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☆ Chevron target Hess beats quarterly profit estimates on production boost
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

New York-based Hess's net production was 395,000 barrels of oil equivalent per day (boepd) in the quarter, compared to 351,000 boepd a year earlier. The company forecast production to be around 410,000 boepd in the fourth quarter. Hess said its worldwide average realized crude oil selling price, excluding hedges, was $81.53 per barrel in the quarter, compared to $71.13 in the preceding quarter and $85.32 a year earlier. Production from Guyana totaled 108,000 boepd, 10% higher compared with the prior-year quarter. Production at the Stabroek oil block is expected to triple to more than 1.2 million barrels per day (bpd) by 2027.

Persons: Dado Ruvic, Hess, China's CNOOC, Seher, Sriraj Organizations: REUTERS, Companies Chevron Corp, Hess Corp, Wednesday, Wall, Chevron Corp, Chevron, Exxon Mobil, HK, Thomson Locations: New York, Guyana, North Dakota, U.S, Bengaluru

Chevron/Handout via REUTERS Acquire Licensing RightsCompanies Chevron Corp FollowOct 5 (Reuters) - Chevron (CVX.N) has "reneged" on commitments made to Australia's industrial tribunal, unions representing workers at its two local liquefied natural gas (LNG) sites said on Thursday, weeks after both sides struck a tentative deal to end major strikes. Workers called off strikes less than two weeks ago after unions and Chevron accepted proposals on pay and conditions proposed by the country's industrial arbitrator. However, the Offshore Alliance, a coalition of two unions, said Chevron had "reneged" on its commitments. Members would meet on Thursday and Friday to discuss the issue, according to a statement posted on Thursday to social media. A union representative who declined to be named said they would recommend workers serve Chevron notice of intent to resume strikes.

Persons: Lewis Jackson, Urvi, Kim Coghill, Sonali Paul Organizations: Reuters, Chevron, Handout, REUTERS Acquire, Companies Chevron Corp, Workers, Offshore Alliance, Commission, Thomson Locations: Wheatstone, Western Australia, Sydney, Bengaluru

A general view of Chevron's Wheatstone LNG facility in Pilbara coast, Western Australia, as seen in this undated handout image obtained by Reuters on September 8, 2023. Workers called off strikes less than two weeks ago after unions and Chevron accepted proposals on pay and conditions proposed by the country's industrial arbitrator, the Fair Work Commission. However, the Offshore Alliance, a coalition of two unions, on Thursday said Chevron had "reneged" on its commitments. A union representative who declined to be named said they would recommend workers serve Chevron notice of intent to resume strikes. Chevron and unions had made progress drafting the agreement, but differences remained over issues like reimbursement for meals or travel for training, according to a second union representative involved in the negotiations.

Persons: Weeks, Lewis Jackson, Urvi, Kim Coghill, Sonali Paul Organizations: Reuters, Chevron, Handout, REUTERS Acquire, Companies Chevron Corp, Workers, Offshore Alliance, Commission, Thomson Locations: Wheatstone, Western Australia, U.S, Sydney, Bengaluru

Cain's Sept. 22 order had been celebrated by the oil and gas industry, which had sued in August alongside the state of Louisiana over an earlier decision by the Interior Department to scale back the auction. Representatives for the Interior Department, environmental groups, the Louisiana attorney general's office and the American Petroleum Institute did not immediately respond to requests for comment. The Interior Department finalized plans for a reduced lease sale in August, after last year's Inflation Reduction Act mandated the auction move forward. The sale made about 67 million acres in the Gulf available for bids. Those groups had claimed the whales can be harmed or killed by oil spills, vessel strikes, noise, marine debris and other impacts of oil and gas exploration and development.

Persons: Biden, James Cain's, Joe Biden, Nichola Groom, Clark Mindock, Sandra Maler, Alexia Garamfalvi, Richard Chang Organizations: Chevron Corp, Monday, Circuit, U.S . Interior Department, Interior Department, U.S, District, of Ocean Energy Management, American Petroleum Institute, Democratic, Thomson Locations: Gulf of Mexico, New Orleans, Louisiana, U.S

☆ Chevron, unions in final talks ahead of planned Australia LNG strikes
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid Acquire Licensing RightsCompanies Chevron Corp FollowSYDNEY, Sept 6 (Reuters) - Chevron (CVX.N) and a union alliance will hold a final round of talks on Wednesday ahead of planned strike actions at two major liquefied natural gas (LNG) facilities in Australia as ongoing disputes over pay and conditions remained unresolved. Work will stop for seven hours on Thursday, escalating to 10 hours from Sept. 8 to 13. Australia's industrial arbitrator, the Fair Work Commission, has been hosting mediation talks since Monday, and negotiations are scheduled to run on all days this week. Australia is the world's biggest LNG exporter and the ongoing dispute has stoked volatility in natural gas markets, as traders worry about the risk of long-term disruption. Chevron's Gorgon, Australia's second-largest LNG plant, and its Wheatstone operations account for more than 5% of global LNG capacity.

