals less competitive.”

Persons: Brad Gandy, “, Wheatstone, Daniel Toleman, Wood Mackenzie, “ It’s, ”, Alex Froley, Russia —, Moody’s Organizations: London CNN — Union, Offshore Alliance, Chevron, Commission, Enterprise, CNN, Fair, ” Workers Locations: Australia, Europe, Russia, Ukraine, Norway, LNG, United States, Qatar, Moscow

☆ Chevron Australia strikes called off by unions at Gorgon and Wheatstone LNG plants
▼ + stars: | 2023-09-21 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Union workers have called off strikes at liquefied natural gas facilities belonging to Chevron in Australia, ending a standoff that could have affected about 7% of global LNG supply. “The Offshore Alliance will now work with Chevron to finalize the drafting of the three agreements and members will soon cease current industrial action,” it added. Workers at Chevron’s Gorgon and Wheatstone facilities began walking off the job two weeks ago over pay and other conditions. “There has not been a material impact on global LNG supply. The region has become more dependent on global LNG supplies since deliveries of pipeline gas from Russia slumped following its invasion of Ukraine in February 2022.

Persons: Wheatstone, Daniel Toleman, Wood Mackenzie, “, ” Toleman Organizations: Hong Kong CNN — Union, Chevron, Offshore Alliance, Australian Workers ’ Union, Maritime Union of Australia, Commission, Workers, Reuters, CNN, ” Locations: Hong Kong, Chevron, Australia, Wheatstone, Western Australia, Europe, Russia, Ukraine

☆ Chevron Australia LNG workers begin 24-hour strike, flag action until mid-Oct
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +2 min

The full strike comes after workers on Thursday escalated what had been six days of limited action. The company's Gorgon and Wheatstone Australian LNG facilities account for over 5% of global supply. "Chevron’s 3 West Coast facilities are descending into chaos as Offshore Alliance members lock all 3 Chevron facilities down for the next 24-hours," the union said in a Facebook post. An union representative, who declined to be identified, said the strike would run until 8am WST on Sunday (0000 GMT). Unions have said they will vary strikes according to "industrial strategy", targeting LNG exports in particular.

Persons: Sam McKeith, Lewis Jackson, Sandra Maler, Kim Coghill Organizations: Reuters, Chevron, Handout, REUTERS Acquire, Rights, Australia's Offshore Alliance, Offshore Alliance, Wheatstone, Facebook, Analysts, Thomson Locations: Chevron, Barrow Island, Australia, Coast, Sydney

☆ Hundreds Halt Work at Three Energy Plants in Australia
▼ + stars: | 2023-09-08 | by ( Yan Zhuang | More About Yan Zhuang | ) www.nytimes.com time to read: +1 min

Hundreds of people at Chevron’s liquefied natural gas plants in Western Australia halted work on Friday, an industrial action affecting three facilities that account for about 6 percent of the world’s supply of the essential fuel. At 1 p.m. local time, about 500 employees began short work stoppages and bans on some types of work, after union negotiations over pay and working conditions stalled. The stoppages are scheduled to continue until Thursday. At that point, if the impasse remains, the unions will escalate with rolling strikes of up to 24 hours a day, for up to two weeks, according to the Offshore Alliance, a collaboration of two unions representing energy workers. The labor action — at Chevron’s Gorgon and Wheatstone onshore processing plants and its Wheatstone offshore platform — had originally been scheduled to start on Thursday morning, but it was pushed back as Chevron and the unions attempted conciliation facilitated by a government agency.

Organizations: Offshore Alliance, Chevron Locations: Western Australia

London CNN —Workers at Chevron’s liquified natural gas facilities in Australia have begun to walk off the job in a dispute that threatens as much as 7% of global supplies and could add to rising pressure on energy prices. The alliance represents 500 workers at the Gorgon and Wheatstone facilities, both off the coast of Western Australia. “Unfortunately, following numerous meetings and conciliation sessions before the Fair Work Commission, we remain apart on key terms,” a Chevron spokesperson said. “The unions continue to seek terms that are above and beyond equivalent terms with others in the industry, including in agreements recently reached.”News of the breakdown in talks sent European natural gas prices rising. The two Chevron sites are hugely significant, accounting for approximately 6% of global supply, according to analysts at ANZ.

Persons: ” Ben Cahill, Kunro Irie, Daniel Toleman, Wood Mackenzie, ”, — Juliana Liu Organizations: London CNN — Workers, Australian Offshore Alliance, Chevron, Facebook, ”, European Commission, “, Center for Strategic, International Studies, ANZ, Offshore Alliance Locations: Australia, Western Australia, Europe, Russia, Ukraine, Saudi Arabia, United States, Qatar, Asia

☆ Chevron’s LNG plants in Australia face strike action
▼ + stars: | 2023-08-29 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

“If a strike were to go ahead, prices would rise, particularly if industrial action escalates, and it is unclear how long it would last. Last week, European natural gas prices soared to €42.9 per megawatt hour, “their highest closing level since April” in anticipation of looming industrial action, according to Deutsche Bank analysts. But on Friday, union workers announced a deal in principle with Woodside and called off a planned strike. Impending strike actionChevron, too, had presented a new offer to workers at its Gorgon and Wheatstone facilities last week. A Chevron Australia spokesperson confirmed to CNN on Tuesday that it had received notice of planned action next week.

Persons: Daniel Toleman, Wood Mackenzie, ”, Wheatstone, Mark Hatfield Organizations: Hong Kong CNN, Chevron, Offshore Alliance, Australian Workers ’ Union, Maritime Union of Australia, CNN, Traders, Deutsche Bank, ”, “ Offshore Alliance, ” Chevron, Chevron Australia, Energy Locations: Hong Kong, Australia, Asia, Woodside, Australian, Ukraine

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