Exxon is confident that it will prevail in the dispute over Chevron Hess deal
Exxon Mobil senior vice president Neil Chapman announced on Thursday that the arbitration proceedings for Exxon Mobil’s contract dispute with Chevron over its planned acquisition of Hess ended this week. A decision is expected within two to three month, he said. While speaking at a Bernstein conference, Chapman said he was confident that a three-member arbitration panel would rule in Exxon's favor and determine it had a right-of-first-refusal to purchase Hess' stake in a Guyana oil joint venture operated by Exxon. Chevron has struck a deal worth $53 billion to purchase Hess by October 2023.
Palm oil climbs due to short covering and the stronger Dalian oils
The price of Malaysian palm oils futures rose on Wednesday, for the fourth consecutive session. This was due to traders covering short positions and Dalian oil prices rising. The benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange gained 31 ringgit or 0.8% to 3,899 Ringgit ($923.93) per metric ton. Anilkumar bagani, research director of Mumbai-based vegetable oils broker Sunvin Group, stated that crude palm oil futures continued to trade higher as a result of the short covering observed on Tuesday, and the strength in the Chinese market for vegetable oils.
Palm oil rises due to short covering and Dalian oils that are stronger
The price of Malaysian palm oils futures increased on Wednesday, for the fourth consecutive session. This was due to traders covering short positions and Dalian oil's strength providing additional support. At midday, the benchmark contract for palm oil delivery in August on the Bursa Derivatives Exchange rose 25 ringgit (0.65%) to 3,893 Ringgit ($917.73). Anilkumar bagani, research director of Mumbai-based vegetable oils broker Sunvin Group, stated that crude palm oil futures continued to trade higher as a result of the short covering observed on Tuesday…
PREVIEW: Exxon and Hess will face off over Chevron's oilfield deal
Exxon Mobil, the top U.S. oil company, and Hess are scheduled to meet in court on Monday to decide whether Chevron will be able to complete its $53 billion purchase of Hess. This deal includes a stake in Guyana’s oil fields. This acquisition was announced in October of 2023 and is the largest deal in oil in recent years. Mike Wirth, CEO of Chevron, sees it as a key part of his strategy to improve the performance and profitability of the oil company. Exxon, and China's CNOOC (Hess's partners in Guyana) filed arbitration disputes at the beginning of last year.
Exxon and Hess will face off over Chevron's oilfield deal
Exxon Mobil, the top U.S. oil company, and Hess are scheduled to meet in court on Monday to decide whether Chevron will be able to complete its $53 billion purchase of Hess. This deal includes a stake in Guyana’s oilfields. This acquisition was announced in October of 2023 and is the largest deal in oil in recent years. Mike Wirth, CEO of Chevron, sees it as a key part of his strategy to improve the performance and profitability of the oil company. Exxon, and China's CNOOC (Hess's partners in Guyana) filed arbitration disputes at the beginning of last year.
WGC-QatarEnergy CEO: Chemical industry is growing rapidly, says WGC
QatarEnergy, according to its chief executive Saad Al-Kaabi, plans to double its global capacity for plastics and raw materials as the company sees a big growth in chemical industries. He told the World Gas Conference that the state-owned company anticipates starting production on its U.S. Ethane Cracker Project in the first quarter 2027. According to the website of the U.S. firm, this joint venture project with Chevron Phillips Chemical was expected to start operations in 2026. The project will consist of a 2…
Chevron wants big oil and gas blocks, says regulator in Indonesia
Djoko Siswanto, Chairman of SKK Migas' upstream oil-and-gas regulator, stated on Tuesday that U.S. oil giant Chevron was interested in exploring and developing assets with large reserves in Indonesia. Djoko added that Chevron was currently evaluating some of these potential assets. Indonesia offers blocks in Bali and other parts of eastern Indonesia. "We engage regularly with SKK Migas." As per our policy of long standing, we don't discuss the specifics of these engagements", Cameron Van Ast told us by email.
Chevron and European firms lobby for the retention of stakes in Venezuelan oil joint ventures
Three sources familiar with the situation said that the U.S. oil company Chevron and several European firms are currently in discussions with the Trump Administration to get permission to retain their stakes in joint-ventures with Venezuela's PDVSA. Washington revoked in March licenses and authorizations that it had granted to PDVSA’s foreign partners and clients in the past years, allowing them to do business in Venezuela, which was under U.S. sanction, and exporting oil to destinations such as the U.S.A., Europe, and India. The U.S. gave companies until May 27, to close transactions.
Argentina expects an $8 billion surplus in the energy trade balance for this year
Federico Valler said that Argentina is expecting an $8 billion surplus this year in its energy trade, up from a $5.7 million surplus last year. This is due to new government policies which encourage investment. An executive of Argentina's second largest shale producer Vista Energy told reporters earlier on Tuesday that the country may register an energy surplus between $5 billion to $6 billion this coming year. This is due to the activity of the Vaca Muerta Formation, which is one of the largest shale deposits in the world.
