It also mentioned that  upstream liquid-fuels pricing could increase earnings by as much as $400 million.Margins in its chemicals business could see an increase between $200 million and $400 million.

On the other hand, the company mentioned that downstream refining margins could range between a negative $100 million to a positive $100 million increase while mark-to-market derivatives could negatively affect earnings by $100 million to $300 million.

However, ExxonMobil said that the list of the  takeaways it is providing is not comprehensive, and said that it "may not account for all adjustments and charges required to fully reflect the changes in industry conditions.

ExxonMobil Corp.   said it plans to cut around 1,900 domestic jobs, and to lower its global workforce by around -15% over the next two years. The oil giant said that the dampening of energy demand due to COVID-19 has forced the company to make the changes. According to  Exxon, the job cuts will improve the company’s long-term cost competitiveness and to ensure the company manages through the current “unprecedented market conditions.Outlook on near-term demand is gloomy among investors amid new lockdown orders in Europe and decreasing gasoline consumption in the United States.

Amgen (AMGN), Honeywell (HON), and Salesforce.com will be added to the index. The changes mark the first time since September 2013 that multiple companies have been dropped and added at the same time.Honeywell for Raytheon makes sense since both are industrial companies with ties to the defense industry. The one that doesn’t make much sense is swapping out Exxon Mobil and replacing it with Salesforce.com.

BP  posted a second-quarter loss and announced halving of its quarterly dividend.However, the energy company also announced plans on cost cutting and a drive to go green. The London-based company’s second-quarter underlying replacement cost profit, which it uses as a proxy for its net earnings, came in at a record loss of -$6.7 billion for the second quarter.

including Noble’s debt) of the deal is $13 billion. “Our strong balance sheet and financial discipline gives us the flexibility to be a buyer of quality assets during these challenging times,” Chevron CEO Michael Wirth said." According to Tickeron, CVX in Uptrend: price may ascend as a result of having broken its lower Bollinger Band on July 09, 2020 This price move signals that CVX may jump back above the lower band and head toward the middle band.

Chevron  shares got a rating downgrade from  Bank of America analysts, on valuation concerns.  Analysts at Bank of America lowered their rating on the oil behemoth’s shares to underperform from neutral, on what they perceive are fully valued at current levels. Calling his own view as  “ counter-consensus”, Leggate  argued that a discounted-cash-flow-based valuation suggests that the shares are fairly valued at current levels, assuming a $60 Brent crude base. The analyst anticipates Chevron’s major growth driver, the Permian Basin, to hurt its cash margins, since U.S. production is leaning towards gas and natural-gas liquids. Furthermore, Leggate   indicated that ever since oil prices crashes in 2015, Chevron has increasingly focused on reducing spending and engaging in share buybacks .The analyst views the share buybacks as a sign of “ underinvestment” that compromises visibility on new projects needed to sustain free cash flow growth and bolster

Chevron shares climbed Monday,  after a Barclays analyst initiated coverage on the company with an overweight rating. Barclays analyst Jeanine Wai said in a note to investors that the oil and gas company "is well-positioned” to generate substantial free cash flow to shareholders, and also fund its 3-4% five-year growth CAGR guidance.Wai set a stock price target of $145 on Chevron. Wai also mentioned that even as Chevron has outperformed ExxonMobil by 11% over the last year, the stock still trades at a discount on an after-tax cash-blow basis in 2020, which should invert over the next year as the market factors in the sustainability of CVX's casg return program.

Chevron Corp. reported second quarter earnings that edged past analysts’ expectations, even as revenue missed estimates. The energy company’s earnings for the three months ending in June surged around +27.5% year-over-year to $2.27 per share, crushing the Street consensus forecast of $1.78 per share. The company benefited from a $1 billion termination fee it received after Occidental Petroleum bought Anadarko Petroleum with a winning $38 billion bid.The termination fee added $720 million to the quarter’s profit, Chevron said. However, total revenue for the company declined -21% from the year-ago quarter to $36 billion, falling short of analysts' estimates of $40.55 billion. While its U.S. shale production climbed +21% during the quarter, it was offset by sharply lower oil and gas prices.  Chevron’s daily production of oil and gas rose +9.1% to 3.08 million barrels - a record high for the company.  The company indicated that it  expects to buy back $5 billion i

Overall, production fell roughly 6.4% in three years and for an oil-producing company, this isn’t a good trend. A closer look shows the issue may not be alarming.Even after a rough 2018 in terms of average annual production, the numbers began to bounce back in the second half of that year with the trend being carried over to the first half of 2019, pushing y-o-y production up by 5%. So, what’s the driver behind this improvement? The answer: Exxon’s efforts in the onshore U.S. market, where the Permian Basin has finally begun to produce strong results.

