CVX191213P00124000

OPR - OPR Delayed price. Currency in USD
3.9300
0.0000 (0.00%)
As of 12:05AM EST. Market open.
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Previous close3.9300
OpenN/A
Bid6.0000
Ask6.2500
StrikeN/A
Expiry date2019-12-13
Day's range3.9300 - 3.9300
Contract rangeN/A
VolumeN/A
Open interestN/A
  • Chevron to Take $11 Billion Writedown Amid Weak Gas Prices
    Bloomberg

    Chevron to Take $11 Billion Writedown Amid Weak Gas Prices

    (Bloomberg) -- Chevron Corp. expects to write down as much as $11 billion in the fourth quarter, more than half of it from its Appalachia natural gas assets after a slump in prices.The U.S. oil major is considering the sale of its shale-gas holdings, along with its Kitimat liquefied natural gas project in Canada, according to a statement Tuesday. Chevron said it will keep its 2020 capital budget at $20 billion, the third consecutive year it hasn’t boosted spending.The company’s actions come from a chief executive officer, Mike Wirth, whose mantra has been capital discipline. Wirth earlier this year earned $1 billion for the company by walking away from a bidding war for Anadarko Petroleum Corp. San Ramon, California-based Chevron is the best performer among the five Western oil majors this year, but it has faced mounting costs at its Tengiz project in Kazakhstan.Its shares dropped 0.7% to $117.05 at 4:49 p.m. in after-market trading in New York.“The best use of our capital is investing in our most advantaged assets,” Wirth said in the statement. “With capital discipline and a conservative outlook comes the responsibility to make the tough choices necessary to deliver higher cash returns to our shareholders over the long term.”Wirth has made U.S. shale, particularly in the Permian Basin, the centerpiece of his global strategy, as opposed to riskier ventures elsewhere. The writedown also encompasses the Big Foot oil platform in the U.S. Gulf of Mexico, which began producing last year.What Bloomberg Intelligence Says“Tengiz project overruns raised questions about Chevron’s commitment to capital discipline, but plans to shelve or divest Appalachia and Kitimat LNG show the company will target returns over resources.”\--Fernando Valle, analyst\--Click here to read the researchU.S. natural gas futures prices have slumped this year amid a supply glut, and are now averaging about $2.54 per million British thermal units. If it finishes the year at that level, it’ll be the lowest average price since 1999.The move to write down Appalachian gas is likely to put pressure on other producers in the region to do the same. Newly built gas export terminals along the U.S. Gulf Coast have so far failed to absorb the excess supply.Chevron held more than 750,000 net acres in the Marcellus and Utica shale formations, which stretch from West Virginia to Pennsylvania and Ohio, according to a 2017 fact sheet on its website.To contact the reporter on this story: Kevin Crowley in Houston at kcrowley1@bloomberg.netTo contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Tina DavisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Chevron expects $10 billion-$11 billion charge in fourth quarter; plans asset sales
    Reuters

    Chevron expects $10 billion-$11 billion charge in fourth quarter; plans asset sales

    The second-largest U.S. oil company, which plans to hold its 2020 spending program flat at $20 billion, said it expects after tax impairment charges related to a deepwater Gulf of Mexico project, which needs higher oil prices to churn a profit, and shale gas in Appalachia, which has suffered from low natural gas prices. "With capital discipline and a conservative outlook comes the responsibility to make the tough choices necessary to deliver higher cash returns to our shareholders over the long term", Chief Executive Officer Michael Wirth said. Wirth is preparing sweeping changes at the No. 2 U.S. oil and gas company that would cut costs and streamline operations with expectations of lower-for-longer oil and gas prices, according to people familiar with the matter.

  • Business Wire

    Chevron Announces $20 Billion Capital and Exploratory Budget for 2020

    Chevron Corporation today announced a 2020 organic capital and exploratory spending program of $20 billion. The 2020 budget supports a robust portfolio of upstream and downstream investments, highlighted by Chevron’s world-class Permian Basin position, the company’s major capital project at TCO in Kazakhstan, and an advantaged queue of deepwater opportunities in the Gulf of Mexico.

  • Oilprice.com

    The Best And Worst Oil Majors Of 2019

    2019 has been a tough year for oil companies, but some of the oil majors have fared surprisingly well due to their economies of scale advantage and low breakeven prices per barrel

  • It's Official: Saudi Aramco to Become the Biggest IPO Ever
    Zacks

    It's Official: Saudi Aramco to Become the Biggest IPO Ever

    Saudi Aramco, which is set to trade on the Riyadh stock market, beat the previous record held by Chinese e-commerce behemoth Alibaba.

  • Should Chevron Corporation (NYSE:CVX) Focus On Improving This Fundamental Metric?
    Simply Wall St.

