Chevron Corporation NYSE: CVX przemysł naftowy

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Chevron (NYSE:CVX) stock fell 0.3%, weighed by lower crude prices, but HSBC has upgraded its stance on the oil major to ‘buy’ from ‘hold’, saying the recent drop in oil prices is causing energy stocks to trade at attractive valuations.

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Chevron Shares Raised to Buy at HSBC on Valuation

HSBC analyst Gordon Gray upgraded shares of Chevron (NYSE:CVX) to Buy from Hold, following a strong pullback in stock price.

The analyst took note of a correction in the integrated oil sector recently, which was driven by “the 10% retreat in Brent prices from over USD120/b to little above USD100/b on rising concerns on the effect of the global slowdown on the outlook for oil demand.”

A new price target on Chevron shares is $167, down from the prior $183. At the sector level, the analyst says free cash yields “remain excellent.”

“Chevron’s stock has been one of the worst performers in the group in the past month, reversing some of its previous outperformance. This has brought valuation back to levels which we think justify an upgrade from Hold to Buy, and our revised target price now implies upside of 21%,” Gray told clients in a note.

The analyst reminded investors that Chevron has “the lowest gearing in the sector and a clear line of sight on buybacks,” with a potential for the oil giant to increase the buyback guidance again.

Chevron shares are down 20% since the June peak.

https://www.investing.com/news/stock-ma ... SI-2849702

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Rząd USA zezwolił gigantowi naftowemu Chevron na częściowe wznowienie wydobycia ropy w Wenezueli tuż po ogłoszeniu „drugiej częściowej umowy o ochronie socjalnej dla narodu wenezuelskiego” podpisanej przez wenezuelskie władze z opozycją.

Już w maju Waszyngton pozwolił Chevronowi „negocjować warunki potencjalnych przyszłych działań w Wenezueli”, co stanowiło pierwsze naruszenie wenezuelskiego embarga na ropę nałożonego przez Waszyngton w 2019 r. w nadziei na obalenie Nicolasa Maduro.

Stany Zjednoczone poszukują nowych zasobów węglowodorów, aby zrekompensować utratę rosyjskiej ropy w wyniku sankcji w odpowiedzi na rosyjską inwazję na Ukrainę. Według niektórych ekspertów Wenezuela ma największe rezerwy ropy na świecie.

W sobotę wysoki, proszący o anonimowość, urzędnik amerykański nazwał umowę „ważnym krokiem we właściwym kierunku”.

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(Reuters) - Chevron Corp (NYSE:CVX)'s Wheatstone domestic gas plant has restarted activities and re-commenced supply to the Western Australia gas market, a spokesperson for the oil and gas explorer's Australian unit said on Wednesday.

Gas supply to Western Australia had been cut due to an equipment failure that knocked out Chevron's 215 terajoules a day Wheatstone domestic gas plant on Jan. 5.

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Chevron Stock Buyback
Chevron will buy back $75 billion of its CVX stock, the Dow Jones energy giant said late Tuesday. That represents 20% of shares outstanding. Chevron will boost its quarterly dividend by 6% to $1.51 a share.

The oil major will report earnings early Friday.

CVX stock rose 3% in premarket trade to above 184, rebounding from the 50-day line. Shares have a 189.78 buy point from a shallow cup base. But investors could use a move above Monday's high of 182.55 as an entry.

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Latest Release
Jan 27, 2023

EPS / Forecast
4.09 / 4.42

Revenue / Forecast
56.47B / 53.83B

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Chevron agrees to sell Myanmar assets and will exit country

https://www.investing.com/news/commodit ... ry-3001075

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Chevron considers extending mandatory retirement age for CEO - WSJ

https://www.investing.com/news/stock-ma ... SI-3001886

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The Wall Street Journal: Chevron ma na celowniku Afrykę
Amerykański gigant wchodzi na rynek dotychczas zdominowany przez Rosjan.