Royal Dutch Shell on Tuesday outlined plans to increase spending and dividends after 2020 in a show of confidence despite an uncertain outlook for oil and gas prices.

Crude oil suffered its worst trading session of the year, as losses mounted throughout the day amid a burst of pessimism over U.S.-China trade tensions that pushed investors away from risky assets. 

Oil prices plunged on Thursday, losing about 5% as trade tensions dampened the demand outlook, putting the crude benchmarks on course for their biggest daily and weekly falls in six months.

They are now being relocated to Dubai or to the main camp housing foreign oil company employees in Basra province. Officials at the embassy have, however, confirmed that there is no such imminent threat and the company has confirmed that its operations are normal and stable as before with the oilfield running at full capacity and producing 440,000 barrels per day. According to the company, the evacuation was a precautionary measure and hasn’t impacted production in any way as the foreign engineers were mainly stationed as advisors.Operations are primarily being overseen and managed by Iraqi engineers. Exxon’s staff were evacuated in several phases on late Friday and also on early Saturday, and they were stationed either straight to Dubai or to the main camp housing foreign oil company employees in Basra province. The said threat is perceived following rising tensions between Iran and Washington which anticipate a potential U.S-Iran conflict.

Saudi Energy Minister Khalid al-Falih said on Sunday there was consensus among OPEC and allied oil producers to drive down crude inventories “gently” but his country would remain responsive to the needs of what he called a fragile market.

A settlement worth nearly $6.6 million has been proposed that will go towards restoring Charleston area salt marshes and building oyster reefs. The money will be split among several state and federal agencies and will be used to reimburse administrative expenses related to damage assessment and damage control into the Ashley and Beaufort Rivers and about 100 acres of salt marshes by the phosphate fertilizer industry since the 1800s. Experts admit that the negative impact of phosphate fertilizer industry, apparently the largest in South Carolina, were unknown.The toxic pollutants have caused range of negative responses in the marine and estuarine life including increased mortality, developmental problems, and reproductive issues. The settlement money borne by Exxon Mobil will also go towards restoring other damaged ecosystems and rebuilding marine life.

Oil prices dropped 1% on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in U.S. crude stockpiles. 

Amid weakening market prices for oil and gas, Royal Dutch Shell clocked an impressive quarter, generating plenty of cash and buying back sizable amounts of stock. Key highlights of the earnings report include: revenue at $85.66 billion compared to $91.11 billion in the same quarter a year ago and $104.6 billion in the last quarter of 2018; net income at $6.00 billion compared to $5.90 billion in the same quarter a year ago and $5.59 billion in the last quarter of 2018; earnings per ADS at $1.48 compared to $1.42 in the same quarter a year ago and $1.36 in the last quarter of 2018; and finally, operating cash flow at $8.63 billion compared to $9.47 billion in the same quarter a year ago and $22.0 billion in the last quarter of 2018. The segments that performed best in the quarter were oil products and chemicals segments.As of today, Shell has production capacity of about 650,000 barrels of oil equivalent per day and 5.6 million tons per year of LNG, as well as 1.5

Chevron’s leaders insist the company’s fortunes don’t rely on dealmaking, but the oil major nevertheless has much to lose if it does not prevail in an ongoing battle with Occidental Petroleum to take control of Anadarko Petroleum.Read More...

Anadarko Petroleum’s board of directors said on Monday that Occidental Petroleum’s buyout offer is superior to its agreement to sell its business to Chevron, putting the deal with the oil giant in jeopardy.Read More...

After two consecutive good quarters, Exxon Mobil fell a little flat in its latest quarter, due to weak performance from its refining and chemical business. The two main reasons for such a flat performance, according to the company, were lower than expected margins from the company’s refining and chemical business and second, the substantial downtime for maintenance in both its upstream and downstream businesses.Margins from the refining and polyethylene business in this past quarter were some of the lowest the company has seen in almost a decade. A number of investors are of the opinion that this trend will continue over the next couple of years.