    Should Chevron Corporation (NYSE:CVX) Focus On Improving This Fundamental Metric?

    One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...

  • Oilprice.com

    Six Oil Stocks To Survive The Shale Bust

    The U.S. shale patch is showing serious signs of financial distress, but a few companies continue to drill profitably for oil & gas in America’s most prolific shale basins

  • Reuters - UK Focus

    Oil companies press Mexican president to resume suspended auctions

    Big oil companies operating in Mexico have launched a drive to convince leftist President Andres Manuel Lopez Obrador to resume auctions of oil and gas contracts he has branded a failure in reviving the industry. Chevron Corp, Exxon Mobil Corp and Royal Dutch Shell Plc, among other firms in Mexico's Association of Hydrocarbon Companies (Amexhi), say they have met output targets and investment pledges worth hundreds of millions of dollars in the initial phases of their contracts. "We've been complying (with contractual obligations), and by any metric you look at, we've been successful," Amexhi President Alberto de la Fuente told reporters this week.

  • Bloomberg

    There’s Still Time for Golf Amid Venezuela Oil Industry Collapse

    (Bloomberg) -- Despite economic chaos and political paralysis, Venezuela’s beleaguered oil industry has still found time for one long-standing tradition: The charity golf tournament.The country’s oil chamber, an industry group, and Chevron Corp., one of just a handful of American companies still allowed to do business in the South American country, are sponsoring the Dec. 7 event.The Copa Chevron will take place at Maracaibo Country Club in the oil-rich state of Zulia, Venezuela’s Texas. According to a notice for the event, several prizes are up for grabs -- in dollars, rather than the heavily devalued domestic currency -- including $200 for first place (the equivalent of about 7.7 million bolivars) and $50 for the longest drive. The entrance fee is $15.The tournament has been a social fixture for decades. Golf is also an established feature of life for many oil executives and expats in Venezuela. U.S. oil companies built country clubs throughout the country since the 1930s. The 18-hole, 6,812-yard course at Maracaibo Country Club was constructed in 1958, according to Golf Advisor website.“Besides the pool at the club, there was nothing left to do but play golf or baseball in remote oil-producing areas,” recalls Alexis Medina, a Venezuelan who now runs Advanced Logging & Explosives, an oil services firm.Golf in Venezuela has survived being labeled bourgeois by former President Hugo Chavez. The Venezuelan Golf Federation’s website lists a full calendar of youth and amateur tournaments.Chevron has sponsored its namesake tournament for the past three years. Proceeds from the Dec. 7 contest will go to the Pediatric Hospital in Maracaibo, company spokesman Ray Fohr said. “We remain focused on our base business operations and supporting the more than 8,800 people who work with us and their families,” he said.\--With assistance from Kevin Crowley.To contact the reporter on this story: Fabiola Zerpa in Caracas Office at fzerpa@bloomberg.netTo contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Joe CarrollFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Oil Price Gains 4.2% in a Day: What's Behind the Rally?
    Zacks

    Oil Price Gains 4.2% in a Day: What's Behind the Rally?

    EIA's Weekly Petroleum Status Report shows a much bigger-than-expected drawdown in oil inventories, ending several consecutive weeks of builds.

  • Reuters

    Oil companies swap stakes in Mexico as government holds off on auctions

    With Mexico's government insisting that energy companies increase oil and gas output before it auctions off more of the country's vast reserves or offers more partnerships with state-run Pemex, firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own. The negotiations are creating a dynamic secondary market for oil acreage, which could be the only investment opportunity left for firms until leftist President Andres Manuel Lopez Obrador unblocks his predecessor's flagship energy reform that has seen no new licensing rounds since 2018. Companies selling stakes include large foreign producers that were awarded blocks in previous rounds such as China's CNOOC and Germany's Wintershall Dea.

