Company Name | Ticker | As of Date | |
---|---|---|---|
Chevron Corporation | CVX.N | 28-08-2024 | |
Sector | Industry | ||
Energy | Oil & Gas Exploration & Production | ||
Country | |||
USA |
Period | ST | LT |
---|---|---|
Cumulative Score | 0.0 | 0.0 |
Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream.
Chevron Corporation [CVX.N] has a ST cumulative score of 0, which represents the neutral impact of recent events and is anticipated to have no impact on the company in the near future.
Chevron Corporation announced that it started oil and natural gas production from the Anchor project in the deepwater U.S. Gulf of Mexico. Anchor production marks the successful delivery of high-pressure technology that is rated to safely operate at up to 20,000 psi, with reservoir depths reaching 34,000 feet below sea level.
Chevron Corporation (NYSE: CVX) reported earnings of $4.4 billion ($2.43 per share - diluted) for second quarter 2024, compared with $6.0 billion ($3.20 per share - diluted) in second quarter 2023. Second quarter 2024 earnings decreased compared to last year primarily due to lower margins on refined product sales, the absence of prior year favorable tax items and negative foreign currency effects.
Oil producers Chevron Corp and Hess Corp expect the U.S. Federal Trade Commission will review their proposed merger in the third quarter, the companies said. Bloomberg News reported that the FTC planned to delay its decision on whether to block Chevron's $53-billion takeover of Hess until after an arbitration case with Exxon Mobil is settled, or at least until the fourth quarter, citing unnamed sources.
Price rises in the US cooled in June, building hopes that the world's largest economy is moving on from the bout of high inflation that hit after the pandemic. It marked the third month in a row that inflation has fallen, easing financial pressures on households and potentially clearing the way for the US central bank to cut interest rates as soon as September.
US Federal Reserve Chair Jerome Powell said that he expects US inflation to resume declining through 2024 as it did last year, however, his confidence on lower inflation has lately dropped with the quick rise in prices during the first quarter.
After a harsh winter in January that reduced oil and gas output, U.S. drillers are ramping up again, with the February average daily gaining 600,000 bpd from January, according to data from the Energy Information Administration.