Persons: Brendan McDermid, Australia's, Renju Jose, Jamie Freed Organizations: Chevron, New York Stock Exchange, REUTERS, Companies Chevron Corp, Workers, Thomson Locations: New York City, U.S, Australia, British, Norway, Sydney

☆ Chevron expects annual production at low-end of guidance
▼ + stars: | 2023-07-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

REUTERS/Brendan McDermid/File PhotoCompanies Chevron Corp FollowJuly 28 (Reuters) - Chevron Corp (CVX.N) on Friday said that its annual oil and gas production should stay near the low-end of the oil major's guidance due to unexpected stoppages in Canada and Thailand operations. For the current quarter, Chevron said it was expecting upstream turnarounds and downtime to reduce production by about 110,000 boepd. Chevron expects TCO's expanded operations, which are 98% complete, to deliver more than 1 million boepd in 2025, and to pump about 1.1 million boepd from the Permian by mid-decade. Its Permian production rose 5% from the first quarter to a record of 772,000 boepd, on track with its full-year guidance, the company said. 2 U.S. oil company also expects Permian output in the third quarter to be roughly flat before growing again in the fourth quarter.

Persons: Brendan McDermid, Michael Wirth, Wirth, We've, Sabrina Valle, Arunima Kumar, Mrinalika Roy, Shinjini Ganguli, Anil D'Silva, Marguerita Choy Organizations: Chevron, New York Stock Exchange, REUTERS, Companies Chevron Corp, Chevron Corp, Thomson Locations: New York City, U.S, Canada, Thailand, Tengizchevroil, Kazakhstan, Russia, East, Argentina, Houston, Bengaluru

☆ Chevron expects annual production at low-end of prior forecast
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: 1 min

Companies Chevron Corp FollowJuly 28 (Reuters) - Chevron Corp (CVX.N) said on Friday that its annual production forecast was near the low-end of its previously estimated range. The company last year delivered the highest U.S. production in its history at 1.2 million barrels of oil‑equivalent per day (boepd), while forecasting production to be flat or rise 3% from those levels. For the current quarter, Chevron said it was expecting upstream turnarounds and downtime to reduce production by about 110,000 (boepd). The oil major also expects Permian basin production in the third quarter to be roughly flat before growing again in the fourth quarter. Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Arunima Kumar, Shinjini Ganguli, Anil D'Silva Organizations: Chevron Corp, U.S, Chevron, Thomson Locations: Bengaluru

☆ Chevron appoints Eimear Bonner as new finance chief
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +1 min

Companies Chevron Corp FollowJuly 23 (Reuters) - U.S. oil major Chevron Corp (CVX.N) on Sunday said the company's Chief Financial Officer Pierre Breber will retire next year, and named long-time company veteran Eimear Bonner, chief technology officer of Chevron Technical Center, as his successor. Separately, the company also said it waived the mandatory retirement age requirement for its Chief Executive Officer Mike Wirth. Bonner will report to Chevron's chief executive in her new role. The upcoming chief financial officer will take the position starting March 1, 2024, the company said in a statement. (This story has been corrected to say chief financial officer, not chief executive, in paragraph 4)Reporting by Mrinmay Dey and Shubhendu Deshmukh in Bengaluru; Editing by Cynthia Osterman and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Pierre Breber, Eimear Bonner, Mike Wirth, Bonner, Chevron, Mrinmay Dey, Shubhendu, Cynthia Osterman, Diane Craft Organizations: Chevron Corp, Sunday, Chevron Technical Center, Chevron, Shubhendu Deshmukh, Thomson Locations: Bengaluru

☆ Argentina says Chevron to invest $500 mln in Vaca Muerta shale area
▼ + stars: | 2023-06-10 | by ( ) www.reuters.com time to read: +1 min

Companies Chevron Corp FollowJune 9 (Reuters) - U.S.-based oil major Chevron (CVX.N) will invest more than $500 million to develop the Trapial block in western Neuquen province, home to the massive Vaca Muerta shale basin, Argentina's economy ministry announced on Friday. The announcement followed a meeting between Economy Minister Sergio Massa and company officials, according to a ministry statement. Last year, Neuquen officials granted Chevron a concession for shale production in the area, with what the company said at the time would be a pilot stage investment of about $80 million. The Vaca Muerta shale formation is the world's fourth-largest shale oil reserve and the second largest for shale gas. Oil companies operating in the formation have been ramping up output from Vaca Muerta in recent months, which officials hope can eventually reverse the country's longstanding energy deficit.

