|Day's range||1.4100 - 2.4300|
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
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...
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
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) -- 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 email@example.comTo contact the editors responsible for this story: Simon Casey at firstname.lastname@example.org, Joe CarrollFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
EIA's Weekly Petroleum Status Report shows a much bigger-than-expected drawdown in oil inventories, ending several consecutive weeks of builds.
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.
(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 email@example.com;David Ramli in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: Katrina Nicholas at email@example.com, ;Ramsey Al-Rikabi at firstname.lastname@example.org, Russell WardFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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.
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 – 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.
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.
The Permian Shale, which is spread over roughly 75,000 square miles of western Texas and southeastern New Mexico, is believed to hold enough oil to feed all the domestic refineries for 12 years.
Oil and gas condensate output from Kazakhstan's giant Kashagan project has more than halved from early November levels due to unplanned maintenance that started last week, two industry sources told Reuters on Tuesday. The Kazakh energy ministry said last week that Kashagan was undergoing maintenance at a gas compressor unit, which was expected to last for seven days. The energy ministry said on Tuesday that Kazakhstan's total daily oil and gas condensate output had fallen to 240,700 tonnes from 264,000-270,000 tonnes at the start of the month, equivalent to around 1.9 mln bpd and 2.09-2.13 mln bpd respectively.