|Day's range||2.6200 - 4.1000|
(Bloomberg) -- Chevron Corp. asked traders and other staff at its Canary Wharf office in London to work from home as a precaution after an employee was tested for the coronavirus, according to a person familiar with the matter.The employee had flu-like symptoms and coronavirus hasn’t been confirmed, the person said.“Chevron continues to monitor the situation very closely, utilizing the guidance of international and local health authorities,” the company said Tuesday in an emailed statement. “Our primary concern is the health and safety of our employees and we are taking precautionary measures to reduce their risk of exposure.”London’s energy industry has been gripped with concern over the virus, with dozens of events canceled at International Petroleum Week, Europe’s most important annual gathering of traders and executives. While only 13 cases, with no fatalities, have been recorded in the U.K., the surge in cases in Italy indicates that more may be on the way.Canary Wharf on London’s east side is home to headquarters of some of the world’s biggest banks, including HSBC Holdings Plc and Barclays Plc. Citigroup Inc., JPMorgan Chase & Co., BP Plc, and Total SA also have a presence in the area.Asia’s energy trading hub was impacted two weeks ago when Royal Dutch Shell Plc sent home some staff from its trading desks in Singapore after an employee had contact with a coronavirus case. And in the U.S., next month’s CERAWeek conference in Houston is expected to feel the weight of coronavirus precautions. The event, organized by IHS Markit, may see lower attendance at the five-day event following a U.S. government proclamation barring entry to foreign nationals who have recently traveled to China.(Updates with context from sixth paragraph.)\--With assistance from Dan Murtaugh.To contact the reporters on this story: Kevin Crowley in Houston at email@example.com;Catherine Ngai in New York at firstname.lastname@example.org;Laura Hurst in London at email@example.com;Sheela Tobben in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, Reg Gale, Joe CarrollFor 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.
Traders, exploration and refining unit staff were assigned to work remotely until test results can determine whether the worker has coronavirus, said a person familiar with the matter. "Chevron continues to monitor the situation very closely, utilizing the guidance of international and local health authorities," said a Chevron spokeswoman.
The Trump administration is in discussions about whether to renew a license for Chevron Corp's operations in Venezuela as Washington looks to increase pressure on its socialist leader, the U.S. special envoy to the South American country said. U.S. Special Representative for Venezuela Elliott Abrams said in an interview on Monday that he would not talk about specific future activities on Chevron. "But there are conversations taking place and at the appropriate moment OFAC will say whatever it needs to say," Abrams said about the Treasury Department's Office of Foreign Assets Control, which makes announcements on sanctions.
Chevron Products Company, a division of Chevron U.S.A. Inc., maker of technologically advanced engine oils, lubricants and coolants, today announced that Delo 600 ADF with OMNIMAXTM, a Chevron Patented Technology, was recognized at the Technology and Maintenance Council (TMC) Annual Meeting and Transportation Technology Exhibition as one of Top 20 Products for 2020 by Heavy Duty Trucking.
Petrobras (PBR) generated positive free cash flow for the 19th consecutive quarter, with the metric surging to $5,650 million from $4,262 million recorded in last year's corresponding period.
In the past 10 times that the Dow and S&P 500 lost a minimum of 3%, their performances improved considerably in the following week, month and year.
As you might know, Chevron Corporation (NYSE:CVX) last week released its latest yearly, and things did not turn out so...
