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☆ Gas prices look like they'll get better — but not before getting worse first
▼ + stars: | 2023-09-24 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

But there are signs that both supply and demand will bring prices back down in the coming months. AAA reported this week that the average price for a gallon of gas in the US was $3.88. AdvertisementAdvertisementAn atypical spike in pricesThe increase in gas prices is unusual, as we typically see some relief after the summer surge as demand wanes. If true, the worries about the impact of rising gas prices on consumer spending and inflation are overblown. AdvertisementAdvertisementIn recent years, with oil prices closer to $70 a barrel, gas prices have typically been close to $3 a gallon.

Persons: Mohamed el, Saudi Arabia's, Mohamed Oun, there's, Jorge León, Mike Wirth, we've, hasn't, Wirth, Grace Smith, David Kelly, We're, Kelly, Citi's, Ed Morse Organizations: Service, AAA, Allianz, Saudi, Reuters, Rystad Energy, US Strategic Petroleum Reserve, Biden, Strategic Petroleum Reserve Energy Department, Strategic Petroleum Reserve, Chevron, Bloomberg, Denver, MediaNews, Getty, Morgan Asset Management, Citigroup, CNN Locations: Russia, Saudi Arabia, Wall, Silicon, California, Clearwater Beach, Tampa , Florida, Libya, Ukraine, Brazil, Canada, Venezuela, Guyana

☆ Saudi energy minister says oil supply cuts are not about 'jacking up prices,' as Brent hovers at $95 a barrel
▼ + stars: | 2023-09-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +5 min

Prince Abdulaziz bin Salman at the World Petroleum Congress in Calgary, Canada, on Sept. 18, 2023. Bloomberg | Bloomberg | Getty ImagesSaudi Arabia's energy minister said Riyadh and Moscow's decision to extend crude oil supply cuts is not about "jacking up prices," as Brent futures hover near $95 a barrel and analysts predict further rises into triple digits. The increases have rallied some analysts around speculation of a short-term return to oil prices at $100 per barrel. Asked on the possibility of hitting that threshold, Chevron CEO Mike Wirth on Monday admitted oil prices could cross into triple digits in a Bloomberg TV interview. Energy prices have repeatedly underpinned higher inflation in the months since the war in Ukraine and Europe's gradual loss of access to sanctioned Russian seaborne oil supplies.

Persons: Prince Abdulaziz bin Salman, Topping, Mike Wirth, We're, we're, Abdulaziz, Fatih Birol, they've, Amin Nasser Organizations: World Petroleum Congress, Bloomberg, Getty, Saudi, Brent, Saudi Energy, Organization of, Petroleum, Chevron, International Energy Agency, IEA, CNBC, United Arab Emirates Locations: Calgary, Canada, Riyadh, OPEC, Saudi Arabia, Russia, London, U.S, Ukraine, Paris, China, Saudi, Aramco, United Nations

Chevron Chief Executive Mike Wirth also said he thinks oil will cross $100 per barrel in a Bloomberg News interview. Saudi Arabia and Russia this month extended a combined 1.3 million barrels per day (bpd) of supply cuts to the end of the year. Saudi Arabia's energy minister, Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility. China, considered the engine of oil demand growth, is a key risk because of its sluggish post-pandemic economic recovery, though its oil imports have remained robust. "The high-for-longer mantra would ultimately have a negative impact on economic growth and would affect oil demand."

Persons: Tatiana Meel, Brent, WTI, Fiona Cincotta, Mike Wirth, Prince Abdulaziz bin Salman, Callum Macpherson, Tamas Varga, PVM's Varga, Arathy Somasekhar, Natalie Grover, Florence Tan, Sudarshan, David Goodman, Timothy Gardner Organizations: REUTERS, Rights, Brent, U.S, West Texas, Citi, Monday, Chevron, Bloomberg, ANZ, XM, U.S . Federal, Thomson Locations: Nakhodka, Russia, Saudi Arabia, Ukraine, China, Saudi, Investec, Europe, Houston, London, Singapore

☆ Mizuho upgrades Chevron, says energy giant will benefit from higher oil prices
▼ + stars: | 2023-08-16 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Chevron is an stock to watch as the global market remains undersupplied, according to Mizuho Securities. The firm upgraded the shares of the oil major to buy and raised its price target to $209 from $205. CVX YTD mountain Chevron shares are down this year. Kumar also noted Chevron will benefit from stronger productivity in the Permian Basin, which covers part of New Mexico and Texas. "This all provides substantial confidence in CVX's ability to meet its upstream growth outlook," he added.

