|Day's range||4.8400 - 4.9200|
It also sounds like integrated oil major Chevron (NYSE: CVX). Chevron is the second-largest energy company in the world by market cap, surpassed only by its fellow U.S. oil juggernaut ExxonMobil (NYSE: XOM). Let's take a closer look at Chevron to see whether it's a buy.
Three that I own and plan to buy more of are AT&T (NYSE: T), STORE Capital (NYSE: STOR), and Chevron (NYSE: CVX). If ever there was an imperfect telecommunications stock, it would be AT&T. In fact, some flaws could be considered major grievances. Shifting away from its bread-and-butter mobile network service, the company racked up massive debt purchasing DirecTV in 2015 and Time Warner in 2018, leaving it with a heaping $164 billion in long-term liabilities at the end of its first quarter of 2020.
The Zacks Analyst Blog Highlights: ExxonMobil, Chevron, National Oilwell Varco, HollyFrontier and Halliburton
Oil prices have gone on a wild ride this year, taking most oil stocks with them. Crude, however, seems to have found its bottom and has recovered quite a bit of ground over the past month. That's leading many investors to consider buying oil stocks for the next leg of the rebound.
The coronavirus pandemic has indelibly impacted the global energy sector. Although the demand for oil has noticeably dropped and prices have plunged, the pace of shift to renewable energy from fossil fuel is still uncertain.
The coronavirus pandemic has done in a handful of months what even a 27-year civil war did not: it has brought oil drilling to a halt in Angola, Africa's second-largest oil producer. The consequences could be grave for a poor country that relies heavily on oil revenues and is saddled with debts that exceed its economic output. The halt in oil exploration, which has not been previously reported, could represent a setback for one of the most ambitious economic reform drives on the continent, aimed at cleaning up corruption and attracting foreign money.
Exxon Mobil has relaunched the sale of its stake in Azerbaijan's largest oilfield, the company said on Tuesday, as banking and industry sources said the move was drawing interest from large Asian oil and gas companies seeking to capitalize on the recent collapse in oil prices. The top U.S. oil and gas company first tried to sell its 6.8% stake in the Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea in 2018, as rival Chevron launched the sale of its own 9.57% stake in the field.
(Bloomberg) -- Australia is seeking to cut emissions in one of the world’s biggest per-capita polluters by encouraging oil firms including Chevron Corp. and Woodside Petroleum Ltd. to invest in carbon-reduction projects.The nation on Tuesday said it would revamp a multibillion-dollar climate fund to support the development of technologies such as carbon capture and storage to improve efficiency and reduce greenhouse gases. The move was welcomed by the oil and gas industry and blasted by climate groups, which said it undermines renewable energy projects.Calls for Prime Minister Scott Morrison to do more to combat climate change got louder after devastating bushfires destroyed thousands of homes this past summer. Morrison has said the country will comfortably meet its international commitments, but progress on emissions reduction has stalled in recent years as a number of heavy-polluting gas export facilities started operations.The government plans to revamp the A$2 billion ($1.3 billion) Climate Solutions Fund, after an independent report published Tuesday found that stronger action was needed for the country to meet its climate commitments under the Paris Agreement. The fund is part of a A$3.5 billion package to help Australia meet the 2030 goal.“Key sectors are not projected to have begun significantly reducing emissions by 2030 and concerted effort is needed to unlock the critical, transformative technologies these sectors need,” according to the report, headed by former Origin Energy Ltd. Managing Director Grant King.The King report’s recommendations “align with the government’s technology-based approach to reducing emissions,” Energy Minister Angus Taylor said in a statement. He will support a proposal to award credits to big facilities for adopting low-emissions technology, which could then be used to meet their climate obligations under the government’s so-called “safeguard mechanism.” That system sets a target limit for a facility’s emissions, above which it must purchase abatement.Under Taylor’s proposal, carbon capture and storage projects would be eligible for carbon credits, in a move welcomed by the Australian Petroleum Production & Exploration Association, an industry lobby group. It was also hailed by Santos Ltd., which is developing a CCS program in South Australia backed by Occidental Petroleum Corp. and BP Plc. Meanwhile, Chevron has ploughed billions of dollars into a carbon sequestration project at its Gorgon LNG plant, which started operation in August after several years of delay.