(Bloomberg) -- A powerful executive with Amazon.com Inc. in October portrayed attempts by archrival Oracle Corp. to block her company from winning one of the biggest-ever government deals as a last-ditch attempt to rescue a business that was becoming irrelevant.Now, Amazon is borrowing a page from the playbook Oracle used to unseat it as the front-runner for an up to $10 billion, 10-year project to overhaul the military’s technological operations.Amazon filed suit in federal court in November after the Pentagon, in a surprise move, on Oct. 25 awarded the contract to Microsoft Corp. Amazon asserted that the procurement was corrupted by the intervention of President Donald Trump, whose disdain for Jeff Bezos, its chairman and chief executive officer, is widely known.“Amazon is going to the mattresses,” said Stan Soloway, a deputy undersecretary of defense under President Bill Clinton and now president of Celero Strategies, a Washington-area consulting firm. “It feels like the same scorched-earth approach” that Oracle took.Earlier, Amazon had sounded a very different note on legal challenges in the government contracts arena. Two days before it lost the award to Microsoft, Teresa Carlson, who oversees government contracting for the company’s profitable cloud-computing unit, Amazon Web Services, derided efforts by Oracle and others to cast the Pentagon’s bidding process as corrupt and rigged in Amazon’s favor.It’s “kind of sad” when losers routinely protest procurement decisions “because it delays innovation,” she told other female corporate leaders, lobbyists and government officials at a Washington conference.Amazon’s combative legal strategy includes seeking Trump’s deposition, which legal experts say is unlikely but not impossible. It hopes to block the Pentagon from putting the cloud project into effect without a new evaluation or award decision.The longer the delay, the more time it has to gather depositions from officials, win over lawmakers, influence public opinion and prevent Microsoft from doing anything on the cloud project that would be hard to reverse. It’s also claiming the Defense Department lowered its standards by choosing Microsoft.Microsoft declined to comment. Oracle didn’t respond to a request for comment. Amazon pointed to earlier statements from company spokesman Drew Herdener who said the contract evaluation was tainted by deficiencies and “unmistakable bias.”The company scored an early win on Feb. 13 when a U.S. Court of Federal Claims judge temporarily blocked Microsoft from working on the Joint Enterprise Defense Infrastructure, or JEDI, cloud program while the lawsuit is pending. The order, which is still sealed, says the Pentagon must stop working on the contract “until further order of the court.”The e-commerce giant’s newfound aggressiveness has surprised some observers. The company remained a champion of the project in 2018 and 2019, while Oracle mounted a fierce lobbying and public-relations effort to stop the Pentagon from awarding a sole-source contract. “I didn’t think” they would protest even if they lost, Soloway said.Over the last two years, Oracle has filed -- and lost -- challenges at the Government Accountability Office and the federal claims court. Those efforts resulted in news stories airing its claims of unethical behavior by Pentagon and Amazon officials.Oracle’s audience wasn’t only bureaucrats and judges, but also the White House, lawmakers and the general public, all of which were simultaneously being flooded with revelations about Pentagon employees who worked on the procurement in its early days and then left to work for Amazon.Amazon is similarly seeking common cause with outsiders. Its case so far has attracted briefs from Protect Democracy, an anti-corruption group, and Citizens for Responsibility and Ethics in Washington, which has sued the Trump administration numerous times for alleged ethics lapses. Both organizations say they haven’t received money from Amazon.Amazon’s court case could help amplify its perspective on the procurement the same way that Oracle’s challenges attracted media attention. “There is also potential in litigation that you are arguing to members of Congress and the public,”said Steven Schooner, a professor of procurement law at George Washington University Law School.The company has been characterizing the loss of the contract as a political, not a technical, decision. Its suit contends that Pentagon officials artificially lowered their evaluation of the company’s proposal and that Trump “launched repeated public and behind-the-scenes attacks to steer the JEDI contract” away from Amazon “to harm his perceived political enemy” -- Bezos.Earlier this month, Jay Carney, Amazon’s top spokesman, told CNBC that the company was taking legal action because it believes that “blatant political interference” affected the award decision. Trump has long criticized Bezos over everything from the shipping rates Amazon pays the U.S. Postal Service to his ownership of the Washington Post.While Oracle charged that Pentagon officials failed to properly investigate ethical issues surrounding the bid, Amazon goes further by arguing that bias cost it the deal. Amazon alleges that the Defense Department, swayed by Trump’s animosity, unfairly judged its bid. It cites passages in a book by the speechwriter to former Defense Secretary James Mattis, stating Trump once told Mattis to “screw Amazon” out of the bid. (Mattis has criticized the book.)