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Chevron Corporation (CVX)

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  • Aug. 28, 2012, 2:34 PM
    A three-judge panel in Brazil upholds an injunction banning Chevron (CVX +0.7%) and Transocean (RIG +0.3%) from operating in the country, scolding the companies for failing to prevent last year's spill at the Frade field. The companies can still appeal the ban at a federal court.
    | 4 Comments
  • Aug. 28, 2012, 2:18 PM
    So is the Venezuelan oil fire out or not? Venezuela’s energy minister insists the inferno that has halted operations at its largest refinery is “totally extinguished," but a recent live broadcast by Venezuelan TV - which was swiftly cut off - showed flames and black smoke in at least one of the fuel storage tanks. Valero (VLO +1%) is the leading gainer among refiners; also XOM +0.3%, CVX +0.5%.
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  • Aug. 28, 2012, 4:42 AM
    Chevron (CVX) has a $21B cash pile and investors are wondering what the company will do with it. Chevron says it needs to protect itself as it carries out multi-billion dollar projects, but analysts speculate about possible buybacks, increased dividends and acquisitions, with Chesapeake (CHK) and Hess (HES) mooted as possible targets.
    | 1 Comment
  • Aug. 24, 2012, 10:49 AM
    Chevron (CVX) says it wants to partner with Argentina's YPF in developing the company’s Vaca Muerta shale formation. YPF says it needs financial and operational partners to develop the Connecticut-size area in southern Argentina that may contain at least 23B barrels.
    | 3 Comments
  • Aug. 23, 2012, 4:41 PM
    Chevron (CVX) says its Richmond, Calif., refinery continues to operate at a reduced capacity after the Aug. 6 fire at the facility's No. 4 crude unit, which remains shut down. The refinery normally has a capacity to process ~245K bbl/day; the company declines to reveal the current operating capacity.
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  • Aug. 23, 2012, 2:42 PM
    Chevron (CVX) says it plans to drill ~120 wells in Argentina during the next three years to search for unconventional gas and oil. Argentina ranks third in the world behind China and the U.S. in potentially recoverable shale gas reserves, but its unpredictable energy policies could prove a major impediment to attracting the billions of dollars needed to exploit those resources.
    | 4 Comments
  • Aug. 23, 2012, 8:18 AM
    Australia's liquefied natural gas industry is at risk because of cost increases and poor labor productivity in the country, Chevron's (CVX) Australia chief executive warns, saying the industry and government need to start talking about solving issues such as labor costs and taxes. CVX is building the huge Gorgon and Wheatstone gas export projects in Western Australia.
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  • Aug. 22, 2012, 9:09 AM
    Chevron (CVX) wins production rights to the Pakarang oil and gas field, covering 118.1 sq. km in the Gulf of Thailand. The field is expected to produce 4,300 bbl/day of crude oil and 59MMcf/day of natural gas. A Thai energy official estimates CVX will invest ~$600M in developing Pakarang, which should begin producing oil and gas in 2015.
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  • Aug. 21, 2012, 10:35 AM
    While Royal Dutch Shell’s (RDS.A, RDS.B) asset swap with Chevron (CVX) means a possible detractor of James Price Point project has stepped aside, analysts suggest Shell could be mulling a third option using revolutionary floating liquefied natural gas vessels to sit over the resource and process it for export out at sea where the gas lies.
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  • Aug. 20, 2012, 2:51 PM
    Environmental groups are seizing on the recent fire at Chevron's (CVX) Richmond refinery to try to force an upgrade of the facility, while CVX appears eager to preserve exceptions the plant enjoys to the 1970 Clean Air Act. Such a battle could stall repairs to the refinery and prolong the rise in gas prices seen in northern California since the fire.
    | 2 Comments
  • Aug. 20, 2012, 8:06 AM
    Chevron (CVX) and Shell (RDS.A, RDS.B) swap stakes in two multibillion-dollar natural gas projects in Australia, betting on Asia's growing energy demand. Chevron will transfer its interest in the proposed $30B-plus Browse export terminal to Shell in exchange for two gas fields associated with the $29B Wheatstone export terminal plus $450M in cash. CVX +0.2%, RDS.A -0.6% premarket.
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  • Aug. 17, 2012, 3:24 AM
    Chevron (CVX) has appealed against an injunction stopping the company and Transocean (RIG) from operating in Brazil until the companies and some of their execs have been tried over last November's oil spill at the Frade offshore field northeast of Rio de Janeiro. Chevron also wants to restart drilling at the field, which has been shut since March.
    | 1 Comment
  • Aug. 15, 2012, 6:11 PM
    Crude oil production in the Permian basin will rise by ~60% to reach at least 1.82M bbl/day by 2016, energy consultancy Bentek says. Output will surpass existing pipeline capacity by early next year, but ~1M bbl/day of new takeaway capacity is slated to come online by the end of 2014.
    | 4 Comments
  • Aug. 14, 2012, 5:50 PM
    "Ultra-deep" wells, drilled in water at least 1.5 km deep into several more kilometers of rock to the reservoir below, now account for more than half the world's new discoveries so far this year. The risks are great, as evidenced by BP's 2010 Gulf spill, but the potential rewards are huge: the average ultra-deep find adds 140M boe in reserves, vs. 55M for deepwater and just 12M for a conventional onshore well.
    | 9 Comments
  • Aug. 14, 2012, 9:35 AM
    Chevron (CVX +0.4%) is unlikely to seek protection against swings in the Australian dollar that have intensified cost pressures at its Gorgon liquefied natural gas project, CEO John Watson tells Dow Jones. CVX said last month it was reviewing Gorgon's cost following a 20% rise in the Australian dollar since construction began in 2009; around half the project's costs are in local currency.
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  • Aug. 13, 2012, 12:17 PM
    Chevron's (CVX -0.5%) Richmond refinery didn’t replace an eight-inch pipe during an inspection shutdown late last year that failed and led to last weekend's fire, the U.S. Chemical Safety Board says. The eight-inch pipe is original to the unit and probably was constructed in the 1970s.
    | 1 Comment
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Company Description
Chevron Corp provides administrative, financial, management and technology support to U.S. & international subsidiaries that engage in fully integrated petroleum operations, chemicals operations, mining operations, and power and energy services.