• U.S. considers extension of Chevron's Venezuela waiver with more limitations: Bloomberg
    Reuters

    U.S. considers extension of Chevron's Venezuela waiver with more limitations: Bloomberg

    The company's future in Venezuela now depends on U.S. President Donald Trump, who must decide by Oct. 25 whether to renew a waiver allowing Chevron to keep operating in Venezuela despite U.S. sanctions on the country and its state oil company PDVSA, part of Washington's campaign to oust socialist President Nicolas Maduro.

  • Bloomberg

    U.S. Mulls Extending Chevron’s Venezuela Waiver With More Limits

    (Bloomberg) -- The Trump administration is considering an extension of Chevron Corp.’s waiver to operate in Venezuela, albeit with even greater limitations, according to people familiar with the matter.The 90-day sanctions reprieve would allow Chevron to continue its role as the last major U.S. oil producer in the nation beyond the Oct. 25 expiration date. Still, the Treasury Department wants to advance its “maximum pressure strategy” to further limit Venezuela’s crude production, the people said.One of the people, all of whom were granted anonymity to discuss the deliberations, said on Friday evening that the decision making process was in its final stages. Another person said that no final decision has been made and it was unclear whether other companies might receive a similar break.The concern is that Chevron’s joint-venture projects in Venezuela are providing financing to help Nicolas Maduro’s regime pay back its debt to Russia’s state oil giant Rosneft PJSC, which could encourage more loans in the future. Still, there’s also a desire to maintain some American presence in the nation’s oil industry in the event of a political transition. The U.S. and nearly 60 countries recognize National Assembly President Juan Guaido as Venezuela’s rightful leader.“We are a positive presence in Venezuela, and we are hopeful that General License 8C is renewed so that we can continue operations in the country for the long-term,” Ray Fohr, a Chevron spokesman, said Friday night in a statement. “We have dedicated investments and a large work force who are dependent on our presence.”The Treasury Department did not respond to a request for comment.Chevron has operated in the South American nation for almost a century, since the discovery of the Boscan field in the 1920s. It has outlasted many other oil companies, including Exxon Mobil Corp., which left after a series of industry nationalizations during Hugo Chavez’s time as president.Venezuela’s oil output has fallen from a high of 3.7 million barrels a day in 1970 to less than 700,000 today, according to data compiled by Bloomberg.\--With assistance from Nick Wadhams and David Wethe.To contact the reporters on this story: Ben Bartenstein in Washington at bbartenstei3@bloomberg.net;Saleha Mohsin in Washington at smohsin2@bloomberg.netTo contact the editors responsible for this story: Carolina Wilson at cwilson166@bloomberg.net, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Garmin (GRMN) Stock Moves -0.03%: What You Should Know
    Zacks

    Garmin (GRMN) Stock Moves -0.03%: What You Should Know

    Garmin (GRMN) closed the most recent trading day at $87.46, moving -0.03% from the previous trading session.

  • Are Q3 2019 Earnings Results Really That Good?
    Zacks

    Are Q3 2019 Earnings Results Really That Good?

    Are Q3 2019 Earnings Results Really That Good?

  • In oil-rich region, Venezuelans fear catastrophe if Trump forces Chevron to leave
    Reuters

    In oil-rich region, Venezuelans fear catastrophe if Trump forces Chevron to leave

    LA CAÑADA DE URDANETA, Venezuela (Reuters) - With the $2 he earns in wages each week working as a cargo driver for Venezuelan state oil company PDVSA, 56-year-old Freddy Brito cannot even afford to buy one kilogram (2.2 lb) of cheese. To feed himself and his wife as the once-prosperous OPEC nation suffers a hyperinflationary economic collapse, Brito depends on a monthly basket of rice, canned tuna, beans and other products valued at $200 given to him by California-based Chevron Corp, PDVSA's minority partner at the Petroboscan field in western Zulia state where he works.

  • Caterpillar (CAT) to Report Q3 Earnings: What's in Store?
    Zacks

    Caterpillar (CAT) to Report Q3 Earnings: What's in Store?

    Caterpillar's (CAT) Q3 results are anticipated to reflect cost saving and improved performance of the Resource Industries segment.

  • Things You Should Know About the EIA Crude Inventory Report
    Zacks

    Things You Should Know About the EIA Crude Inventory Report

    The federal government's EIA report revealed that crude inventories rose by 9.3 million barrels, compared to the 4 million barrels increase that energy analysts had expected.

  • Reuters - UK Focus

    US STOCKS-Futures flat as China data gloom overshadows upbeat earnings

    U.S. stock index futures were little changed on Friday, as better-than-expected earnings reports were overshadowed by fresh jitters about the global economy after economic data from China revealed growth slowed to its weakest pace in almost 30 years. Oilfield services provider Schlumberger NV also gained 1.8% following a quarterly profit beat. The reporting season kicked off on a strong note this week, with solid results from major banks, healthcare giants and streaming pioneer Netflix Inc. The S&P 500 and Dow Jones Industrial Average indexes were on pace to cap their second week in gains.

