|Bid||0.00 x 900|
|Ask||0.00 x 800|
|Day's range||115.36 - 117.03|
|52-week range||100.22 - 127.34|
|Beta (3Y monthly)||0.84|
|PE ratio (TTM)||15.04|
|Earnings date||1 Nov 2019|
|Forward dividend & yield||4.76 (4.15%)|
|1y target est||137.75|
Every investor in Chevron Corporation (NYSE:CVX) should be aware of the most powerful shareholder groups. Institutions...
Oil prices rose on Friday on the back of some positive noises coming out of the trade war negotiations and reports that an Iranian oil tanker had been attacked
France's Total SA , the big winner in a Brazilian auction of offshore oil concessions on Thursday, said it will not participate in a bigger auction scheduled for Nov. 6 of the so-called Transfer of Rights area in Brazil's pre-salt region. The company's chief executive officer, Patrick Pouyanné, said in a statement that was because the competitive bidding rounds were for non-operating stakes. A consortium led by Total won the exploration and production rights for an offshore block near the pre-salt region on Thursday, agreeing to pay the government a signing bonus of 4 billion reais ($978 million).
Let's see if Chevron Corporation (CVX) stock is a good choice for value-oriented investors right now, or if investors subscribing to this methodology should look elsewhere for top picks.
Nigeria is seeking $62 billion from oil companies under regulations that allow the government to revisit revenue-sharing deals on petroleum sales if crude prices exceed $20 a barrel, the attorney general told Reuters on Thursday. The government in Africa's largest oil exporter relies on oil for some 90% of foreign exchange. Oil prices rose to more than $100 a barrel in 2014 before a sharp drop that triggered a 2016 recession in Nigeria, leaving the government struggling to fund its budgets.
Ten companies on Thursday agreed to pay more than $2 billion for the exploration and production rights in 12 offshore oil blocks in Brazil, in what could be a promising sign for even bigger upcoming oil auctions. The most heavily sought after areas in the Thursday auction directly border Brazil's so-called pre-salt area, a coveted zone in which billions of barrels of oil are trapped under a thick layer of salt beneath the ocean floor. The biggest move came from a France's Total SA, which, in a consortium with Malaysia's Petronas and Qatar Petroleum, dropped 4.029 billion reais for one block abutting the pre-salt area.
The federal government's EIA report revealed that crude inventories rose by 2.9 million barrels, compared to the 2.4 million barrels increase that energy analysts had expected.
(Bloomberg) -- Chevron Corp. may be based in California, but Chief Executive Officer Mike Wirth had little praise for the state as he lauded the Texas business environment during an event in Houston on Wednesday.The Chevron boss hailed Texas’s resource base, its skilled workforce and overall business environment while criticizing policies back in the Golden State in a wide-ranging fireside chat at a gathering organized by the Greater Houston Partnership. He also committed Chevron to reducing flaring and methane emissions in the Permian Basin and vowed to increase diversity among the company’s senior leaders.“The policies in California have become pretty restrictive on a lot of business fronts, not just the environment,” Wirth said. “I don’t know there’s a better place in the world for us to do business than” Texas and the Gulf Coast.Chevron’s headquarters are in San Ramon, less than an hour’s drive from San Francisco, where its earliest predecessor, Pacific Coast Oil Co., was founded 140 years ago. Yet the company’s largest office is in Houston and a growing portion of its business is either located in, or controlled by, Texas. Almost 20% of Chevron’s year’s capital spending is allocated to the Permian Basin, the country’s largest oil patch.“The challenge for Texas is to continue to be a leader in energy development and set the standards high for the environment,” Wirth said.The state’s oil boom has attracted criticism from environmentalists for releasing greenhouse gases into the atmosphere at an alarming rate. Flaring and venting, or releasing methane into the atmosphere, has surged in the Permian Basin over the past decade as excess gas is produced as a waste product of oil. As much as 650 million cubic feet of gas is currently emitted in this way, triple the level of two years ago, due in part to a lack of pipelines, according to research firm Rystad Energy.Chevron has committed to zero routine flaring in the Permian, a goal that’s only achievable because of the slow, methodical way the oil giant entered the basin, Wirth said. “As we were going slow we were laying in place the foundation for gathering in the field, for transportation of all the commodities,” he said.Another key goal of his tenure is to improve diversity, especially increase the number of women in senior leadership positions, Wirth said. “We don’t get the best of the workforce if we only have a portion of the population to draw upon,” he said. Improving the environment for women and minorities is the “easiest business case to make,” he added.Chevron has begun hosting a series of workshops called Lean In Circles to discuss how the corporation can become more inclusive. The goal is for employees “to talk about things they don’t normally talk about at work,” Wirth said.Back in California, it’s not just the state’s energy policies that are bugging Wirth. About half a million homes and businesses in the north of the state lost power Wednesday as utility giant PG&E Corp. carried out a planned blackout. Wirth’s house was affected.“My home in California is without power today because the utility company hasn’t focused on the fundamentals,” he said, emphasizing the importance of a strong safety culture.The CEO’s comments prompted a suggestion from his interviewer at the event, Bobby Tudor, the founder of Houston-based investment bank Tudor Pickering Holt & Co. “If California ever decides they don’t want one of the world’s great oil companies, we will take you in Houston,” Tudor quipped.To contact the reporter on this story: Kevin Crowley in Houston at email@example.comTo contact the editors responsible for this story: Simon Casey at firstname.lastname@example.org, Carlos Caminada, Mike JeffersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Hungarian energy firm MOL is in talks to acquire Chevron's stake in a giant oilfield in Azerbaijan for more than $2 billion, according to three banking and industry sources involved in the process. Both Chevron and its larger U.S. rival Exxon Mobil are seeking to sell their stakes in the BP-operated Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea. This marks the retreat of the U.S. majors from the central Asian state after 25 years as they refocus on domestic production.
