Before we proceed with Chevron’s (CVX) second-quarter segmental outlook, let’s briefly look at its first-quarter segmental performance. Chevron’s earnings improved in the first quarter of 2018 compared to the first quarter of 2017. Chevron’s adjusted upstream segment earnings rose from $1.19 billion in the first quarter of 2017 to $3.35 billion in the first quarter of 2018. Its upstream earnings rose due to higher hydrocarbon production coupled with better oil prices.
Chevron (CVX) is expected to post its second-quarter results on July 27. Chevron’s first-quarter adjusted EPS were 54% higher than its adjusted EPS in the first quarter of 2017. In the first quarter, Chevron’s reported earnings stood at $3.6 billion compared to $2.7 billion in the first quarter of 2017.
Chevron Corporation CVX is planning to leave the Makassar Strait gas block in Indonesia to shift its focus on more profitable opportunities in the area, per reports. The block is part of the Indonesia Deepwater Development (IDD) project, which is one of the biggest natural gas projects in the country. The present contract for the block is set to expire in 2020 and Chevron decided to withdraw its extension proposal submitted in Jun 29. Production from the project, however, is still expected to reach 1.1 billion cubic feet of natural gas along with 31,000 barrels of condensate a day.
Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Chevron CVX, Boeing BA, Netflix NFLX, Morgan Stanley MS and S&P Global SPGI. Strong Buy-ranked Chevron’s shares have risen +18.6% in the past year, marginally underperforming the Zacks Integrated Oil industry's +20.1% increase, while larger rival Exxon Mobil has seen its scrip go up a meager +2% over the same time period. The Zacks analyst thinks the company’s ‘oilier’ nature of its volume mix positions it to benefit from strengthening oil prices in its upstream business with less encumbrance from its smaller downstream unit.
RIO DE JANEIRO, July 12 (Reuters) - Chevron Corp has named Mariano Vela, a geologist with 20 years of experience at the U.S. oil major, to oversee its Brazil operations, the company told Reuters on Thursday, as it expands in Latin America's top producer. A letter seen by Reuters on Thursday and signed by former Brazil country manager Javier La Rosa on June 19 said Vela would take the reins in Brazil at the beginning of July. The world's top oil companies have spent billions in recent months amid rising oil prices and shrunken reserves to lock in access to the promising area, where billions of barrels of oil are trapped under a thick layer of salt beneath the ocean floor. La Rosa was transferred to Venezuela as country manager in June after a two-year stint in Brazil, following the months-long detention in Venezuela of two Chevron executives.
Today's Research Daily features new research reports on 16 major stocks, including Chevron (CVX), Boeing (BA) and Netflix (NFLX). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today. Strong Buy-ranked Chevron’s shares have risen +18.6% in the past year, marginally underperforming the Zacks Integrated Oil industry's +20.1% increase, while larger rival Exxon Mobil has seen its scrip go up a meager +2% over the same time period. The Zacks analyst thinks the company’s ‘oilier’ nature of its volume mix positions it to benefit from strengthening oil prices in its upstream business with less encumbrance from its smaller downstream unit.
QUITO, Ecuador (AP) — Ecuador's highest court has upheld a $9.5 billion judgment against oil giant Chevron for decades of rainforest damage that harmed indigenous people. Plaintiffs celebrated the constitutional court's decision announced Tuesday night by saying it leaves no doubt about their right to receive compensation for oil spills that contaminated groundwater in indigenous communities in the Amazon. But the ruling is largely symbolic as Chevron no longer operates in the South American country. That means Ecuador's government will have to pursue assets owned by the San Ramon, California-based company in foreign courts, where it so far has had little luck. Chevron had long argued that a 1998 agreement Texaco signed with Ecuador after a $40 million cleanup absolves it of liability.
Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. On the news front, Enbridge Inc. struck a pact to unload its Canadian natural gas gathering and processing businesses C$4.31 billion ($3.3 billion), while Chevron Corp. plans to put most of its oil and gas fields in the ageing North Sea for sale. Overall, it wasn’t a good week for the sector. While West Texas Intermediate (WTI) crude futures edged down 0.5% to close at $73.80 per barrel, natural gas prices fell around 2.3% to $2.858 per million Btu (MMBtu). Notably, output from North Sea accounts for just about 3% of Chevron’s total production, providing around 50,000 barrels of oil and 155 million cubic feet of natural gas a day.
JAKARTA, July 11 (Reuters) - Chevron will exit the Makassar Strait gas block in the Indonesia Deepwater Development (IDD) offshore natural gas project to focus on more promising areas in the venture, Indonesian officials said on Wednesday. Indonesia's energy minister had issued a decree terminating Chevron's Makassar Strait production sharing contract (PSC) after it decided not to extend its operation of the block beyond 2020, upstream oil and gas regulator SKKMigas said. The IDD project eventually aims to reach daily peak production at 1.1 billion cubic feet of natural gas and 31,000 barrels of condensate. Indonesia's deputy energy minister said late last month that Chevron intended to cut its planned investment in the projects to around $6 billion from $12.8 billion, but noted that the cuts would not impact its production targets.