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Chevron's move signals a big shift in the industry
May 21, 2019
Source: World Oil

Chevron's move signals a big shift in the industry

Energy major Chevron Corp. has taken a big step towards the electric car business. It will be offering electric car charging ports at some of its gasoline stations in California. Back in November, Chevron invested in ChargePoint Inc. which is one of the biggest electric vehicle charging network. GM of Chevron said, "We are always exploring how to evolve our offering, helping improve the consumer experience".

Chevron draws back from Anadarko takeover battle
May 10, 2019
Source: Reuters

Chevron draws back from Anadarko takeover battle

In a major turn of events, supermajor Chevron pulled back from the takeover battle for Anadarko, yesterday. Occidental, which received $10 billion in financial assistance from Berkshire Hathaway, has emerged victorious in one of the largest takeover contests in the oil and gas industry. Chevron received a $1 billion breakup fee from Occidental Petroleum, to be utilized in a $5 billion share repurchase program.

Total drops new bomb in Chevron-Anadarko-Occidental battle
May 6, 2019
Source: CNBC

Total drops new bomb in Chevron-Anadarko-Occidental battle

Supermajor, Total yesterday inked an $8.8 billion asset purchase deal with Occidental, and dropped a new bombshell in the ongoing Chevron-Anadarko-Occidental battle. If Occidental wins the bid, then the binding agreement will require the firm to sell Anadarko Petroleum’s oil and gas assets in Africa. Post divestment, Occidental will gain ownership to the Western Midstream Partners and Anadarko’s acreages in U.S. shale basins, the Gulf of Mexico and South America.

PDVSA to install generators for Chevron oilfields
May 4, 2019
Source: Reuters

PDVSA to install generators for Chevron oilfields

A storm of blackout in Venezuela paralyzed its crude production. After this, the OPEC nation has decided to make the crude prodcution "independent" of national grid. For this, PDVSA will install 20 generators for the the crude project partly owned by Chevron. The company informed that the generators will have a total capacity of 50 megawatts and would “increase the stability of (electricity) service for the extraction of daily barrels”.

Chevron concludes acquisition of Petrobras’ Pasadena refinery
May 2, 2019
Source: Reuters

Chevron concludes acquisition of Petrobras’ Pasadena refinery

In a statement released yesterday, supermajor Chevron informed about concluding the purchase of 112,229-barrel-per-day Pasadena refinery from Petrobras in $350 million. Additionally, Chevron has also acquired Petrobras’ subsidiary, PRSI which operates the refinery and owns PRSI Trading, a trader of crude and refined products. Chevron and Petrobras agreed in January for the sale, but the transfer of the refinery ownership was kept on hold last month.

Chevron concludes acquisition of Petrobras’ Pasadena refinery
May 2, 2019
Source: Reuters

Chevron concludes acquisition of Petrobras’ Pasadena refinery

In a statement released yesterday, supermajor Chevron informed about concluding the purchase of 112,229-barrel-per-day Pasadena refinery from Petrobras in $350 million. Additionally, Chevron has also acquired Petrobras’ subsidiary, PRSI which operates the refinery and owns PRSI Trading, a trader of crude and refined products. Chevron and Petrobras agreed in January for the sale, but the transfer of the refinery ownership was kept on hold last month.

Warren Buffet throws in $10 billion to help Occidental acquire Anadarko
May 1, 2019
Source: Reuters

Warren Buffet throws in $10 billion to help Occidental acquire Anadarko

In an interesting turn of events on Tuesday, Warren Buffett-owned Berkshire Hathaway backed Occidental’s $38 billion-bid for Anadarko. Berkshire commitment of $10 billion aid will greatly boost Occidental’s chances of securing a win in one of the biggest oil-industry takeover battles. However, the help comes at the cost of 100,000 preferred shares and a warrant to buy upto 80 million shares of Occidental at $62.50 apiece in a private offering.

Berkshire's intervention results in a 'dead' bid for Chevron
May 1, 2019
Source: World Oil

Berkshire's intervention results in a 'dead' bid for Chevron

According to the Chicago's investment firm Harris Associates, after Berkshire's $10 billion support to Occidental, Chevron no longer stands a chance to buy Anadarko. “I think at this point you would consider Chevron’s bid dead”, said chief investment officer at Harris. Buffet's firm decided to back Occidental a day after Anadarko agreed for the negotiations with Occidental.

Delek offers a package for Chevron's North Sea assets
April 29, 2019
Source: Energy Voice

Delek offers a package for Chevron's North Sea assets

Israel-headquartered Delek has made it official that it is on the verge of closing the deal with Chevron. The company informed that it has offered Chevron a package for its central North Sea assets. The bid for this deal was submitted through Delek’s wholly-owned subsidiary Ithaca Energy. The package by Delek includes Chevron's stakes in the Alba, Alder, Britannia, Captain, Elgin-Franklin, Erskine and Jade fields.