  • Occidental Petroleum (OXY) Stock Sinks As Market Gains: What You Should Know
    Zacks

    Occidental Petroleum (OXY) Stock Sinks As Market Gains: What You Should Know

    Occidental Petroleum (OXY) closed at $40.33 in the latest trading session, marking a -0.02% move from the prior day.

  • 'Beijing is the biggest security threat to this country in the 21st century': Republican senator
    Yahoo Finance

    'Beijing is the biggest security threat to this country in the 21st century': Republican senator

    Missouri Republican Senator Josh Hawley tells Yahoo Finance's On the Move that Beijing is the biggest security threat to this country in the 21st century

  • Top Ranked Value Stocks to Buy for October 17th
    Zacks

    Top Ranked Value Stocks to Buy for October 17th

    Top Ranked Value Stocks to Buy for October 17th

  • MG vs. GRMN: Which Stock Should Value Investors Buy Now?
    Zacks

    MG vs. GRMN: Which Stock Should Value Investors Buy Now?

    MG vs. GRMN: Which Stock Is the Better Value Option?

  • Oil Slips Back After API Reports Larger-Than-Expected Stock Gain
    Bloomberg

    Oil Slips Back After API Reports Larger-Than-Expected Stock Gain

    (Bloomberg) -- Crude oil gave back some of its gains after a report showed inventories rising more than 10 million barrels, dimming the market’s optimism after signs that the trade war between the U.S. and China may be nearing an end.Futures eased back to $53 a barrel after settling 1% higher. The industry-funded American Petroleum Institute reported a 10.5 million-barrel build in crude stocks, according to people familiar with the data. It would be the largest jump since February 2017 if government data confirms it Thursday. U.S. President Donald Trump said China already has started buying American agricultural products but that a formal deal probably won’t be signed until a meeting next month with Chinese President Xi Jinping.“The 10.5 million-barrel build caused the price dip,” said Gene McGillian, manager of market research at Tradition Energy. “It brought some sellers into the market. Now we need to wait to see if the EIA confirms it.”European and British negotiators appeared be nearing an accord that would pave the way for the world’s fifth-largest economy to exit the EU. In addition, a weaker U.S. dollar spurred demand for riskier assets including commodities such as oil.“The encouraging headlines surrounding the U.S.-China trade war and Brexit seem more optimistic,” said Pavel Molchanov, a Houston-based analyst at Raymond James & Associates Inc. “In that sense, it’s perfectly reasonable for oil prices to show a bit of a bounce.”West Texas Intermediate for November delivery was 16 cents higher at $52.97 a barrel on the New York Mercantile Exchange at 4:49 p.m. local time, after settling at $53.36.Brent crude for December settlement was 36 cents higher at $59.10 on the London-based ICE Futures Europe Exchange. The global benchmark settled at a premium of $5.97 to WTI for the same month.“But the main focus will still be on demand destruction despite the earlier drive higher. Even despite the drive higher. How the trade talks are going to end up and what economic data shows. Whether its going to be slowing the world economy,” McGillian said.To contact the reporters on this story: Jacquelyn Melinek in New York at jmelinek@bloomberg.net;Sheela Tobben in New York at vtobben@bloomberg.netTo contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Catherine TraywickFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters - UK Focus

    UPDATE 1-Nigeria govt can't recover $62 bln sought from oil majors -minister

    Oil minister Timipre Sylva said Nigeria knows it cannot recover $62 billion from oil majors despite ongoing cases against the companies for money the government believes it is owed. "Nobody can bring out that kind of money," Sylva told reporters after a weekly cabinet meeting in Abuja. Nigeria has been fighting for the cash under a 1990s law that states it can revisit production-sharing contracts on oil output if crude prices exceed $20 a barrel.