Persons: Sergio Massa, Vaca Muerta, Carolina Pulice, David Alire Garcia Organizations: Chevron Corp, Chevron, South, Thomson Locations: Chevron, Neuquen, South American, Vaca

☆ Chevron export earnings boost supply of US dollars in Venezuela -sources
▼ + stars: | 2023-05-02 | by ( Mayela Armas | ) www.reuters.com time to read: +3 min

Companies Chevron Corp FollowCARACAS, May 2 (Reuters) - Some of U.S. oil major Chevron Corp's (CVX.N) export earnings from its Venezuela operations are bolstering supplies of U.S. dollars in the South American country, three sources with knowledge of the matter told Reuters. Chevron operates in Venezuela, which is under U.S. sanctions, with special authorization from Washington. The central bank also sells dollars, mostly the product of oil sales. According to local consulting firm Sintesis Financiera, the central bank offers between $40 million and $50 million per week. The central bank did not respond to requests for comment.

Companies Chevron Corp FollowHOUSTON, April 28 (Reuters) - U.S. oil producer Chevron Corp (CVX.N) could raise its production in Venezuela this year by up to 50%, to 150,000 barrels of oil per day (bpd), without significant new investments, Chief Executive Michael Wirth said on Friday. The second-largest U.S. producer in November became the first U.S. producer to get a license from the U.S. Treasury Department to revive oil output and resume exports from Venezuela after a three-year pause triggered by U.S. sanctions. The company is producing about 100,000 bpd in Venezuela, and the growth, Wirth said, is limited by terms of its U.S. license, which includes limits to activities it can do. Chevron is offering input to the U.S. government on the matter, Wirth said, but he refrained from saying whether the company has requested a license extension. Chevron has been able overcome operational issues to ramp up output and exports, including finding tanker owners willing to work in Venezuela, easing infrastructure bottlenecks and repairing oil upgrading facilities.

Donziger's lawyers argued that this appointment violated separation-of-powers principles set out in the Constitution delineating the authority of the three branches of the U.S. government. In 2011, an Ecuadorian court entered an $18 billion judgment that was later reduced to $9.5 billion against Chevron for contamination resulting from oil production. In 2014, Kaplan concluded in that case that the Ecuadorian judgment against Chevron in Ecuador was obtained fraudulently through a corrupt process, rendering it unenforceable in the United States. When Chevron suspected Donziger was violating a related ban on trying to monetize or profit from the judgment, Kaplan ordered him to turn over electronic devices and email accounts for examination. After federal prosecutors in Manhattan declined to take the case, Kaplan in an unusual move tapped a private lawyer, Rita Glavin, to lead the prosecution of Donziger.

☆ Chevron-chartered tanker involved in collision with sanctioned vessel in Venezuela
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

Companies Chevron Corp FollowHOUSTON, March 20 (Reuters) - A Liberia-flagged oil tanker chartered by Chevron Corp (CVX.N) had a minor collision with another vessel, the Bueno, in Venezuelan waters on Sunday, according to sources and a shipping report seen by Reuters on Monday. Incidents involving vessels, oil spills, fires and power outages are very frequent in Venezuela as state-run PDVSA's aging oil infrastructure does not receive proper maintenance and needed repairs amid U.S. sanctions on the country. Both were told by the port captain to anchor in specific positions and await inspections, according to a PDVSA shipping report. Tanker Bueno has been working for PDVSA since last year, moving oil and fuel between domestic ports under a time-charter contract. As of Monday, the Kerala had moved away from the collision site while waiting for a loading window at the Bajo Grande terminal, according to Refinitiv Eikon vessel monitoring data.

