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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.

☆ 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?

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.

☆ Jim Cramer's top 10 things to watch in the stock market Tuesday: February to forget, 100 days of Iger
▼ + stars: | 2023-02-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Sign up for my Top 10 Morning Thoughts on the market email newsletter for free 2. RBC Capital calls General Electric (GE) a buy ahead of next week's analyst day; ahead of separation of energy and power businesses into GE Vernova. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

☆ 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.

☆ We're growing supply, lowering carbon intensity and rewarding shareholders, says Chevron CEO
▼ + stars: | 2023-02-28 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're growing supply, lowering carbon intensity and rewarding shareholders, says Chevron CEOChevron Chairman and CEO Mike Wirth joins Mad Money host Jim Cramer to discuss what Wirth told his major investors earlier today.

☆ Chevron Weighs Extending CEO Mike Wirth Past Mandatory Retirement Age
▼ + stars: | 2023-02-13 | by ( Collin Eaton | Christopher M. Matthews | ) www.wsj.com time to read: 1 min

Chevron Corp.’s board of directors is considering waiving the company’s mandatory retirement age for Chief Executive Mike Wirth , a move that would allow him to remain CEO for a longer period, people familiar with the matter said. Some board members have said the San Ramon, Calif., oil company doesn’t have an internal candidate ready to succeed Mr. Wirth, who would reach the company’s fixed retirement age of 65 in late 2025, and that additional time would allow him to prepare a successor. The board members have also said they see no reason to push out an executive who has performed well, the people said.

☆ Chevron’s CEO short-termism has benefits
▼ + stars: | 2023-02-13 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

That helps explain why the $330 billion oil giant is considering extending his contract beyond mandatory retirement age, according to the Wall Street Journal. Wirth faces mandatory retirement in 2025 when he turns 65, a stipulation that was in place when the company appointed him to be CEO in 2018. Chevron's operating margin last year was 18%, the highest in four decades, and the firm earned a record $35 billion. A year later, after oil prices had fallen by a third, Wirth launched a deal to buy Noble Energy on the cheap. If so, oil companies will be well served by executives who can squeeze additional pennies out of existing production, while buying potentially available rivals when they are cheap.

☆ Top 10 things the Club is watching in the stock market Monday: Stocks look mixed, dueling Disney notes
▼ + stars: | 2023-02-13 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Club holding Caterpillar (CAT) downgraded to neutral (hold) at Baird; price target cut to $230 per share from $290. Disney (DIS), a Club stock, price target is lowered to $130 per share from $145 at Citi; keeps a buy rating following last week's solid earnings and restructuring announcement. Merck (MRK) price target is increased to $125 per share from $120 at Credit Suisse. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Chevron CEO Mike Wirth on pushback from White House, capital expenditure
▼ + stars: | 2023-02-03 | 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 pushback from White House, capital expenditureChevron CEO Mike Wirth joins 'Squawk Box' to discuss the company's $75 billion stock buyback plan, how the company should operate with the rhetoric from the White House, and more.

☆ Big Oil mega-deals would put investors on the spot
▼ + stars: | 2023-02-02 | by ( George Hay | ) www.reuters.com time to read: +5 min

So are Shell (SHEL.L), BP (BP.L) and TotalEnergies (TTEF.PA), but investors value U.S. oil majors way higher than European ones. $473 billion Exxon and $331 billion Chevron trade at 6 times expected EBITDA for 2023, twice the average of $210 billion Shell, $154 billion Total and $109 billion BP. One reason why is that as oil prices have soared, American drillers look more attractive than European ones that are also pressing into potentially lower-return renewable energy. Imagine Chevron or Exxon acquired BP for $170 billion, factoring in a 30% premium to its market capitalisation, plus debt. Any cross-border deal would see Chevron’s Mike Wirth or Exxon’s Darren Woods take a big bet on continuing high oil prices, and also attract political heat.

☆ Big oil can be lean and not mean
▼ + stars: | 2023-01-31 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

The $460 billion firm said on Tuesday that it earned $13 billion in the fourth quarter, while Chevron said last week it earned over $6 billion. Oil demand growth has peaked, and may start to decline soon, according to BP’s 2023 Energy Outlook released on Monday. It’s conceivable both could have more cash than debt at the end of the year if the price of oil rises. Big oil can be lean, but not mean. The oil company retired $7.2 billion of debt in 2022.

☆ Chevron is catching heat for tripling its stock buyback to $75 billion as soaring energy prices led to record profits
▼ + stars: | 2023-01-26 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Chevron wowed investors with a massive $75 billion stock buyback on Wednesday. The stock buyback program has no expiration date and is triple the company's prior share repurchase program of $25 billion. Surging oil prices in 2022 helped fuel record profits for Chevron, and the company expects those profits to continue to flow in 2023. But Chevron is working to increase its oil production in 2023. The capital discipline employed by Chevron is also being employed by ExxonMobil, which increased its stock buyback program to $50 billion last month.

