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Why Chevron, Exxon And More Oil Stocks Are Trading Higher Today
Shares of several energy companies are trading higher on Thursday as oil prices have gained amid OPEC+ output cut discussions. There is positive market sentiment following positive U.S. unemployment data which has also helped lift oil prices today.
Benzinga · 1h ago
Oil Prices Fall As OPEC+ Tries To Avoid 'Taper Tantrum' In Contentious Meeting
Investor's Business Daily · 4h ago
Chevron Slashes Long-Term Spending Plan in Wake of Oil Slump
(Bloomberg) -- Chevron Corp. followed arch-rival Exxon Mobil Corp. in cutting its long-term capital spending plans, responding to this year’s slump in oil and expectations that prices won’t rebound any time soon.The company said Thursday in a statement that capital and exploratory expenditure will be $14 billion to $16 billion annually from 2022 to 2025, down from a previous forecast of $19 billion to $22 billion.The updated plan reflects the savage drop in crude during 2020, which has led the industry to make painful spending cuts. While oil has rebounded from the worst of its slump, prices remain below $50 a barrel, and the pandemic continues to weigh on global demand.Chevron’s update plan also illustrates its evolving priorities in the years ahead. Spending at its $45 billion Tengiz oil project in Kazakhstan, which has gone massively over budget, is expected to decline, while expenditure will rise on shale production in the Permian Basin, and on conventional oil in the Gulf of Mexico.The company’s announcement comes three days after Exxon Mobil Corp. said it too will reduce in capital spending, to $25 billion a year through 2025, a $10 billion reduction from an earlier, pre-pandemic target. Exxon, which at the same time also announced the biggest writedown in the company’s modern history, is under severe pressure to maintain its dividend. Chevron sought to distance itself from its U.S. rival.“Chevron is in a different place than others in our industry,” Chevron Chief Executive Officer Mike Wirth said in the statement. “We’ve maintained consistent financial priorities starting with our firm commitment to the dividend.”Chevron also maintained forecast spending for 2021 at $14 billion. That sum includes $300 million earmarked for investments related to the energy transition.Shares of Exxon were 0.8% higher at $90.60 at 8:31 a.m. in New York.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Bloomberg · 5h ago
Stop Dissing Electric-Car Companies Already
Bloomberg · 9h ago
Big Oil Is Shedding Assets To Focus On Key Projects
Oil majors are having to pick and choose their projects now, with even ExxonMobil writing down billions of dollars in assets
Oilprice.com · 19h ago
Porsche investing $24 million in 'e-fuels' to supplement electrification of sports cars
Porsche officials said e-fuels can act like gasoline, allowing owners of current and classic vehicles a more environmental-friendly way to drive.
CNBC.com · 1d ago
Oil prices, energy names climb as OPEC+ expected to extend cuts
The S&P 500 energy sector ([[XLE]] +4.3%) is today's top performer, rebounding from Monday's 5.4% thud which followed a one-third increase in November through the 27th.Today's strength is backed by
Seekingalpha · 1d ago
Thinking about trading options or stock in Intel Corp, Moderna, General Electric, American Airlines, or Exxon Mobil?
, /PRNewswire/ -- InvestorsObserver issues critical PriceWatch Alerts for INTC, MRNA, GE, AAL, and XOM.
PR Newswire - PRF · 1d ago
Company News for Dec 2, 2020
Zacks · 1d ago
Mike Khouw Takes A Look At Exxon Mobil's Dividend
On CNBC's "Options Action," Mike Khouw spoke about Exxon Mobil Corporation's (NYSE: XOM) dividend.
Benzinga · 1d ago
15 Largest EPC Companies in the World
In this article we take a look at the 15 largest EPC companies in the world. Click to skip ahead and jump to the 5 largest EPC companies in the world.  The largest EPC companies in the world are responsible for the top turnkey projects worldwide. These are the companies which bring magnanimous engineering and […]
Insider Monkey · 1d ago
Petrobras CEO Calls Net Zero a Fad, Echoing Exxon’s Focus on Oil
Petrobras is pledging a 25% cut in carbon emissions by 2030, but that hasn’t stopped Chief Executive Officer Roberto Castello Branco from dismissing pledges by peers to completely neutralize their carbon footprints two decades later.
Bloomberg · 1d ago
Why An Air Travel Recovery Won’t Spark An Oil Rally
Oil demand isn’t going to see a bump from air travel demand anytime soon, or so the International Air Transport Association (IATA) said in a recent press release
Oilprice.com · 1d ago
Options Action: A look at Exxon
Mike Khouw with a look at Exxon and whether the oil giant's dividend is in danger.
CNBC.com · 1d ago
Exxon Is Retrenching. A Top Executive Defends the Strategy.
The oil giant sees enormous value in its portfolio and expects to be able to double its earnings by 2027 from 2017 levels.
Barrons.com · 1d ago
Oil Prices Drop On OPEC+ Uncertainty
Oil prices fell on Tuesday morning as OPEC+ failed to reach an agreement regarding production cuts in 2021, with the three most influential members all disagreeing on how to proceed
Oilprice.com · 2d ago
Exxon Dividend Is At Risk, Amid Weak Oil Demand: Valle (Radio)
Source: Bloomberg, 06:22
Bloomberg · 2d ago
Stocks making the biggest moves midday: Zoom Video, Nikola, Tesla and more
These are the stocks posting the largest moves in midday trading.
CNBC.com · 2d ago
Exxon Is Suspending Employee Bonuses After Oil-Market Collapse
Exxon Mobil Corp. is suspending employee bonuses for this year after the crude-market collapse spurred a record run of quarterly losses for the oil titan.
Bloomberg · 2d ago
Big Oil Pays for Past Bets on Fossil Fuels With $70 Billion Hit
Bloomberg · 2d ago
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About XOM
Exxon Mobil Corporation is engaged in energy business. The Company is engaged in the exploration, production, transportation and sale of crude oil and natural gas, and the manufacture, transportation and sale of petroleum products. The Company also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics, and a range of specialty products. The Company's segments include Upstream, Downstream, Chemical, and Corporate and Financing. The Upstream segment operates to explore for and produce crude oil and natural gas. The Downstream operates to manufacture and sell petroleum products. The Chemical segment operates to manufacture and sell petrochemicals. The Company has exploration and development activities in projects located in the United States, Canada/South America, Europe, Africa, Asia and Australia/Oceania.
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