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Chevron Corporation

5/19/2013, 11:54 PM ET

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Friday, May 17, 5:31 PM Venezuela reportedly will allow its state-owned energy company to form joint ventures with PetroChina (PTR) and Chevron (CVX) to manage $6B in loans designed to reverse declining oil output. Agreements have been reached on terms of a $2B credit from CVX for the Petroboscan venture and a $4B loan from China for Sinovensa. Similar deals may be in the works with Shell (RDS.A) and Repsol. 5 Comments [Energy, Global & FX]
Friday, May 17, 11:58 AM Major oil producers launch a joint program to beef up their Arctic oil spill response plan in a bid to convince the Arctic Council they are ready for large-scale development in the region. There are plenty of doubters, of course, and incidents such as BP 2010 Gulf of Mexico spill and Shell's recent problems north of Alaska with two drill ships don't help. 6 Comments [Energy]
Friday, May 17, 8:56 AM Workers in Angola are completing construction of the strongest crane in Africa, with a capacity to lift 2,500 metric tons, to be used at offshore projects for Chevron (CVX), Total (TOT) and SBM Offshore. The second phase of CVX’s $5.6 billion Mafumeira Sul project is expected to produce 110K bbl/day by 2015, and TOT’s Clov project may start pumping crude next year. Comment! [Energy, Global & FX]
Thursday, May 16, 3:29 PM Chevron's (CVX) president of Latin American operations says Argentina - not China - has the world's second largest shale oil deposits after the U.S. Most of the world's shale gas has been developed from geological layers requiring horizontal drilling, but "everything is in a stack" at Argentina's Vaca Muerta formation, meaning CVX and YPF may be able to access the oil using vertical drilling techniques, CVX's Ali Moshiri says. (earlier) 3 Comments [Energy, Global & FX]
Wednesday, May 15, 5:21 PM Better-than-expected results from Brazil's oil exploration rights auction show operators were undeterred by Brazil’s local-content rules or Chevron's treatment in the wake of the Frade oil spill. In fact, CVX was one of the winning bidders, joining the likes of XOM, BP and PBR. The auction put things in perspective: Brazil has huge potential, and is a much less risky place than Nigeria, Russia or Venezuela. 1 Comment [Energy, Global & FX]
Wednesday, May 15, 8:34 AM Chevron (CVX) will become the first major oil company to partner with YPF to develop shale oil, and a final $1.5B deal is expected in July, YPF says. YPF CEO Miguel Galuccio and CVX Latin America chief Ali Moshiri visited the Patagonia shale formation yesterday, and Moshiri is said to have been “surprised” with the advanced state of YPF exploration projects. Comment! [Energy, Global & FX]
Monday, May 13, 10:28 AM YPF CEO Miguel Galuccio tells FT the company is close to an agreement with Chevron (CVX -0.4%) to get around the asset freeze that has thrown into question plans to jointly develop the giant Vaca Muerta shale formation. A successful deal would be a boost to CVX in Latin America, where it has been hit with a $19B environmental damages bill in Ecuador, and to Argentina’s hopes of developing its shale resources. 3 Comments [Energy, Global & FX]
Friday, May 10, 3:51 PM Richmond, CA plans litigation against Chevron (CVX) over last year's refinery fire and is reportedly aiming to hire Cotchett, Pitre & McCarthy - the same firm which represented San Bruno against PG&E over its gas-line explosion in 2010. No stranger to Chevron, Cotchett Pitre recently filed a class-action suit against the company for defrauding royalty owners. 5 Comments [Energy]
Friday, May 10, 3:27 PM Apache (APA) and Chevron (CVX) - both of whom reported the most drilling safety incidents prior to the BP spill - three years later continue to sit atop the list, according to a Democratic staff analysis of a to-be-released House panel report. The analysis also finds the facilities of top violators are no more likely to be inspected than those of others. Comment! [Energy]
Thursday, May 9, 8:09 AM Chevron (CVX) says it plans to start exploration for shale gas in Romania, where the government has sounded increasingly amenable to allowing mining by fracking. CVX has rights to explore for shale in three blocks of 670K acres near the Black Sea, and has bought a concession further north in Vaslui county. A specific date for starting work is not given. Comment! [Energy, Global & FX]
Wednesday, May 8, 7:52 AM In a decision likely to have wide-ranging consequences for Indonesia's oil-and-gas industry, a director of a Chevron (CVX) contractor is sentenced to five years in jail after being found guilty of fraud in lacking certification to provide oilfield clean-up services it was being paid for. The trial of a second contractor continues as does that of four CVX employees. Comment! [Energy, Global & FX]
Tuesday, May 7, 6:18 PM Chevron (CVX) CEO John Watson is ordered to testify in the fraud case against Ecuadoreans seeking to collect on a $19B judgment against CVX related to rainforest pollution. Watson’s experience in leading the 2001 Chevron-Texaco merger is "likely to have given him personal knowledge of the environmental issues underlying the Ecuador litigation," the judge says. Comment! [Energy]
Tuesday, May 7, 8:33 AM Activity and production at the Chevron-operated (CVX) Frade field offshore Brazil will remain limited until the company and regulators gain a complete understanding of the second of two subsea spills that occurred there, Brazil's oil regulator says. For now, CVX may drill shallow wells, take core samples and perform seismic work it needs to complete research about the second Frade incident. Comment! [Energy, Global & FX]
Friday, May 3, 9:13 PM Steven Donziger suffers another setback in his feud with Chevron (CVX) as his lawyer John Keker quits, saying Donziger owes him some $1.4M in unpaid legal fees. CVX is suing Donziger for allegedly creating a story about polluted rainforests and poisoned Ecuadorian villagers in an effort to extract a multibillion dollar settlement from the energy giant. Last month, the consulting firm whose supposedly independent research was the basis for Donziger's claim, disavowed its own report after CVX sued it for racketeering. CVX "can afford to litigate this case until hell freezes over," Keker says, "but Donziger can't." 4 Comments [Energy]
Thursday, May 2, 10:48 AM An attempt by Ecuadorian villagers to have a Canadian court enforce a $19B judgment against Chevron (CVX +0.6%) was dismissed yesterday by the Ontario Superior Court, which ruled that CVS subsidiaries are legally separate from the company and not subject to the Ecuador court's verdict. CVX calls the ruling "a significant setback to the Ecuadorean plaintiffs' worldwide enforcement strategy." 8 Comments [Energy]
Wednesday, May 1, 4:30 PM Nymex crude settled -2.6% at $91.03 after today's inventory report revealed crude stockpiles climbed to 6.696M barrels, a record high dating back to 1982 when the EIA began tracking the data. E&P equities took a beating, from higher-beta names such as QEP Resources (QEP -6.1%) to giants such as Exxon (XOM -1.6%) and Chevron (CVX -1.4%). (ETFs: USO, UCO, OIL, BNO) 12 Comments [Energy, U.S. Economy]

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