“Contracting officers are accused every day of not playing by the rules but rarely that they had a vendetta,” said Charles Tiefer, a professor at the University of Baltimore School of Law.Microsoft, International Business Machines Corp. and other Amazon rivals at times joined forces with Oracle to try to stop the Pentagon from awarding the cloud contract to a single company, which made Amazon the obvious front-runner.Amazon not only was the market leader in the cloud-server industry, it also had won high-level security clearances from its previous work moving the Central Intelligence Agency’s data to the cloud.The tech companies courted the press and Defense Department cloud-services buyers. The Oracle coalition also descended on Capitol Hill, appealing particularly to members of the Armed Services committees. Some of the lawmakers would later propose curtailing the Pentagon’s funding for the contract until it justified its strategy.Amazon, likewise, in June hired a Trump-connected lobbyist, Jeff Miller, just before Trump disparaged the bidding process as uncompetitive, citing complaints from Oracle, Microsoft and IBM.Oracle’s legal challenges helped Microsoft catch up technologically -- and ultimately win. During the nearly three-year process, Microsoft won new deals with large customers such as Chevron Corp., AT&T Inc. and more than a dozen intelligence agencies that bolstered its standing in the marketplace.Delay Was Microsoft’s AllyMicrosoft, in addition, invested in a portable Azure system to analyze and transfer data to the cloud from the battlefield. The delay also gave Microsoft time to attain a higher level of government security, though it still hasn’t matched Amazon’s top-secret certification.Oracle, too, may have benefited from the delays it continued to engineer even after it was eliminated. Oracle, which sells large amounts of legacy software to the Pentagon, already has a partnership with Microsoft that it could use to win more business from the Defense Department.With much of the fighting between Amazon and Oracle in the rear-view mirror, JEDI’s fate rests with the federal courts. As Amazon waits for the U.S. Court of Federal Claims to decide on its request to depose Trump and Pentagon officials, Oracle is appealing a July ruling that it lacked legal standing to challenge the bidding.“People file these suits for all kinds of reasons,” Tiefer said. “You could argue that one of the things that Amazon wants is a legitimate explanation for why they lost.”\--With assistance from Dina Bass.To contact the reporter on this story: Naomi Nix in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Sara Forden at email@example.com, John HarneyFor 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.
Large oil and gas projects take a long time to complete and the whole process from drawing table to first production can takes several years, of which the FID is often one of the most important steps
(Bloomberg) -- Chevron Corp.’s future growth prospects may be dimming after the oil explorer pumped more crude than it discovered or bought last year, eroding its portfolio of untapped fields.New finds, acquisitions and expansions of existing oil and natural gas holdings were equivalent to just 44% of the company’s 2019 production, according to a regulatory filing on Friday. That was Chevron’s poorest performance in that important metric since 2010.The measure, known as the reserves-replacement ratio, is key for investors because it helps them gauge whether an oil driller is doing enough to sustain future production that underpins everything from dividends to buybacks to acquisitions.For Chevron, whose stock outperformed all other supermajor oil producers last year, the reserves data signals the company may be struggling to locate untouched caches of oil and gas as investors turn increasingly skeptical of the industry’s sustainability.Chevron also wrote down the value of U.S. gas assets last year as prices for the fuel collapsed.Shell, ExxonRoyal Dutch Shell Plc said last month that it replaced just 65% of its 2019 output with new discoveries and purchases. And some analysts expect Exxon Mobil Corp. to take a writedown on some fields when it discloses reserves data in coming weeks.READ: Tale of Two Oil Giants With Two Strategies That Aren’t WorkingChevron CEO Mike Wirth made financial discipline his mantra upon taking the top job two years ago. But analysts have questioned whether the company has sufficient projects-in-waiting to increase production through the late 2020s.Like his predecessors at the California crude giant, Wirth has been reluctant to invest in renewable energy sources that typically generate thinner profits and are unfamiliar to Chevron’s engineers and geologists.READ: All Eyes on Exxon, Chevron After BP Pledges to Be Carbon NeutralEven within the fossil-fuel arena, Chevron has few major investments planned beyond the middle of the decade. Chevron is “not nearly as reliant” on large-scale oil and gas projects to generate cash in the future, preferring low-risk shale drilling, Wirth said last month. He is due to update investors on the company’s strategy and goals on March 3.Chevron noted that 70% of its worldwide reserves are concentrated in three countries: the U.S., Australia and Kazakhstan. That level of geographic concentration may give rise to concern among investors because it signals increased vulnerability to legislative changes or regional conflict.\--With assistance from Joe Carroll.To contact the reporter on this story: Kevin Crowley in Houston at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, Joe Carroll, Carlos CaminadaFor 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.
