Big Oil’s weak chemical margins add to pain of cheaper crude
Plunging margins for petrochemicals are set to take a bite out of Big Oil’s quarterly profits, adding to the pain companies are feeling from lower oil and gas prices.
Chevron
Chevron beats earnings forecasts while extending CEO’s tenure
Chevron posted better-than-expected earnings as output in the Permian Basin soared to a record and the oil giant said it waived the mandatory retirement age for Chairman and Chief Executive Officer Mike Wirth.
Chevron expects even less CO2 injection at Gorgon than last year
Chevron expects to inject even less CO2 at its flagship Gorgon CCS plant this year than in 2022, amid issues with water management and seismicity.
Chevron takes FID on Leviathan expansion
It will increase the throughput of gas from 1.2 billion cubic feet per day to nearly 1.4 bcf per day, or from 12 billion cubic metres per year to 14 bcm. The new gathering pipeline should reach first gas in the second half of 2025.
Sapura Energy heads off creditors for now, signs 10 contracts
Sapura Energy has also said its proposed restructuring would include a “white knight” investing 1.8 billion ringgits ($390mn) in the business.
CVC investment in clean energy start-ups reaches record-high
At over $8billion, big company corporate venture capital investment (CVC) in clean energy start-ups ran at a record high last year.
Chevron makes $7.6bn all-stock offer for PDC
The deal valued PDC at $6.3 billion, or $72 per share. The company is currently trading at around $65, with the deal offering a 11% premium.
Chevron’s carbon capture flagship is stuck at one-third capacity
Chevron’s flagship carbon capture and storage project in Australia faces years of work to hit full capacity, underscoring the challenge of a technology seen as necessary to help the world hit climate goals.
Chevron nears deal in shared block offshore Angola and Congo
Oil production from the block could start as early as two years after a deal is signed, Budimbu said.
CCUS learnings from CERAWeek
You only need to have read a little of the media coverage to realise there were some clear key themes to emerge from CERAWeek 2023.
Marathon’s West African hub plan takes shape
As of January 1, 2024, LNG produced from the Alba field “will be sold into the global LNG market, which is expected to drive a significant financial uplift for our company given the material arbitrage between Henry Hub and global LNG pricing”.
Chevron suspends production following Benchamas accident
Officials have recovered the body of the crew member and will return him to his family.
Analysts: Laggan-Tormore, Clair Ridge among potential targets for Viaro
A handful of West of Shetland assets have been highlighted by industry experts as potential acquisition targets for Viaro Energy.
Thailand rushes Navy to prevent oil spill from damaged vessel
Thailand ordered its navy to join efforts to rescue an oil storage vessel operated by a unit of Chevron that was damaged earlier this week during a routine maintenance in the Gulf of Thailand.
Chevron, Jera build CCS plans on LNG roots
“[Jera] are interested in whether there is a way to drop products such as hydrogen and ammonia into the LNG value chain,” said Jeff Gustavson, president of Chevron New Energies.
ChemOne’s PEC signs up supply, offtake deals
The facility will process 150,000 barrels per day of condensate, producing 2.3 million tonnes per year pf aromatics. It will produce 50,000 tpy of hydrogen.
Big Oil’s divergent strategies leave European majors trading at large discounts
Values – according to the rather twee maxim - are like lighthouses; they give direction, meaning and purpose.
Carbon capture and e-fuels the talk of CERAWeek
The demonstration project will use DAC or CO2 captured from industrial emitters. Santos aims to use its existing infrastructure to “generate, liquefy and export” e-methane to Japan.
$5bn worth of oil and gas assets up for sale in Southeast Asia
Around three billion barrels oil equivalent (boe) of resources,worth a total $5 billion are on the market, in Southeast Asia.
Buy now, pay later: Supermajors set to continue record share repurchases
A year of high commodity prices and record profits for oil and gas majors has many questioning what to do with all their cash - with increasing amounts returned to investors via buybacks.
Egypt offers brownfield options, while El Molla woos Chevron
The two talked about Chevron’s plans in Egypt. These include increasing production and co-operation in exporting gas from the region to Europe.
Subsea ‘innovator’ honoured at awards following 40-year career
Chevron veteran of 31 years, Peter Blake, was honoured Outstanding Contribution Award at the Subsea Expo Awards last night.
NewMed invests in plan for Israeli LNG exports
The Israeli company has also talked about building a third gathering line at Leviathan, with a final investment decision (FID) due early this year.
Supermajors look to ‘value over volume’ as upstream capex plummets
Despite record cash generation, supermajors are investing $100bn less in upstream capex than a decade ago as low-cost, low-emissions projects take priority.
Sanha on track for Angola LNG as Sarens loads out jacket
SLGC is intended to tackle a projected supply gap at the Angola LNG facility.