(Bloomberg) -- Oil climbed after simmering tensions between Turkey and Syria erupted into a shooting war, heightening geopolitical concerns on the edge of one of the world’s most important crude-producing regions. Futures rose as much as 2% in New York, halting two sessions of losses. A 2.93 million-barrel increase in U.S. crude inventories that exceeded the forecasts of more than 70% of analysts in a Bloomberg survey wasn’t enough to defuse the bullish momentum.Turkey formally announced the commencement of military intervention in Syria on Wednesday, just days after U.S. President Donald Trump said he wouldn’t stand in the way. That was followed within hours by a report that rockets fired from Syria struck a Turkish town.Oil prices had been on a downward trend after spiking in mid-September in the wake of attacks on Saudi Arabia’s energy industry. Signals that China might accept a limited deal with the U.S., as well as signs of a weakening dollar, were supportive to prices.West Texas Intermediate for November delivery rose 97 cents to $53.60 a barrel at 11:39 a.m. on the New York Mercantile Exchange.Brent for December settlement gained 95 cents to $59.19 on the London-based ICE Futures Europe Exchange. The global benchmark crude traded at a $5.63 premium to WTI for the same month.The Energy Information Administration on Wednesday reported that U.S. inventories of gasoline and diesel last week declined more than analysts in a Bloomberg survey expected. Crude stockpiles at the key storage hub in Cushing, Oklahoma, rose by 941,000 barrels.Meanwhile, the long-running U.S.-China trade deadlock appeared to thaw after Beijing indicated it’s open to reaching a partial trade deal with the U.S. The dispute has weighed on energy markets for months because it undermines global economic growth that dictates fuel demand.Two days of U.S.-China talks start Thursday in Washington. While negotiators aren’t optimistic about securing a broad agreement that would end the trade war, China would accept a partial deal as long as the Trump administration doesn’t impose any more tariffs, according to an official who asked not to be named because the discussions are private.\--With assistance from Elizabeth Low and Alex Longley.To contact the reporters on this story: Joe Carroll in Houston at email@example.com;Sheela Tobben in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Joe Carroll, Mike JeffersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Hungarian energy firm MOL is in talks to acquire Chevron's stake in a giant oilfield in Azerbaijan for more than $2 billion, according to three banking and industry sources involved in the process. Both Chevron and its larger U.S. rival Exxon Mobil are seeking to sell their stakes in the BP-operated Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea.
TOTAL (TOT) announces that it is going to start the construction of 52 MW Miyagi Osato Solar Park. This is likely to further expand its renewable operations in Japan.
Angola wants to cash in on the roughly 3 billion cubic feet per day of associated natural gas it produces, most of which is now flared, the petroleum minister said on Wednesday. The announcement of efforts to generate more revenues by reducing gas flaring comes as Africa's second largest crude producer faces a fall in output from its mature oil fields. "Over the years, Angola has somewhat neglected to capitalise on the natural resources that it has to offer," Mineral Resources and Petroleum Minister Diamantino Azevedo said in a brochure released at an African energy conference in Cape Town.
* Are oil groups responsible for emissions from fuel use? LONDON, Oct 9 (Reuters) - Wide variations in the way oil companies report their efforts to reduce carbon emissions make it difficult to assess the risk of holding their shares as the world shifts away from fossil fuels, senior fund managers say. Fund managers are also applying environmental, social and governance (ESG) criteria more widely in traditional investments to help them judge how companies will fare over the long term.