“Australia needs low-cost, large-scale abatement to maintain our position as a leading energy exporter and manufacturer of energy-intensive materials such as steel and cement, as well as to enable new industries such as hydrogen,” Santos Chief Executive Officer Kevin Gallagher said in a statement. “CCS can facilitate the fastest route to a hydrogen fueled economy.”Climate groups said the proposal was too soft on big emitters such as Chevron and Woodside, whose giant liquefied natural gas facilities in Western Australia put them both in the country’s top 10 polluters. The government was wasting taxpayer money on unproven CCS technology, said Richie Merzian, climate & energy director at the Australia Institute think tank.“Many other industrialized countries are using stimulus programs for the dual benefit of climate action, while Australia is still missing even the most basic climate and energy policy,” he said. “This review is just tinkering on the margins of addressing Australia’s deep and dangerous fossil fuel reliance.”Read: The $30 Billion Fight to Fuel Australia’s Post-Covid EconomyThe report’s proposal for the government to give carbon credits to Australia’s biggest polluters to stay below legally required pollution limits is like paying drivers to stay under the speed limit, the Australian Conservation Foundation said in a statement.“Asking a former oil industry executive to review the national climate policy is like asking a fox to review the design of the chook house,” ACF climate campaigner Suzanne Harter said. “Australia has virtually no effective climate policy and no pathway to achieve net zero by 2050, which is required if we want to keep this a liveable continent for coming generations.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Zacks Analyst Blog Highlights: EOG Resources, Occidental Petroleum, ExxonMobil, Chevron and BP
A slump in energy prices that has led to the deferral of liquefied natural gas (LNG) projects around the world is set to be an unexpected boon for some producers trying to kickstart new ventures in gas-rich western Australia. Offshore and onshore projects led by Woodside Petroleum , Chevron Corp and Japan's Mitsui are in the mix to plug a looming supply gap at North West Shelf, Australia's oldest and biggest gas export plant. The shortfall follows a decision in March to put the giant offshore Browse gas project on ice after its owners, led by Woodside, balked at the $20 billion price tag to develop the field amid a slump in LNG prices to record lows.
Williams (WMB) secures a transportation pact to supply natural gas from the massive Anchor field in the deepwater Gulf of Mexico to the Discovery system.
Saudi Aramco's debt is expected breach target levels as an oil price collapse triggered by the coronavirus forces it to borrow to meet the world's largest dividend pledge and buy a major stake in petrochemicals maker SABIC, analysts said. Compared with western oil companies, Saudi Arabia's national oil company appears in robust financial health.
Israel-based SolarEdge (NASDAQ: SEDG) is the gift that keeps on giving. Although SolarEdge languished for a few years, the stock has been on a meteoric rise since about March 2019. It's perfectly understandable to be hesitant to buy SolarEdge after its recent rise, but at the very least you should consider adding the company to your watch list.
The Zacks Analyst Blog Highlights: ExxonMobil, Chevron, Royal Dutch Shell, Equinor and ConocoPhillips
Oil prices slid and world equity markets seesawed on Wednesday as investor hopes for a pickup in business activity were dashed by downbeat economic data and a rise in U.S. crude stockpiles to three-year highs that highlighted low fuel demand. The safe-haven Japanese yen and dollar rose on data showing U.S. private payrolls tumbled by a record 20.2 million workers in April, German industrial orders fell at a record pace in March, and British construction activity fell to an all-time low last month. The dollar index rose 0.299%, with the euro down 0.34% to $1.0801.
ExxonMobil (XOM) and Chevron (CVX) said that they would keep paying shareholders a quarterly dividend but Royal Dutch Shell (RDS.A) had to slash payout to weather the oil market crash.
Oil majors had a good month in April, but don't read too much into the gains. There's a lot of backstory here -- and more pain ahead.