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Chevron Corporation

6/19/2013, 2:41 AM ET

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Tuesday, June 18, 5:41 PM Canada hikes the liability cap for oil spills in Atlantic and Arctic waters to C$1B, up from the respective $30M and $40M limits under existing rules. The changes deal only with offshore activity, which is poised to accelerate as companies begin assessing prospective new fields on the East and Arctic coasts. 9 Comments [Energy]
Tuesday, June 18, 2:35 PM Chevron (CVX +0.2%) says it plans to sell its 40% stake in five Nigerian shallow-water oil leases to local firms, the latest oil major seeking to dispose of assets in Africa's biggest producer. Nigeria wants more direct ownership of its oil and gas, either through the state oil company or local firms, raising concerns among foreign firms that they may lose smaller assets for nothing if they don't sell now. Comment! [Energy]
Tuesday, June 18, 8:24 AM First production from the Majnoon field being developed by a consortium led by Royal Dutch Shell (RDS.A) is expected in July with total output reaching 175K bbl/day by year's end, according to the top energy advisor to Iraq's Prime Minister. But not likely to please the government is news that Chevron (CVX) and Total (TOT) are expanding exploration rights in Kurdish territory (I, II). Comment! [Energy]
Monday, June 17, 3:50 PM Tesoro Logistics (TLLP +1.1%) agrees to sell its light petroleum products terminal in Idaho to settle the FTC's conditions for acquiring Chevron's (CVX) Northwest Products pipeline and terminal assets. The FTC had said the acquisition would give TLLP ownership of two of the three full service light petroleum terminals in Boise, significantly reducing competition for local terminal services. Tesoro (TSO) also +1.1%. Comment! [Energy]
Monday, June 17, 3:00 PM Chevron (CVX) is offering $6B of bonds in its first sale this year, planning to use the proceeds to refinance a portion of its existing commercial paper borrowings. CVX “is finding it increasingly difficult to expand production and add reserves," a Morningstar analyst says, as many of the remaining pools of cheap, easily accessible resources are owned by government and national oil companies. Comment! [Energy]
Monday, June 17, 9:59 AM Angola shipped its first cargo of liquefied natural gas Sunday following delays of more than a year to its flagship 5.2M metric tons/year LNG project led by Chevron (CVX) and state-owned oil company Sonangol, with respective 36.4% and 22.8% stakes; BP, Eni (E) and Total (TOT) each hold 13.6% stakes. Comment! [Energy]
Saturday, June 15, 8:25 AM Forget talk of a dividend bubble; it's a "golden age" for dividends, ClearBridge's Hersh Cohen believes. Dividend stocks got extended in this year's run-up, not overpriced, he says. Besides, while price is important, "investors lose sight that their income can double in nine years" with dividend payers. Hersh can still find nicely priced examples, particularly in energy, such as Chevron (CVX), Shell (RDS.A) and Total (TOT). 6 Comments [Energy, Quick Ideas]
Friday, June 14, 5:37 PM Argentina's YPF will join Venezuela's offshore Deltana Platform natural gas project along with state oil company PDVSA and Chevron (CVX), Venezuela's oil minister says. Deltana is intended to extract and export natural gas from fields believed to hold some 7T cu. ft. Details on the size of YPF's stake are not revealed, but a portion of Deltana gas will be exported to Argentina. 3 Comments [Energy]
Wednesday, June 12, 6:58 PM The petrochemical JV of oil producer Chevron (CVX) and refiner Phillips 66 (PSX) is exploring ways to expand in the Middle East, including building a new plant, according to a top CPChem exec. The JV already is spending ~$5B on a new ethylene plant and two polyethylene factories in Texas, and has three projects in the Saudi Arabian city of Jubail and others in Qatar. Comment! [Energy]
Wednesday, June 12, 9:39 AM The U.S. ethanol mandate could boost domestic gasoline prices as refiners get around the requirement by exporting more gasoline, Chevron (CVX) CEO John Watson said yesterday. The U.S. fuel market is close to the blend wall, which has helped push up prices for RIN renewable energy credits; Watson says CVX is long on RINs, so exporting gasoline is not a strategy for his company. Comment! [Energy]
Tuesday, June 11, 3:15 PM Nigeria's President says his country will seek to recover $7.8B that audits carried out by a government watchdog found oil companies operating there owed the government in unpaid and underpaid taxes. Foreign oil companies operating in Nigeria include Royal Dutch Shell (RDS.A, RDS.B), Eni (E), Total (TOT), Exxon Mobil (XOM) and Chevron (CVX). 6 Comments [Energy]
Tuesday, June 11, 8:12 AM Chevron (CVX) is selling its stake in two Nigerian shallow water oil blocks holding ~200M barrels of oil, the latest oil major seeking to dispose of assets in Africa's largest producer but where oil theft and a delayed energy law create uncertainty. Shell (RDS.A, RDS.B), Total (TOT) and Eni (E) have sold several blocks; ConocoPhillips (COP) is planning a ~$1.8B sale. 1 Comment [Energy]
Saturday, June 8, 9:05 AM Six families in Pennsylvania are angry with Chevron (CVX) and claim the company's gas wells have made it impossible to "quietly use and enjoy" their land. The Fayette County group seeks "unspecified compensatory and punitive damages" tied to what they say are the pernicious effects of twelve nearby wells which allegedly leak natural gas, methane, and "other toxic radioactive substances," according to documents reviewed by Bloomberg. The suit has not been verified with court records. 18 Comments [Energy]
Wednesday, June 5, 3:03 PM The champagne may be flowing at Chevron (CVX -0.8%) after Argentina’s Supreme Court lifted the freeze on CVX assets in the country, removing a major obstacle to the company's plans to invest there. But the biggest beneficiary may be YPF (YPF +2.2%), which has faced difficulty in attracting investment since Argentina nationalized Repsol's 51% stake in YPF last year. If CVX is willing to sign a devil's pact, maybe others will too. 4 Comments [Energy]
Wednesday, June 5, 4:57 AM Argentina's Supreme Court has overturned a judge's order to freeze Chevron (CVX) owned assets in the country, opening the way for the company to proceed with a $1.5B venture with YPF (YPF) to develop shale oil and gas. Chevron's assets were initially frozen at the request of Ecuadorean plaintiffs who are trying to enforce a $19B award against the oil major over toxic waste in the Amazon. 4 Comments [Energy, Top Stories]
Monday, June 3, 11:57 AM Chevron (CVX +1%) and Phillips 66 (PSX -1.9%) say they will expand ethylene production by 200M lbs. by next year with the construction of a tenth furnace at their jointly-owned Sweeny complex in Texas. Sweeny can produce more than 11M lbs./day of ethylene, or ~4.1B lbs./year. Comment! [Energy]

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