☆ Oil edges up on supply concerns, China demand hopes
▼ + stars: | 2023-03-07 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Companies Chevron Corp FollowSINGAPORE, March 7 (Reuters) - Oil prices edged up after industry executives flagged concerns about limited spare capacity in the market and uncertainty over Russian supplies while demand from top crude importer China is recovering. Brent crude futures had risen 40 cents, or 0.5%, to $86.58 a barrel by 0154 GMT after settling 0.4% higher on Monday. "The supply concerns that helped oil prices higher overnight likely stemmed from Chevron's CEO comment that there's 'not a lot of swing capacity' in oil markets," Commonwealth Bank of Australia analyst Vivek Dhar said in a note. "The key unknown for 2023 will be the disruption to Russia's oil and refined product exports." ET (2130 GMT) on Tuesday, and at 10:30 a.m. (1530 GMT) on Wednesday from the Energy Information Administration.

☆ Chevron CEO says natural gas markets fundamentally changed by war
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

Companies Chevron Corp FollowHOUSTON, March 6 (Reuters) - The global natural gas market has been more fundamentally changed for the long term by Russia's invasion of Ukraine than the oil market, Chief Executive Mike Wirth on Monday said on Monday. The conflict in Ukraine and ensuing Western sanctions upended global oil and gas markets and disrupted supplies from Russia. Europe has turned away from dependence on Russian gas supplies and has no intention of changing that in the future, Wirth said in remarks at the CERAWeek energy conference. "Gas markets, I think, are structurally changed for the longest," Wirth said. That has left the oil market and logistics tight and vulnerable to any unexpected supply disruption, he added.

☆ CERAWEEK-Chevron CEO says natural gas markets fundamentally changed by war
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

Companies Chevron Corp FollowHOUSTON, March 6 (Reuters) - The global natural gas market has been more fundamentally changed for the long term than the oil market by Russia's invasion of Ukraine, Chevron Corp (CVX.N) Chief Executive Mike Wirth said on Monday. The conflict in Ukraine and ensuing Western sanctions upended global oil and gas markets and disrupted supplies from Russia. "Gas markets, I think, are structurally changed for the longest," Wirth said. That has left the oil market and logistics tight and vulnerable to any unexpected supply disruption, he added. A disorderly energy transition could be "painful and chaotic", Wirth said.

☆ Chevron boosts annual share buyback target to up to $20 billion
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gaby OraaCompanies Chevron Corp FollowFeb 28 (Reuters) - U.S. oil major Chevron Corp (CVX.N) on Tuesday raised its share buyback outlook to between $10 billion and $20 billion per year and reaffirmed its production guidance of more than 3% annual growth by 2027. Chevron last year returned $26 billion via dividends and buybacks to shareholders and invested $15.7 billion in operations. The oil major on Tuesday maintained its annual organic capital expenditures of $13 billion to $15 billion through 2027. The company also said it would raise its targeted annual share buyback rate to $17.5 billion, starting in the second quarter. 2 U.S. oil producer's previous annual buyback target was up to $15 billion.

☆ Chevron in talks with Algeria for energy exploration deal - WSJ
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Companies Chevron Corp FollowFeb 6 (Reuters) - Chevron Corp (CVX.N) has opened talks with Algeria to allow the U.S. oil firm to undertake energy exploration in the North African country, the Wall Street Journal reported on Monday. Chevron has sent representatives in government relations, security and business development to the capital Algiers, some of whom have met Algerian officials in the past two months, the report added, citing people familiar with the matter. Chevron plans to spend $17 billion on energy projects this year. State-owned Sonatrach is the third-biggest exporter to Europe after Russia and Norway. Reporting by Mrinalika Roy in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Chevron annual profit doubles to record $36.5 bln, but misses estimates
▼ + stars: | 2023-01-27 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

The second largest U.S. oil producer's adjusted net profit for 2022 beat by about $10 billion its previous record set in 2011. But $1.1 billion in writedowns in its international oil and gas operations in the fourth quarter left earnings short of forecasts for adjusted net profit of $37.2 billion. High prices from strong demand and shortages since Russia's invasion of Ukraine position Western energy firms to show a combined $200 billion profit for the year, according to analysts. In the final quarter, Chevron posted adjusted earnings of $7.9 billion, or $4.09 per share, up 61% from a year ago. U.S. production rose to a record last year led by a 16% increase in Permian, the country's main shale basin.