Baker Hughes reports that US drillers have cut back on oil and gas drilling for the first time in 3 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of rigs for the first time since three weeks. The number of oil and gas rigs, a good indicator of future production, dropped by three in the week ending May 2 to 584. Baker Hughes reported that the number of rigs is down by 21 this week, or 3% from this time last year. Baker Hughes reported that oil rigs dropped by four this week to 479, while gas-rigs increased by two to 101. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Exxon exceeds Wall Street profit estimates, thanks to Guyana and Permian oil production
Exxon Mobil beat Wall Street's first-quarter profit estimate on Friday as higher oil and natural gas production in Guyana and Permian Basin helped boost earnings. According to data compiled and analyzed by LSEG, the profit for the quarter January-March was $7.71billion or $1.76 a share. This beat analyst expectations of $1.73 a share. Exxon and the energy sector as a whole have had a turbulent start to the new year, after U.S. president Donald Trump's announcements of global tariffs stoked fears of recession. These concerns led to a drop in oil prices, as a weaker economy requires less energy.
Greece approves the tender for hydrocarbons in four offshore blocks
The energy ministry announced on Thursday that Greece had approved an international bid for hydrocarbon exploration of four blocks in Mediterranean Sea following expressions of interest from Chevron Energy and Helleniq Energy. The energy ministry announced that Greece issued a ministerial order this week to launch a tender international after accepting Chevron’s interest in two blocks south-west of Crete, and one block near the Peloponnese Peninsula. After winning the licence to search for gas in two more blocks of Crete, an ExxonMobil consortium is evaluating seismic data.
Exxon exceeds Wall Street profit estimates, thanks to Guyana and Permian oil production
Exxon Mobil beat Wall Street's first-quarter profit estimate on Friday as higher oil and natural gas production in Guyana and Permian Basin helped boost earnings. According to data compiled and analyzed by LSEG, the profit for the quarter January-March was $7.71billion or $1.76 a share. This beat analyst expectations of $1.73 a share. Exxon and the energy sector as a whole have had a turbulent start to the new year, after U.S. president Donald Trump's announcements of global tariffs stoked fears of recession. These concerns led to a drop in oil prices, as a weaker economy requires less energy.
Sources say that the court hearing for Exxon's dispute with Chevron over Hess-Chevron deal will be held on May 26.
Two sources with knowledge of the matter say that, according to the Paris-based International Chamber of Commerce, a hearing has been scheduled for May 26 in Exxon Mobil’s arbitration dispute regarding Chevron’s planned acquisition of oil company Hess. The biggest oil find of the last decade, Stabroek, is the focus of the battle between Exxon, one of the largest U.S. producers of oil, and Chevron. The dispute has caused Chevron to delay its $53 billion deal to purchase Hess announced almost 18 months ago.
Trump administration sues Hawaii and Michigan to block planned lawsuits on climate change
The Trump administration sued Hawaii and Michigan in an attempt to prevent them from suing major oil companies for their role in climate changes. They accused the Democratic-led state of overreach, and threatening domestic energy production. A lawsuit has not been filed by either state. Hawaii Governor Josh Green said to a local television station that Hawaii plans to sue fossil-fuel companies by Thursday. Last year, Michigan Attorney General Dana Nessel retained law firms in order to represent the state in climate-change litigation.
The Trump administration sueded Michigan to stop a planned climate change lawsuit
The Trump administration sued Michigan to stop it from suing oil companies for their role in climate change. They claimed that the Democratic-led Michigan was blocking domestic energy production. In a late-night lawsuit filed in Michigan, the U.S. Department of Justice said that the state's intention to sue would have an "extraordinary extraterritorial scope" and undermine federal regulations on greenhouse gas emissions as well as the administration's goals for foreign policy. The state hasn't filed the lawsuit yet. Michigan Attorney General Dana Nessel is a Democrat.
Venezuela's oil exports drop by 20% after Chevron cancels cargo
Ship tracking data and documents show that Venezuelan oil exports dropped by almost 20% in April to 700,000 barrels a day (bpd), the lowest level for nine months. This was due to cargo cancellations from U.S. producer Chevron, which forced ships to return to port and left some empty ports. PDVSA, Venezuela's state company, suspended last month most of the loading window it had assigned Chevron. It also ordered the return of certain oil cargoes headed for the U.S. due to payment uncertainty relating to U.S. sanction enforcement. Chevron missed a deadline set by the U.S.
As crude prices fall, investors fear that Big Oil may reduce share buybacks.
Investors will pay attention to the fact that falling oil prices are increasing the risk of dividends and share purchases for the remainder of 2025. Big Oil's efforts to win over Wall Street have been based on reinvesting cash in the form of dividends and stock repurchases. U.S. president Donald Trump's announcements of global tariffs have caused fears of a weaker oil market and a possible recession, leading forecasters to reduce their oil price expectations. If prices were lower, Big Oil would have less money to give to its shareholders.
US wants to increase offshore oil drilling through easing of pressure rules
The U.S. Interior Department announced on Thursday that it had implemented new guidelines regarding pressure differentials allowed in certain types of oil drilling, in part of Gulf of Mexico. The department expects the changes to boost U.S. output of oil. The Energy Dominance Council, led by Doug Burgum, Interior Secretary to President Donald Trump, is seeking ways to reduce costs for oil and natural gas producers, lower regulations, and increase oil production, which was at record levels during the tenure of former President Joe Biden.
African energy exploration company Rhino Resources discovers light oil offshore Namibia
Namibia got a boost Thursday after Rhino Resources found "high-quality" light oil at its latest well. U.S. oil company Chevron also announced that it is considering a drilling campaign for 2026 or 2027. The southern African nation, a global hotspot for exploration, aims to produce its oil by the end of the decade, following a series of recent discoveries by Shell, TotalEnergies, and Galp Energia. The African energy explorer Rhino Resource found light oil in Capricornus 1X, its second successful exploration, which was drilled off the coast of Namibia in the prolific Orange Basin.