  • Bloomberg

    Chevron's Buyer for U.K. Fields Seeks Funds From Commodity Traders

    (Bloomberg) -- A unit of Delek Group Ltd. is seeking alternative means of financing to complete its $2 billion acquisition of some of Chevron Corp.’s North Sea oil and gas assets after initial funding arrangements hit stumbling blocks, according to people familiar with the matter.Ithaca Energy Ltd., the U.K. arm of Israeli explorer Delek, has asked commodity-trading houses to help it fund the deal, the people said, asking not to be named because the matter is private. It has already secured a $100 million investment from Trafigura Group Ltd., which also gives the trader the right to market some of its oil and gas, and is in talks for more funds, the people said.Ithaca is counting on the purchase, agreed on in May and expected to close this quarter, to boost its output before a possible initial public offering. The company is focused on the North Sea, where large producers such as Chevron are increasingly shedding mature assets so they can redeploy capital elsewhere.“Delek is scheduled to close the Chevron deal on time in accordance with the original timetables,” the company said in a statement. “The group and Ithaca are currently continuing to negotiate with several leading marketing and trading companies and Ithaca is expected to sign a binding trade and marketing agreement in the next coming days.”Chevron declined to comment.When the sale was announced, Ithaca said it was financing the purchase with a $1.65 billion bank loan, a separate $700 million bridge loan, an equity investment by Delek and cash. JPMorgan Chase & Co. and BNP Paribas SA underwrote Ithaca’s debt financing, according to a statement. Ithaca offered $700 million of bonds in July, but only sold $500 million, according to company statements.Last month, Ithaca secured the $100 million equity investment from Trafigura, but the oil company still doesn’t have the $2 billion to complete the Chevron purchase, the people said. It has previously received offers of funds from other traders, including Mercuria Energy Group Ltd., and may ask for more, according to the people. It could also get additional equity by turning to its parent Delek, which is awaiting a key asset sale next month to get more cash.The Chevron fields were highly sought after when they were up for sale, with bidders including Ineos Group and Chrysaor Holdings Ltd. At the time the sale was announced, Ithaca Chief Executive Officer Les Thomas said he couldn’t “wait to get our hands on the steering wheel” of the assets. Ithaca estimated the deal would boost 2019 production 300% and result in a 150% increase in proved and probable reserves.Additional barrels could help Ithaca attract investors to an initial public offering. Delek said in May that it planned to issue shares of Ithaca in London. Last month, Delek said Ithaca may be worth $2.5 billion.\--With assistance from Yaacov Benmeleh.To contact the reporters on this story: Kelly Gilblom in London at kgilblom@bloomberg.net;Dinesh Nair in London at dnair5@bloomberg.net;Andy Hoffman in Geneva at ahoffman31@bloomberg.netTo contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, John DeaneFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • The Zacks Analyst Blog Highlights: ConocoPhillips, Phillips 66, BP and TOTAL
    Zacks

    The Zacks Analyst Blog Highlights: ConocoPhillips, Phillips 66, BP and TOTAL

    The Zacks Analyst Blog Highlights: ConocoPhillips, Phillips 66, BP and TOTAL

  • The Zacks Analyst Blog Highlights: Intel, Oracle, Novo Nordisk, ConocoPhillips and Advanced Micro Devices
    Zacks

    The Zacks Analyst Blog Highlights: Intel, Oracle, Novo Nordisk, ConocoPhillips and Advanced Micro Devices

    The Zacks Analyst Blog Highlights: Intel, Oracle, Novo Nordisk, ConocoPhillips and Advanced Micro Devices

  • Analysts Estimate Caterpillar (CAT) to Report a Decline in Earnings: What to Look Out for
    Zacks

    Analysts Estimate Caterpillar (CAT) to Report a Decline in Earnings: What to Look Out for

    Caterpillar (CAT) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • Are Investors Falling Out of Love With Oil & Gas Mergers?
    Zacks

    Are Investors Falling Out of Love With Oil & Gas Mergers?

    Investors want the oil and gas companies to reduce costs, improve internal efficiencies, raise share repurchases and increase returns.

  • Want To Retire Early? Learn the Intelligent Investing Secret - October 16, 2019
    Zacks

    Want To Retire Early? Learn the Intelligent Investing Secret - October 16, 2019

    Achieving the financial freedom to retire early is a dream for most, but making that dream a reality isn't as tricky as it sounds. If you are willing to make some serious lifestyle changes and sacrifices, it can be possible.

  • New Strong Sell Stocks for October 16th
    Zacks

    New Strong Sell Stocks for October 16th

    Here are 5 stocks added to the Zacks Rank 5 (Strong Sell) List today.

  • Reuters

    EXPLAINER-Translating TOR: How Brazil's $26 bln oil rights auction works

    Brazil's Senate passed the main text of a bill late on Tuesday defining the distribution of proceeds from a blockbuster auction of oil prospecting rights, a key milestone for the enormous offshore region known as TOR - the 'transfer-of-rights' area. The bidders who win exploration and production rights in the massive Nov. 6 auction will be obliged to pay the government a combined signing bonus of some 106.5 billion reais ($25.8 billion), making it the largest oil bidding round in history, according to Brazilian authorities. The fields are unique as Brazilian state-run oil firm Petroleo Brasileiro SA, better known as Petrobras, has already done significant exploration work in the area.

  • Garmin (GRMN) Expands in Fitness Segment With Garmin Swim 2
    Zacks

    Garmin (GRMN) Expands in Fitness Segment With Garmin Swim 2

    Garmin (GRMN) has been making significant investments in the fitness segment, which in turn helps it to develop a solid product line.

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