Trade talks between China and the U.S. are about to recommence, and a combination of a weakening economy and an impeachment inquiry are likely to make Beijing’s stance aggressive
Easier access to debt is expected to fuel the renewables boom, and big oil’s shareholders are already looking forward to earnings from major bets on renewables
(Bloomberg Opinion) -- Discretion won't get you anywhere with oil investors these days. They want pledges, not plans.ConocoPhillips is bumping up its dividend by 38%. The company also issued guidance for buybacks next year of $3 billion, down from this year’s expected $3.5 billion. The dividend increase is roughly the size of that $500 million difference. It seems to be worth more, though: Conoco was one of only a few large-cap oil stocks to close up on Monday, adding about $1.7 billion of market cap relative to the sector.(1)Dividends, like stock buybacks, are technically discretionary, but boards are loath to cut them except in dire circumstances. Conoco has a history here, having come unstuck in early 2016 when oil prices troughed. Even after the latest raise, the new dividend is still 43% lower than back then. Buybacks have helped make up that gap in cash terms, albeit with something of an out if things turned sour again. So Conoco effectively taking $500 million from the prospective buyback column and putting it in the dividend pledge signals confidence in its ability to weather any storm – which isn’t nothing, given how ugly 2020 might be. Similarly, a certain ginormous national oil company with its eye on an IPO has gone all out to convince investors that future dividends are as good as in their pockets. Saudi Arabian Oil Co. issued guidance last week of a “base dividend” of $75 billion in 2020, albeit “at the board's discretion.” As I wrote here, even Saudi Aramco’s prodigious profits may not necessarily cover that if Brent crude averages $60 rather than $70.As it turns out, Aramco’s website now hosts an updated presentation with a whole new slide on its “dividend prioritisation mechanism,” which is a fancy way of saying it will guarantee a minimum payment to minority shareholders for five years; like a temporary preferred stock. They would get a minimum of their pro-rata share of a $75 billion dividend regardless of whether Aramco actually paid that in total, while the government would just get their portion of whatever actual amount was declared. In other words, if investors end up buying 5% in an IPO, they would get a collective payout of at least $3.75 billion a year through 2024, come what may.The cost to the government in terms of potentially foregone payments looks negligible. Even if Aramco’s crude oil output averaged just 9.5 million barrels a day and Brent averaged just $55 a barrel, Riyadh would forego an aggregate $5 billion in payments spread across five years (using my numbers and assuming a 5% free float).Even so, the sudden switch from the “board’s discretion” to we’ll-pay-come-what-may is striking. It fits with the recently announced change in Aramco’s royalty rates, which effectively negate any gains for investors if oil spikes above $100 but boost the capacity to pay dividends at today’s levels. Aramco’s owner wants this IPO done at a high valuation and appears to recognize nobody’s buying oil companies today because of what oil might do in the future; rather, they’ll consider it if there’s a steady check guaranteed upfront.While oil companies compete in terms of free cash flow yields, they’re all fighting for attention in a stock market that has become largely indifferent to the sector. Conoco has actually been an exemplar of prioritizing payouts and cutting costs since 2016, yet its stock has languished so far this year. The dividend bump, coming a month before a strategy update, feels like an attempt to reset things, taking Conoco’s yield above 3% to a wider relative yield premium – or valuation discount – versus the market. French oil major Total SA also announced a dividend hike a couple of weeks ago, essentially promising to pay out every cent of an anticipated $5 billion increase in projected cash flows through 2025. Exxon Mobil Corp., meanwhile, continues its long track record of raising its dividend but finds its stock now yields north of 5% anyway, close to its highest levels ever since the merger with Mobil. That may reflect the long absence of buybacks, which, for this company, were once regarded as a given. However, it may have more to do with the fact that Exxon is effectively borrowing to pay its current dividend.Buybacks remain useful window displays for company management; certainly, Chevron Corp.’s resumption of them has helped put Exxon in the shade. Yet, as Dan Pickering, chief investment officer at Pickering Energy Partners, puts it: “A dividend is a promise and share repurchase is a goal.” Dividends offer a surer constraint on capex budgets and more of an obligation to pay out cash sooner rather than later in a sector grappling with intimations of mortality. Investor decks emphasize resilience against adversity rather than dangling the prospect of a windfall. Even Aramco has had to take the extraordinary step of guaranteeing a payout, which doesn’t exactly scream bullishness on oil.Markets are often said to be driven by just two emotions: fear and greed. The majors’ shifting payout priorities appear to be a perfect synthesis of the two.(1) Conoco's stock was up 2.1% versus the Energy Select Sector SPDR Fund's 0.9% decline.To contact the author of this story: Liam Denning at firstname.lastname@example.orgTo contact the editor responsible for this story: Mark Gongloff at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.