Persons: Nitin Kumar, Kumar, Mike Wirth, — CNBC's Michael Bloom Organizations: Chevron, Mizuho Securities, West Texas Locations: New Mexico, Texas

☆ Chevron Waives Retirement Age for CEO Mike Wirth
▼ + stars: | 2023-07-24 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/chevron-waives-retirement-age-for-ceo-mike-wirth-d6f88e3e

Persons: Dow Jones, d6f88e3e

☆ Stocks making the biggest moves midday: AMC Entertainment, Mattel, Chevron, Spotify and more
▼ + stars: | 2023-07-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Knight-Swift Transportation — The freight transportation company's shares gained more than 1%. Knight-Swift reported adjusted earnings of 49 cents per share on revenue of $1.55 billion. Intuitive Surgical reported adjusted earnings of $1.42 per share on revenue of $1.76 billion. The fast-food chain reported mixed quarterly results, including adjusted earnings of $3.08 per share, beating analysts' predictions for $3.05 per share. Spotify — The music streaming company's shares dropped 5.5% after Spotify announced price increases for its premium subscription plans.

Persons: Oppenheimer, Riley, Eric Wold, Barbie, Mike Wirth, Chevron, Swift, Domino's, Becton Dickinson, Raymond James, Gilead, Estée Lauder, Piper Sandler, — CNBC's Hakyung Kim, Yun Li, Alex Harring, Samantha Subin Organizations: AMC, Mattel, Warner Bros, Chevron, Swift Transportation, U.S . Food, Drug Administration, Sirius XM, Deutsche Bank, Nasdaq, Spotify, Gilead Sciences Locations: New York, U.S, Gilead, China

☆ Chevron issues preliminary second-quarter earnings. Here's what the pros are saying
▼ + stars: | 2023-07-24 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Market Movers rounded up the best reactions from investors and analysts on Chevron . The pros, including Jim Cramer , discussed the energy company a day after it announced that CFO Pierre Breber will retire . Chief technology officer of Chevron Technical Center, Eimear Bonner, will assume the position next year. Lastly, Chevron announced preliminary second-quarter earnings, which look to be higher than expectations. The company is slated to release its actual results this Friday.

Persons: Jim Cramer, Pierre Breber, Eimear Bonner, Mike Wirth Organizations: Chevron, Chevron Technical Center, CNBC

☆ Chevron CEO Mike Wirth on Q2 earnings: We're delivering strong results in a turbulent world
▼ + stars: | 2023-07-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO Mike Wirth on Q2 earnings: We're delivering strong results in a turbulent worldChevron chairman and CEO Mike Wirth joins 'Squawk on the Street' to discuss the company's Q2 earnings results, which reported earnings of $6 billion and record oil production in the Permian Basin, lowering the carbon footprint, and more.

Persons: Mike Wirth Organizations: Chevron

☆ 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

☆ Chevron appoints Eimear Bonner as new finance chief and issues preliminary second-quarter earnings results
▼ + stars: | 2023-07-23 | by ( Terri Cullen | In Terricullen | ) www.cnbc.com time to read: +1 min

Cars drive past sign with logo at the entrance to the world headquarters of petroleum company Chevron in the Bishop Ranch office park in San Ramon, California. Chevron 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. The upcoming chief executive will take the position starting March 1, 2024, the company said in a statement. Chevron noted, however, that the financial results reported Sunday don't represent a comprehensive statement of its second-quarter results and said it will issue its complete second-quarter earnings figures on Friday, July 28.

Persons: Pierre Breber, Eimear Bonner, Mike Wirth, Bonner, Chevron's, — Organizations: Chevron, Sunday, Chevron Technical Center, — Reuters Locations: Bishop, San Ramon , California

☆ Norway's sovereign wealth fund votes against Chevron and Exxonmobil
▼ + stars: | 2023-05-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —The world’s biggest investor in the stock market wants ExxonMobil and Chevron to do more to tackle the climate crisis. Norway’s sovereign wealth fund, which holds $1.4 trillion in total assets, announced Friday that it would back calls for the US oil companies to set more aggressive emission reduction targets. It said it would support motions proposed by climate activist group Follow This at the companies’ annual shareholder meetings next Wednesday. ExxonMobil and Chevron (CVX) have urged shareholders to reject them. It holds a 0.86% stake in Chevron and a 1.13% stake in ExxonMobil, according to the latest fund data.

☆ Exxon and Chevron Report More Modest Profits as Oil and Gas Prices Ease
▼ + stars: | 2023-04-28 | by ( Clifford Krauss | ) www.nytimes.com time to read: +1 min

“We’re delivering strong financial results and increasing cash returned to our shareholders,” said Mike Wirth, Chevron’s chief executive. But despite higher prices for crude and fuels through much of last year, the two companies have been cautious about investing more to raise production. Exxon, Chevron and other oil companies emerged from 2022 with record profits, after Russia’s invasion of Ukraine last February pushed crude and natural gas prices higher. In recent days, the price of oil has dropped below $80 a barrel, after a jump to over $120 last June. Actual cuts have amounted to about half that much, a reduction of less than 1 percent of the global supplies.