☆ Chevron announces $75 bln buyback program, raises dividend
▼ + stars: | 2023-01-25 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

Companies Chevron Corp FollowJan 25 (Reuters) - Chevron Corp (CVX.N) on Wednesday disclosed its most ambitious program to distribute cash to shareholders, tripling the budget for buybacks, after posting record quarterly profits last year. The U.S. oil producer raised its quarterly dividend by 6% to $1.51 per share and approved a $75 billion share buyback program. The program has no expiration deadline and replaces the board’s previous repurchase authorization of $25 billion from January 2019 until March 31 this year. Energy firms benefiting from high demand for oil and gas are using a chunk of their bumper quarterly profits to reward shareholders. The White House has criticized oil producers for distributing cash to shareholders instead in investing in production to reduce energy prices for consumers.

PDVSA has found reserves of 4.2 trillion cubic feet (TCF) in the Dragon field, on the Venezuelan side of its maritime border with Trinidad. Even with Washington's granting of Trinidad's request, it could take years of investment and development to bring Venezuelan gas to Trinidad and boost LNG to Europe, experts say. In addition, with no payments authorized to Venezuela, it could be difficult for Trinidad to craft a deal with Caracas. "At the request of the Government of Trinidad and Tobago, the United States Department of the Treasury issued a specific license to enable Trinidad and Tobago to develop the Dragon gas field," the senior administration official said. The Chevron license is meant to reopen some oil flows that were shut by U.S. sanctions nearly four years ago.

Companies Chevron Corp FollowHOUSTON, Jan 10 (Reuters) - Chevron Corp's (CVX.N) first cargo of Venezuelan crude under a U.S. license received in November has departed from a ship-to-ship transfer hub near Aruba to its Pascagoula, Mississippi refinery, according to shipping data seen by Reuters on Tuesday. State-run oil company PDVSA allocated Chevron the first crude cargo this month, which was loaded at Venezuela's Jose terminal last week, according to shipping data and documents. Chevron's tanker Caribbean Voyager this week transferred the 500,000-barrel cargo of Hamaca heavy crude it had loaded in Venezuela to Malta-flagged vessel Sealeo at a ship-to-ship hub near the Caribbean island of Aruba, Refinitiv Eikon tanker monitoring data showed. The Sealeo is scheduled to arrive in Chevron's Pascagoula refinery on Jan. 15, according to the Eikon data. A separate Venezuelan crude cargo chartered by Chevron on tanker Kerala was on Tuesday at Maracaibo Lake's navigation channel, where lack of dredging and a stranded vessel are creating limitations for ship transit.

Companies Chevron Corp FollowHOUSTON, Dec 30 (Reuters) - U.S. oil company Chevron Corp (CVX.N) is sending two oil tankers to Venezuela, one of which will load the first cargo of crude destined for the United States in nearly four years, according to a person familiar with the matter and shipping data. On Friday, a Chevron-chartered vessel approached the South American country's waters to pick up a cargo of Venezuelan crude. A second tanker carrying a cargo of diluents to a Chevron oil joint venture is due to arrive in the country early next month, the person said. The U.S. last month issued a 6-month license to Chevron authorizing it to take an expanded role at four Venezuelan oil joint ventures that produce, process and export oil, and to bring their oil to the United States. Washington officials have said further easing of Venezuelan oil sanctions could come with a reinstatement of excluded political candidates and election observers.

☆ Egypt discovers large gas field in Mediterranean, minister says
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +1 min

Companies Chevron Corp FollowEni SpA FollowCAIRO, Dec 15 (Reuters) - Egypt has discovered a large gas field in the Nargis block in the eastern Mediterranean, Petroleum Minister Tarek El Molla said on Thursday. Nargis is one of four offshore exploration blocks in which Chevron (CVX.N) holds operating interests in Egypt along with Tharwa Petroleum Co, according to Chevron's website. The Middle East Economic Survey reported this month that the size of the new well was 3.5 trillion cubic feet of gas. The find could provide a boost to Egypt's efforts to position itself as an energy hub in the eastern Mediterranean following the 2015 announcement of the discovery by Eni (ENI.MI) of the giant Zohr gas field. Reporting by Nashaat Hamdy; writing by Moaz Abd-Alaziz; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

The decision allows Chevron to revive existing oil projects in the U.S.-sanctioned country and bring new oil supplies to refiners in the United States. However, it restricts cash payments to Venezuela, which could reduce the amount of oil available to Chevron. License terms are designed to prevent Venezuelan state-run oil firm PDVSA from receiving proceeds from Chevron's Venezuelan petroleum sales, U.S. officials said. A Chevron spokesperson said the company was reviewing the license terms and declined immediate comment. Proceeds due Venezuela from Chevron's oil sales would go into a humanitarian fund rather than to PDVSA.

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