(Bloomberg) -- Oil fell as the coronavirus outbreak accelerated beyond China, intensifying concerns about the infection’s economic fallout.Futures fell 0.9% in New York on Friday. China revised how it calculates infection totals for the third time this month, raising questions about data reliability and confirming the virus’s growing reach. Meanwhile, a key IHS Markit gauge of factories and service providers in the world’s largest economy dropped for the first time in seven years, sparking sell-offs in government bonds and equities.“The market is seeing a broad risk-off move,” said Jan Stuart, global energy economist at Cornerstone Macro. “Just when the outbreak was beginning to turn, the new cases are making investors wonder if we have more to worry about. There was no move in the structure however, the backwardation in Brent held. Oil followed the move down as investors took money off the table.”Oil has fallen more than 12% this year as China’s viral outbreak crippled industrial activity and transportation at a time when energy supplies already were abundant. The World Health Organization said if countries don’t respond strongly now, the spread outside China may become a wider threat.Still, crude posted a second consecutive weekly gain, supported by supply disruptions in Venezuela and Libya.See also: Vitol Sees Oil Recovery This Year After Slump From VirusWest Texas Intermediate for April delivery fell 50 cents to settle at $53.38 a barrel on the New York Mercantile Exchange, ending the week 2.6% higher.Brent for April settlement declined 81 cents to settle at $58.50 on the ICE Futures Europe exchange putting its premium over WTI at $5.12. The global benchmark rose 2.1% for the week.The Organization of Petroleum Exporting Countries and its allies will meet in March as originally scheduled after efforts by Saudi Arabia to hold an emergency meeting failed to materialize amid resistance from Russia. Saudi Arabia’s energy minister dismissed a Dow Jones report on Friday that Riyadh was considering a break from its four-year oil production alliance with Russia. Russia has remained noncommittal to an OPEC proposal for additional production cuts.“Saudi Arabia needs the production cuts more than Russia,” said Ryan Fitzmaurice, commodities strategist at Rabobank. “Russia will eventually come to the table in March and participate but Saudi Arabia will likely shoulder most of burden to get them to come on board.”\--With assistance from James Thornhill, Grant Smith and Saket Sundria.To contact the reporter on this story: Jackie Davalos in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Catherine Traywick, Jessica SummersFor 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.
MOSCOW/LONDON, Feb 21 (Reuters) - Russian oil major Rosneft is facing a logistical headache as several customers have demanded it immediately remove its Swiss trading division, sanctioned by the United States this week, from all supply chains, according to five trading sources. Washington this month imposed sanctions on Rosneft's Geneva-based unit Rosneft Trading (RTSA), accusing it of providing a financial lifeline to Venezuelan President Nicolas Maduro's government. U.S. officials have accused the Rosneft subsidiary of propping up the Venezuelan oil sector and engaging in ship-to-ship transfers to actively evade American sanctions.
Here're three ways you can put your money to work in the stock market even though the coronavirus outbreak has unnerved market pundits worldwide.
Electric vehicles have charged up investments around the world, but Australia is revelling in a slew of deals involving old-school petrol stations, with a bidding battle developing for one of its top fuel retailers, Caltex Australia. A shake-up in the structure of the fuel industry over the past decade, sparked by refinery closures and oil major retreats, has produced deals worth $33 billion including offers for Caltex, according to Refinitiv data. "Australia is a high-quality 'short'," said a banker involved in the tussle for Caltex, using the industry term for a market short on fuel and referring to Australia's stable demand.
EOG Resources (EOG) has 10,500 net undrilled premium drilling locations in crude oil plays with resource potential of 10.2 billion barrel of oil equivalent.