Daily on Energy, presented by Bipartisan Policy Center: Congressional Democrats try to steer Biden away from federal oil and gas leasing ban toward reform Print this article
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CONGRESS WEIGHING IN: Congressional Democrats, and even a Republican, are trying to steer
President Biden toward reforming the process of federal oil and gas leasing without banning it.
Republican Sen.
Jacky Rosen
teamed up on legislation this morning that would increase the royalty rate that companies pay to the government to drill on public onshore lands for the first time since the 1920s.
Chevron propone a sus inversores mayores rendimientos y menos emisiones de carbono
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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.
The US oil major said returns on capital will at least double over the next five years, while new targets have been set to cut carbon intensity 35% by 2028
Chevron CEO Mike Wirth said the firm s dividend will remain secure in any future oil-price scenario (Credit: Flickr/Tony Webster)
Chevron has promised to deliver higher returns on capital over the next five years while setting new targets to shrink its carbon footprint, as it seeks to reassure investors after a loss-making 2020.
At its annual investor meeting today (9 March), the California oil major said it plans to double its return on capital employed (ROCE) – currently around 3% – by 2025. That is in a scenario where Brent crude averages $50 per barrel – a price of $60 would further increase ROCE to around 10%.
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Buoyant oil markets began to close in on US$65 a barrel earlier this week and then promptly punched through that barrier on Friday.
Just don’t expect the president of Canada’s biggest oil producer to start betting on these higher prices quite yet, given the gravity-defying ride of the past 12 months.
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Try refreshing your browser, or Varcoe: Oil price s wild ride turns corner and tops $65 Back to video
“A year ago, we were feeling pretty good. Then, of course, the pandemic hit, demand came down, we had the oversupply,” Tim McKay of Canadian Natural Resources said in an interview.
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