☆ Oil falls 3% on U.S. rate hike expectations, strong U.S. dollar
▼ + stars: | 2023-03-07 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude futures shed $2.35, or 2.7%, to $83.83 a barrel by 1:05 p.m. EST (1805 GMT) . U.S. West Texas Intermediate crude dropped by $2.48 a barrel, or 3%, at $77.98. Prices sank after Powell told Congress the Fed would likely need to increase rates more than expected in light of recent strong economic data. More pressure came from a contraction in China's exports and imports in January and February, including crude oil imports, despite a lifting of COVID-19 restrictions. The American Petroleum Institute's weekly report is due at 2130 GMT on Tuesday, with U.S. Energy Information Administration data following at 1530 GMT on Wednesday.

☆ Oil falls 2% on U.S. rate hike expectations, stronger U.S. dollar
▼ + stars: | 2023-03-07 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude futures shed $1.46, or 1.7%, to $84.72 a barrel by 11:06 a.m. EST (1606 GMT). Prices declined after Powell told Congress the Fed would likely need to increase rates more than expected in light of recent strong economic data. The remarks pushed up the U.S. dollar , which rose 0.70% on the day at 104.97. A stronger dollar typically reduces demand for dollar-denominated oil from buyers paying with other currencies. Further pressure came from a contraction in China's exports and imports in January and February, including crude oil imports, despite a lifting of COVID-19 restrictions.

☆ Oil edges lower on stronger dollar and weak Chinese data
▼ + stars: | 2023-03-07 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

Prices declined as the U.S. dollar rose ahead of Federal Reserve Chair Jeremy Powell's testimony to Congress at 1500 GMT on Tuesday. A stronger dollar typically reduces demand for dollar-denominated oil from buyers paying with other currencies. Further pressure came from a contraction in China's exports and imports in January and February, including crude oil imports. U.S. crude inventories could register their first decrease in 10 weeks, a Reuters poll showed before official data is published this week. The American Petroleum Institute's weekly report is due at 2130 GMT on Tuesday, with Energy Information Administration data following at 1530 GMT on Wednesday.

Brent crude futures rose 18 cents to $86.36 per barrel by 0730 GMT after settling 0.4% higher on Monday. U.S. West Texas Intermediate crude was at $80.62 per barrel, up 16 cents, following a 1% gain in the previous session. "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.

☆ 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.

☆ Oil steady as market juggles supply and demand fears
▼ + stars: | 2023-03-07 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

Brent crude futures fell 22 cents, or 0.26%, to $85.96 a barrel by 1043 GMT. Bearish sentiment surrounded a contraction in China's exports and imports in January and February, including crude imports. The decline came despite a lifting of COVID-19 restrictions, pointing to weakness in foreign demand. "The key unknown for 2023 will be the disruption to Russia's oil and refined product exports," Commonwealth Bank of Australia analyst Vivek Dhar said in a note. The market will also look for direction from U.S. Federal Reserve Chair Jerome Powell's testimony before the Senate Banking Committee at 1500 GMT on Tuesday.

☆ Oxy CEO Vicki Hollub doesn't seem worried about White House pressure on buybacks, oil prices
▼ + stars: | 2023-03-07 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +6 min

That new fiscal approach from the energy patch has not made the White House happy, especially when oil prices and oil company profits were at a peak last year. Gas prices are right where they should be right now, she says, and are likely to stay this way. If there is risk to gas prices this year, it's to the upside. Amid high gas prices last year, the Biden administration released the most oil from the Strategic Petroleum Reserve on record, 180 million barrels. Among the reasons oil prices will remain higher?

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

Others welcomed it as a sign the energy industry would get involved in the transition. Russia's invasion of Ukraine sparked an energy crunch that disrupted fossil fuel supplies to industry and consumers. A disorderly energy transition could be "painful and chaotic", Wirth said. Top U.S. oil firm Exxon said each country would take a different path to energy transition, depending on the resources available. In some countries, gas would be a transition fuel, said Liam Mallon, the president upstream oil and gas at Exxon.

☆ Oil steadies after dipping on China outlook; investors await Fed clues
▼ + stars: | 2023-03-06 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

SummarySummary Companies China's growth outlook down from last year's targetFed chair speaks to Congress this weekU.S. February jobs report also in focusHOUSTON, March 6 (Reuters) - Oil prices were steady on Monday as top oil executives debated supply tightness at an oil conference in Houston. Oil market and logistics are tight and vulnerable to any unexpected supply disruption, as Russian oil is still getting to the market, but at different costs, oil major Chevron Corp (CVX.N) Chief Executive Mike Wirth said at the CERAWeek energy conference. Trading company Gunvor's CEO Torbjorn Tornqvist said crude prices may rise in the second half of the year as Chinese demand returns to the market, adding that the oil market has stabilised. China's closely watched growth outlook, announced on Sunday, was lower than last year's 5.5% target for gross domestic product (GDP) growth. At the same time, oil prices are likely to be affected by increases to interest rates across the world as global central banks tighten policy over fears of rising inflation.

☆ 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.

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