Publikacja: 06.02.2023 21:00

https://www.parkiet.com/gospodarka-swia ... iku-afryke

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HOUSTON (Reuters) - Chevron Corp. (NYSE:CVX) Chief Executive Michael Wirth on Tuesday said a consolidation between the five top Western oil producers remains a possibility but would face regulatory hurdles.

Soaring stock prices and cash levels at oil-focused U.S. energy majors has driven Wall Street talk of potential deals for European oil producers. Citi analysts in January speculated Chevron or Exxon Mobil (NYSE:XOM) could acquire BP (NYSE:BP) PLC, Shell (LON:RDSa) PLC or TotalEnergies due to valuation differences.

"I never say never about anything," Wirth said in a media briefing following the company's annual business update for investors. "But it would not be simple to execute, just given the realities of getting something like that approved."

Regulatory and government approvals make the process more complex than in the late 1990s when the greater number of oil companies and depressed shares prices triggered consolidation that led a handful of supermajors.

"As you get down to fewer people who overlap, the regulatory challenges and government approvals, etc., gets a little bit more complex," Wirth said.

Chevron is not in a hurry for M&A in oil or renewable energy and remains committed to keeping a tight rein on spending even during periods of high energy prices and cash abundance, he said.

"Spending faster doesn't necessarily make opportunities better. It just means spending faster," Wirth said. "We will be patient."

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Shell, Chevron and Petrobras weigh Guyana oil auction bids -sources

HOUSTON (Reuters) - Guyana's coming auction of offshore oil exploration blocks has lured at least 10 companies including Shell (LON:RDSa), Petrobras and Chevron , to consider the decade's hottest oil region, people close to the matter said.

The South American country is offering 14 offshore blocks, a move to speed economic development and reduce an Exxon Mobil-led consortium's dominance of its oil sector. Winning bidders are expected to be picked next month.

Guyana Vice President Bharrat Jagdeo is set to speak at the CERAWeek energy conference in Houston on Monday to drum up support for the country's first competitive bidding round.

"We see this as big, transformative for our people. We are in a mad rush to get this done before net-zero comes," he said referring to the target to substantially cut fossil fuel use by 2050.

He plans to meet with U.S. government officials, international and state-run oil firms while in Houston.

Companies interested in the April round have paid for seismic data to evaluate the blocks and decide whether to submit offers, according to the government. They include six big international producers, Energy Minister Vickram Bharrat has said, without identifying the companies.

None of the companies have decided on bids as they wait for the government to release contract terms, the people familiar with the matter said.
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https://www.investing.com/news/commodit ... es-3022410

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California set to regulate profit margins for gasoline refiners

(Reuters) - California can begin regulating how much profit the state's oil refiners can earn on selling gasoline beginning this summer under that Governor Gavin Newsom signed into law on Tuesday.

“With this legislation, we’re ending the oil industry’s days of operating in the shadows," said Newsom, a Democrat, after signing the bill. Oil companies had opposed the measure that starting June 26 empowers the California Energy Commission to set a state gross gasoline refining profit margin, and to levy penalties for exceeding it.

"California took on Big Oil and won. We’re not only protecting families, we’re also loosening the vice grip Big Oil has had on our politics for the last 100 years.”

Chevron (NYSE:CVX), the largest oil refiner by volume in the state, called the measure "a step backward" and its approval "likely to result in less reliable, less affordable fuel for state motorists," said spokesperson Ross Allen.

Energy investment firm Tudor Pickering & Holt said this week that independent refiner PBF Energy (NYSE:PBF) has the largest single exposure in the California market with 32% of its refining capacity in the state.

PBF did not respond to a request for comment.

"Refiners will also have to report more information to the watchdog," said Matthew Blair, Tudor Pickering's managing director of refiners, chemicals, and renewable fuels research.

California is the largest U.S. market for motor fuels but has some of the highest retail prices. It is isolated from Gulf Coast and Midwest refining centers, so is more reliant on a shrinking number of West Coast refineries and fuel imports from Asia and Europe.

Those limits make the state vulnerable to plant outages and spikes in crude oil prices such as the summer and fall of 2022.