Chevron reports 27% drop in profits for first quarter
April 27, 2019
Source: Reuters

Chevron reports 27% drop in profits for first quarter

Oil supermajor, Chevron yesterday released quarterly earnings, reporting a 27% drop in the profits for the first quarter. The US-based firm saw a fall of nearly 7% in the revenue, from $37.64 billion in 2018 to $35.2 billion this year. The plunge in the profits has been attributed to sink in crude oil prices and thinner margins in Chevron’s refining and chemicals businesses.

Anadarko's quarterly profits leave the analysts perplexed
April 26, 2019
Source: Reuters

Anadarko's quarterly profits leave the analysts perplexed

Anadarko Petroleum's quaterly profit has gone far above the estimates of the analysts buoyed by higher sales volumes and lower costs. Currently, Anadarko has been caught amidst the bidding war between Occidental Petroleum Corp and Chevron Corp. The company's average sales volume of oil, natural gas and natural gas liquids jumped 11.2% to 715,000 boepd in the first quarter.

Occidental throws in $38 billion for Anadarko
April 25, 2019
Source: Reuters

Occidental throws in $38 billion for Anadarko

In a rather surprising move, Occidental Petroleum placed a new bid for the acquisition of Anadarko Petroleum on Wednesday. The new bid tops the $33 billion acquisition bid offered by supermajor, Chevron. If successful, the acquisition will add approximately quarter million acres to Occidental’s acreage in the Permian shale, all the while boosting its global production to 1.4 million barrels of oil and gas per day.

Petrobras to prove Pasadena refinery operational to Chevron
April 23, 2019
Source: Reuters

Petrobras to prove Pasadena refinery operational to Chevron

According to sources, supermajor Chevron has asked Petrobras to prove Pasadena refinery to be operational before taking possession of the facility. Chevron announced in January to spend $350 million for the proposed acquisition of 112,229 barrel-per-day (bpd) Pasadena refinery from Petrobras. Sources revealed that the ownership transfer was stalled after the refinery went under planned overhaul.

The HSE investigates a major gas leak from Alba Northern Platform
April 17, 2019
Source: Energy Voice

The HSE investigates a major gas leak from Alba Northern Platform

A gas leak occurred on February 3 on the Alba Northern installation in the North Sea, operated by Chevron. More than 80 kg of gas was released during that incident and the Health and Safety Executive (HSE) is investigating the matter. Chevron informed that no casualty occurred during that incident and that the company is cooperating with HSE's investigation.

Delek and Ineos top the list for the sale of Chevron's gas fields
April 16, 2019

Delek and Ineos top the list for the sale of Chevron's gas fields

According to the sources, Delek and Ineos have emerged to be the top players for a package of North Sea oil and gas fields put on sale by Chevron. These two companies have put behind Premier Oil Plc, Chrysaor Holdings Ltd. and Oman’s Petrogas. After buying Anadarko last week for $33 billion, Chevron is planning to exit from the North Sea to focus more on US shale.

Chevron acquires Anadarko
April 13, 2019
Source: Reuters

Chevron acquires Anadarko

Chevron has acquired Anadarko Petroleum Corp in a $33 billion deal. Anadarko has been a trailblazer of the US shale revolution which made the nation the world's biggest oil producer. Anadarko's decision to rather agree for this deal than capitalize on oil prices exemplifies the challenges faced by many shale producers. The shale producers like Pioneer, Diamondback Energy and Concho are already facing pressure from the investors to improve profitability.

Chevron shuts its oil production facilities
March 14, 2019

Chevron shuts its oil production facilities

According to the sources, Chevron has closed some of its oil production facilities in the Gulf of Mexico. Chevron has taken this step after the operator, Shell Pipeline Company shut down its almost 350,000 bpd Amberjack pipeline system. Amberjack connects the fields of the Gulf of Mexico to the Texas and Louisiana Gulf Coast refiners. The facilities shut down by Chevron include Jack/St. Malo, Tahiti, Big Foot and Genesis.

CERAWeek 2019 Day 2- “Localization is key to globalization”
March 14, 2019
Source: World Oil

CERAWeek 2019 Day 2- “Localization is key to globalization”

During Day 2 of CERAWeek 2019, diversification, transformation and globalisation were some of the most talked about topics. Chevron's Chairman and CEO continued with the leadership dialogue and talked about the company's goals in the Permian Basin. The special feature of CERAWeek, Innovation Agora was all about energy innovation, emerging technologies and solutions. Pompeo talked about MESA and encouraged other countries to align with the US.

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