☆ The Davos party returns, with the shakes
▼ + stars: | 2023-01-16 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +4 min

DAVOS, Switzerland, Jan 16 (Reuters Breakingviews) - There’s a hangover happening in Davos even though the party hasn’t yet started. The World Economic Forum’s annual winter shindig in the Swiss mountain resort, which kicks off on Monday, marks a return for glitzy parties and high-minded debates following a three-year hiatus. A record number of business leaders are set to make the trip, and the passage of commercial, private and government aircraft through Zurich’s airport suggests overall attendees are at pre-Covid-19 levels. The global pandemic and Russia’s invasion of Ukraine have added more friction to the already creaking globalised world that Davos epitomised. Follow @thereallsl on TwitterloadingCONTEXT NEWSThe World Economic Forum will take place in Davos, Switzerland from Jan. 16 through Jan. 20.

☆ Big Oil has engaged in a long-running climate disinformation campaign while raking in record profits
▼ + stars: | 2022-12-09 | by ( René Marsh | ) edition.cnn.com time to read: +7 min

CNN —Big Oil companies have engaged in a “long-running greenwashing campaign” while raking in “record profits at the expense of American consumers,” the Democratic-led House Oversight Committee has found after a year-long investigation into climate disinformation from the fossil fuel industry. The committee found the fossil fuel industry is “posturing on climate issues while avoiding real commitments” to reducing greenhouse gas emissions. Lawmakers said it has sought to portray itself as part of the climate solution, even as internal industry documents reveal how companies have avoided making real commitments. Many of their requests for internal documents were heavily redacted by the companies, which did not specify reasons for withholding the information. “These companies know their climate pledges are inadequate but are prioritizing Big Oil’s record profits over the human costs of climate change,” Maloney said.

☆ Chevron CEO Mike Wirth: We are growing production with global demand
▼ + stars: | 2022-12-02 | 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 CEO Mike Wirth: We are growing production with global demandChevron CEO Mike Wirth joins CNBC's 'Squawk Box' to discuss his expectations for oil demand as the European Union prepares more Russian oil sanctions and OPEC+ considers a production cut.

☆ Watch CNBC's full interview with Chevron CEO Mike Wirth
▼ + stars: | 2022-12-02 | 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 EmailWatch CNBC's full interview with Chevron CEO Mike WirthChevron CEO Mike Wirth joins CNBC's 'Squawk Box' to discuss his expectations for oil demand as the European Union prepares more Russian oil sanctions and OPEC+ considers a production cut. Wirth also discusses ESG investing and the need to transition to renewable energy sources, as well as the company's operations in Venezuela. "Affordable, reliable energy is essential and environmental protection is essential because the world wants to see a sustainable planet," Wirth tells CNBC.

☆ Chevron CEO Mike Wirth: Environmental protection and affordable, reliable energy are essential
▼ + stars: | 2022-12-02 | 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 CEO Mike Wirth: Environmental protection and affordable, reliable energy are essentialChevron CEO Mike Wirth joins CNBC's 'Squawk Box' to discuss ESG investing and the need to transition to renewable energy sources.

☆ Watch CNBC's full interview with Chevron CEO Mike Wirth on earnings
▼ + stars: | 2022-10-28 | 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 EmailWatch CNBC's full interview with Chevron CEO Mike Wirth on earningsChevron CEO Mike Wirth joins CNBC's 'Squawk on the Street' team to discuss the company's third-quarter earnings report, which showed the energy giant booked $11.2 billion in quarterly profit. Wirth discusses how the energy giant is working to increase production to meet strong global demand. "The world needs more supply, and we're delivering that," he tells CNBC.

☆ Chevron CEO Mike Wirth: The world needs more energy supply and we're delivering
▼ + stars: | 2022-10-28 | 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 CEO Mike Wirth: The world needs more energy supply and we're deliveringChevron CEO Mike Wirth joins CNBC's 'Squawk on the Street' team to discuss the company's third-quarter earnings report, which showed the energy giant booked $11.2 billion in quarterly profit.

☆ Chevron CEO: 'Painful' energy crisis could push Europe into recession
▼ + stars: | 2022-09-13 | by ( ) edition.cnn.com time to read: 1 min

Chevron Chairman and CEO Mike Wirth speaks with CNN anchor Poppy Harlow about Europe's energy "vulnerability" and responds to calls for an export ban on US oil.

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