The law will do nothing to increase gasoline supply to the West Coast, said John Auers, managing director of Refined Fuels Analytics. "It won't do any good and it will do harm."

The uncertainty of possible penalties will weigh on the industry, said David Hackett, chairman of fuels consulting firm Stillwater Associates.

"I think that's exactly what they are doing: Death by a thousand cuts."

https://www.investing.com/news/stock-ma ... in-3044262

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Chevron CEO pay rose 4% to $23.6 million in 2022, employee compensation fell

HOUSTON (Reuters) - Chevron Corp (NYSE:CVX) CEO Michael Wirth was paid $23.6 million in 2022, a 4% increase from the prior year while the median annual compensation for the oil giant's employees fell 12%, a securities filing showed on Wednesday.

In addition to sky-high energy prices, cost-cutting measures including payroll reductions helped Chevron's profit more than double in 2022 to a record $36.5 billion.

The median annual compensation for Chevron employees last year dropped to $161,488.

Under a new metric required by the U.S. Securities and Exchange Commission, Wirth's "actual compensation paid" rose 60% to $86.7 million when equity awards, pension benefit adjustments and other compensation were factored in.

Chevron said the figure did not represent Wirth's actual realized compensation as it includes equity-based awards - the value of which is not known until options are exercised or stock is sold.

According to shareholder advocacy group As You Sow, Wirth last year ranked 87th on a list of 100 CEOs that it says received unjustified pay levels.

CEO compensations are set to the rise 30% to an average of $38.1 million this year, according to As You Sow. Most companies approve compensations in the prior year.

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Latest Release
Apr 28, 2023

EPS / Forecast
3.55 / 3.38

Revenue / Forecast
50.79B / 48.95B

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CARACAS (Reuters) - Some of U.S. oil major Chevron Corp (NYSE:CVX)'s export earnings from its Venezuela operations are bolstering supplies of U.S. dollars in the South American country, three sources with knowledge of the matter told Reuters.

Chevron operates in Venezuela, which is under U.S. sanctions, with special authorization from Washington. It received and exported about 148,000 barrels per day of Venezuelan heavy crude to the U.S. in April.

Chevron brings back some of its export earnings to Venezuela, exchanging them for the hugely devalued bolivar currency so it can pay taxes and other local expenses, the three sources said, as the government keeps the exchange rate stable in a bid to control inflation.

"Chevron has to meet its commitments in bolivars ... it needs resources in Venezuela for the production at its fields to rise," said Asdrubal Oliveros, director of local analyst firm Ecoanalitica.

Since February the company has offered between $20 million and $30 million each week at exchanges run by private local banks, two of the sources said.

"We continue to conduct our business in compliance with all laws and regulations, as well as the sanctions framework provided by the U.S. Office of Foreign Assets Control," Chevron said in response to a request for comment. "Our focus is on supporting safe and reliable operations."

The central bank also sells dollars, mostly the product of oil sales. Exchanges are largely made with companies.

According to local consulting firm Sintesis Financiera, the central bank offers between $40 million and $50 million per week.

Private banks do not typically share the total amount offered on their exchanges.

The central bank did not respond to requests for comment.

"Chevron will remain a stabilizing factor if it continues covering 20% of the demand for foreign currency attended by banks and surely it will alleviate the burden of intervention of the central bank," Sintesis Financiera said in a report.

In an effort to control rampant inflation, Venezuela's government has been injecting dollars into the economy to stabilize the exchange rate, along with public spending cuts and credit restrictions.

The strategy kept inflation in the single digits for nine months in 2022, but there are not enough dollars on the market to meet demand and authorities are unwilling to modify the exchange rate, the sources said.

The government releases inflation data sporadically, but the non-governmental Venezuelan Finance Observatory says annual inflation is 500%.

The government's need for dollars to buoy up the exchange rate and enable government largesse ahead of 2024 elections is among the motives for a crackdown on alleged corruption at state oil company PDVSA, sources told Reuters in March.

The loosening of sanctions is the United States' top bargaining chip in its efforts to motivate the government of Nicolas Maduro to return to talks with the country's opposition meant to lead to free elections.