All articles tagged with #chevron
Hess Midstream shares dropped 16% after Chevron agreed to take over a stake and associated assets. The move signals a significant shift in ownership for the midstream operator, prompting immediate market reaction. No further details on the deal's financial terms or timeline were provided in the available source.
Chevron CEO Mike Wirth warned the Trump administration that a U.S. diesel export ban would be unwise, arguing it would remove supply from global markets and undermine confidence in American energy reliability. He noted that while recent Middle East crude exports and G7 stockpile releases have eased immediate fears, global inventories remain critically low after being drained over several months. Wirth emphasized that the energy system is now more vulnerable to disruption, particularly as the U.S.-Iran conflict continues to threaten shipping through the Strait of Hormuz. He also highlighted Chevron’s $7 billion investment plan to double oil production in Venezuela by 2031, though he acknowledged this long-term growth cannot offset current Middle East supply risks.
Chevron CEO Mike Wirth argues that the world’s emergency oil buffers are depleted and backs a self‑funded Venezuela expansion to more than double output by the early 2030s, funded by cash from Chevron’s existing Venezuelan ventures. The plan follows strong Q2 results (EPS $6.06, revenue $67.2B, free cash flow $18.1B) and a stock near $214 with a ~3% dividend, and hinges on OPEC+ discipline and demand, but political sanctions risk could cap upside as Brent sits around $109 per barrel.
The piece outlines a mix of U.S.-backed and private oil deals in Venezuela, including the government stake in NABEP and Chevron’s plan to expand production, with aims to lift output toward 2 million barrels per day while addressing governance, geopolitics, and the impact on Venezuelans rather than external exploitation.
Chevron plans more than $7 billion in Venezuela joint ventures to double crude production to about 600,000 barrels per day over five years, expanding its Petroindependencia operations in the Orinoco Belt by adding two adjacent Carabobo-area blocks. The deal targets low production costs below $20 per barrel and follows decades-long Chevron activity in the country, occurring alongside a separate Trump-backed plan to leverage Venezuela’s oil reserves.
Chevron says it will expand its Venezuela operations by adding acreage in the Orinoco Belt and investing over $7 billion over five years to more than double output to about 600,000 barrels per day, aligning with Trump’s plan to develop Venezuela’s oil reserves and give the Pentagon a stake in profits; the live update also covers Canadian-U.S. trade tensions and a record-high public perception of government corruption in a Gallup poll, among other political and economic news.
Chevron confirmed plans to expand operations in Venezuela, potentially securing a 100-year concession over 17 oil fields via a joint venture with the state oil company PDVSA. The move is touted by U.S. officials as boosting American energy presence, but experts warn that Venezuela’s legal authority and aging oil infrastructure will heavily influence viability, and analysts caution it won’t instantly lower gasoline prices amid rising U.S. pump prices.
Chevron plans a $7 billion expansion in Venezuela to lift oil output to about 600,000 barrels per day within five years by adding two more oilfields in the Orinoco Belt, consolidating its status as the only U.S. major active in the country via PDVSA joint ventures; the move aligns with Washington's push to boost oil production through private investment as Venezuela's oil infrastructure ages.
Chevron reports a new offshore oil and gas condensate discovery from the 105-4X well in Angola’s Block 0, with over 300 feet of net pay in the Pinda reservoir and described reservoir quality as excellent; the company is evaluating tying the discovery into existing Block 0 facilities rather than a standalone project, potentially reducing capex and speeding production. Block 0 stake holders are Chevron's Cabinda Gulf Oil Company (39.2%), Sonangol E&P (41%), TotalEnergies (10%), and Azule Energy (9.8%). The find follows Chevron’s recent Angola activity and leverages established infrastructure to monetize future discoveries more quickly.
Three energy names—Chevron (CVX), Enbridge (ENB), and EOG Resources (EOG)—have sustained or grown their dividend payments over many years. Chevron has paid dividends for over 50 years and raised its payout for 39 consecutive years with a forward yield around 3.8%. Enbridge has increased its dividend annually for 31 years, supported by its pipeline-based cash flow. EOG Resources has never cut its dividend since becoming a standalone company in 1999 and has grown its payout for nine straight years, with a forward yield near 3% and potential extra windfall dividends.
Trump criticizes oil majors for ‘making too much money’ from market disruption tied to his Iran war, pointing to ExxonMobil and Chevron’s record quarterly profits, while the briefing also covers tariffs on imports, an ICE detention death, a controversial Parti/Blanche- Pirro leadership moment, a urged censure for Rep. Chuck Edwards, and other US and global briefings.
President Trump criticized Exxon Mobil and Chevron for “making too much money” as U.S. pump prices hover around $4 a gallon, urging the firms to cut prices and return profits to the public after the oil majors posted strong quarterly earnings boosted by refinery margins and supply concerns.
President Trump criticized ExxonMobil and Chevron for earning 'too much money' from rising crude prices tied to the Iran war, calling for price cuts as the companies posted large quarterly profits (Chevron up ~400% to $12B; Exxon $14.5B). Oil and gasoline prices have climbed, and shares moved as markets weighed the conflict and potential talks.
US President Donald Trump urged Chevron to immediately cut gasoline prices for American consumers, claiming the administration's policies boosted the oil industry as markets fluctuated amid renewed Iran-related tensions. He attacked Chevron CEO Mike Wirth for not crediting his administration and urged other oil companies to lower prices now. With Brent crude around $83 a barrel after a recent dip, economists warn any relief could be temporary as geopolitical risks persist and Iran’s negotiating stance remains unclear.
Chevron CEO Mike Wirth says oil markets are fragile and supply risks are real amid Iran tensions and Houthi attacks that threaten key shipping routes such as the Strait of Hormuz; with inventories down and prices climbing, Chevron notes rising U.S. production and is exploring bypass routes like an Iraq-to-Med pipeline, while urging Congress to pass permitting reform to boost supply.