  • A Fund Manager Is Using Big Plastic’s Money to Stop Ocean Trash
    Bloomberg

    A Fund Manager Is Using Big Plastic’s Money to Stop Ocean Trash

    (Bloomberg) -- For some money managers, closing a $100 million fund would be akin to reeling in a big fish. For Rob Kaplan, it’s just the bait.Kaplan, a former Walmart Inc. executive, plans to invest the $106 million he’s raised from some of the world’s biggest plastics makers in companies that promise to prevent trash from ending up in the oceans.Targets include waste and chemicals recycling firms, and Kaplan hopes the private equity-style investments will one day yield double-digit returns -- the sort that could entice heavyweight institutional investors and pension funds to plow in money of their own.“The impact we need to create takes many billions of dollars, not just the $100 million we’ve been able to raise,” Kaplan said in an interview in Singapore, where his Circulate Capital fund is based. “The only way we’re going to be able to do that is if we can prove an investment strategy that’s successful from a returns perspective.”It’s estimated about 8 million tons of plastic trash streams into the world’s oceans every year, costing fisheries and marine tourism around $2 billion. Just cutting that garbage flow in half would require an additional investment of $5 billion a year, Ocean Conservancy and McKinsey & Co. analysts say.Circulate Capital’s investors either make plastics (Dow Inc. and Chevron Phillips Chemical Co.) or sell consumer products that are packaged in them (PepsiCo Inc., Coca-Cola Co., Unilever NV, Procter & Gamble Co. and Danone SA).India, IndonesiaCirculate charges fund management and performance fees, but Kaplan declined to detail what these were.His pitch to his corporate investors was simple -- they could donate $100 million and barely make a splash, or help prove that investing in solutions is genuinely profitable. The fund plans to make 30 or 40 investments of about $2 million to $10 million each, with a focus on India and Indonesia. It’s aiming for mid-single-digit returns at the outset.The U.S. Agency for International Development is also supporting the fund, agreeing to cover 50% of loan losses up to $35 million, allowing it to take some some higher-risk bets, Kaplan said.Sustainability and impact investing is catching on as investors seek to do good and make money at the same time. Singapore’s Temasek Holdings Pte has helped establish an Asia-focused fund dedicated to impact investing while private equity giants such as KKR & Co. are also getting in on the act.Kaplan used to be director of sustainability at Walmart. He left to work at Closed Loop Partners, an investment fund that focuses on environmentally friendly supply chains, and subsequently founded Circulate Capital.(Updates with USAID support in 9th paragraph.)To contact the reporters on this story: Dan Murtaugh in Singapore at dmurtaugh@bloomberg.net;David Ramli in Singapore at dramli1@bloomberg.netTo contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, ;Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Russell WardFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Oil & Gas Stock Roundup: Valaris, Kosmos Energy in the News as Market Waits on OPEC
    Zacks

    Oil & Gas Stock Roundup: Valaris, Kosmos Energy in the News as Market Waits on OPEC

    The U.S. crude benchmark finished sharply lower last week amid speculation that OPEC and its allies are deeply divided over Saudi Arabia's push for deeper production cuts.

  • Company News for Dec 2, 2019
    Zacks

    Company News for Dec 2, 2019

    Companies In The News Are: TECD, X, CVX, FB

  • Why Is Chevron (CVX) Up 0.9% Since Last Earnings Report?
    Zacks

    Why Is Chevron (CVX) Up 0.9% Since Last Earnings Report?

    Chevron (CVX) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • Chevron Plans to Divest Two Nigerian Offshore Blocks Again
    Zacks

    Chevron Plans to Divest Two Nigerian Offshore Blocks Again

    Chevron (CVX) plans to sell Nigerian assets, which produce 6,200 barrels of oil equivalent a day.

  • TOTAL Adds Clean Assets, Starts Solar Plant in New Caledonia
    Zacks

    TOTAL Adds Clean Assets, Starts Solar Plant in New Caledonia

    TOTAL (TOT) remains committed to increase renewable generation assets and lower carbon footprint.

  • Here's a Look at the EIA's Weekly Petroleum Status Report
    Zacks

    Here's a Look at the EIA's Weekly Petroleum Status Report

    The federal government's EIA report revealed that crude inventories rose by 1.6 million barrels, compared to the 600,000 barrels decrease that energy analysts had expected.

  • Investing.com

    Stocks - Wall Street Falls on Trade Hurdles Over Hong Kong Bill

    Investing.com – Wall Street slumped on Friday as trade tensions between the U.S. and China rose after Beijing strongly rebuked U.S. President Donald Trump’s decision to sign a bill that backed protests in Hong Kong.

  • Investing.com

    Stocks - Macy’s, Tech Data Rise Premarket; Facebook Falls

    Investing.com - Stocks in focus in premarket trading on Friday:

  • Exclusive: Chevron puts two Nigerian offshore blocks up for sale
    Reuters

    Exclusive: Chevron puts two Nigerian offshore blocks up for sale

    Chevron has launched the sale of its stakes in two Nigerian offshore oil and gas blocks, a sale document seen by Reuters shows, as the company seeks to dispose of ageing assets to focus on its fast-growing U.S. production. A Chevron spokesman confirmed the sale process. The U.S. energy giant is offering its 40% stake in the shallow-water Oil Mining Lease (OML) 86 and OML 88, which produce around 6,200 barrels of oil equivalent per day, the document says.

  • Bear of the Day: Occidental Petroleum (OXY)
    Zacks

    Bear of the Day: Occidental Petroleum (OXY)

    Bear of the Day: Occidental Petroleum (OXY)

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