Chief Executive Officer Mike Wirth surprised investors by restoring the million-barrel Permian target.
(Bloomberg) Chevron Corp. revived aspirations to pump 1 million barrels a day in the Permian Basin after drastic budget and job cuts trimmed operating costs.
Chevron plans to ramp up investment in North America’s biggest oil field through 2025, reversing the pandemic-driven production decline, the company said in an investor presentation Tuesday. Chief Executive Officer Mike Wirth surprised investors by restoring the million-barrel Permian target only a year after it disappeared from the company’s guidance as Covid-19 crashed energy markets.
The California oil titan expects its Permian wells to generate $3 billion in free cash flow by the middle of the decade, assuming international crude prices average $50 a barrel. The region straddling West Texas and New Mexico incurred the deepest spending cuts in last year’s pullback amid the oil market’s unprecedented collapse.
Chevron Drops After Surprise Loss, Dividend Disappointment
Bloomberg 1/29/2021 Kevin Crowley
(Bloomberg) Chevron Corp. slumped after posting a surprise loss and failing to increase its dividend, signaling that the aftermath of 2020’s pandemic-driven petroleum demand crash will linger for the world’s biggest oil companies for some time to come.
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The California oil titan lost a penny per share during the fourth quarter, compared with the Bloomberg Consensus for a 7-cent profit due to a weak performance from its refineries, where runs were reduced substantially in response to lower demand for jet fuel, diesel and gasoline. Analysts expressed disappointment that the company failed to raise its first-quarter dividend despite having lower debt than peers.
Chevron Drops After Surprise Loss, Dividend Disappointment
Bloomberg 1/29/2021 Kevin Crowley
(Bloomberg) Chevron Corp. slumped after posting a surprise loss and failing to increase its dividend, signaling that the aftermath of 2020’s pandemic-driven petroleum demand crash will linger for the world’s biggest oil companies for some time to come.
Popular Searches
The California oil titan lost a penny per share during the fourth quarter, compared with the Bloomberg Consensus for a 7-cent profit due to a weak performance from its refineries, where runs were reduced substantially in response to lower demand for jet fuel, diesel and gasoline. Analysts expressed disappointment that the company failed to raise its first-quarter dividend despite having lower debt than peers.
Chevron, Reliance Meet U.S. Officials to Discuss Venezuela
Bloomberg 1/28/2021 Lucia Kassai
(Bloomberg) Chevron Corp. and Reliance Industries Ltd. are meeting with U.S. State Department officials to request a rollback of some of the previous administration’s restrictions against Venezuela’s oil industry.
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Representatives from the two companies are holding virtual discussions with officials this week, according to people with knowledge of the matter, who asked not to be identified because the information isn’t public. High on the agenda: reinstating transactions known as oil swaps that would allow companies to receive Venezuelan crude in exchange for supplying diesel, one person said.