Chevron reported earnings of $2.3 billion ($1.22 per...
Chevron reported earnings of $2.3 billion ($1.22 per share - diluted) for fourth quarter 2023, compared with $6.4 billion ($3.33 per share - diluted) in fourth quarter 2022. Included in the current quarter were $1.8 billion of U.S. upstream impairment charges and $1.9 billion of decommissioning obligations from previously sold assets in the U.S. Gulf of Mexico. Foreign currency effects decreased earnings by $479 million. Adjusted earnings of $6.5 billion ($3.45 per share - diluted) in fourth quarter 2023 compared to adjusted earnings of $7.9 billion ($4.09 per share - diluted) in fourth quarter 2022. See Attachment 4 for a reconciliation of adjusted earnings. The company’s Board of Directors declared an 8 percent increase in the quarterly dividend to one dollar and sixty-three cents ($1.63) per share, payable March 11, 2024, to all holders of common stock as shown on the transfer records of the corporation at the close of business on February 16, 2024
The energy sector is off to a mixed to lower start pressured by weakness in the crude complex amid mixed performances in the major equity futures. U.S. stock index futures pared early morning gains after a stronger-than-expected jobs report dampened hopes that the U.S. Federal Reserve could start cutting interest rates early this year. A Labor Department report showed non-farm payrolls rose by 353,000 in January, compared with 180,000. Meanwhile, the unemployment rate stayed steady at 3.7% in January from the month before. Economists had forecast a rise to 3.8%.
WTI and Brent crude oil futures are trading lower for the third consecutive session, despite the OPEC+ group's decision to leave its production policy unchanged, keeping benchmarks on track for weekly losses on China economic growth fears and efforts to establish a ceasefire in the Middle East. OPEC+ will decide in March whether or not to extend voluntary oil production cuts in place for the first quarter following a ministerial panel meeting where no changes were made to the group's output policy. Elsewhere, Mediators are awaiting a response from Hamas to a proposal drafted last week with Israeli and U.S. spy chiefs and passed on by Egypt and Qatar for the war's first extended ceasefire.
Natural gas futures are swinging in and out of negative territory as the NOAA's 6-10 day forecast shows above-normal temps east of the Rockies, especially across the middle and upper-MS Valley, and the Great Lakes region.
Liberty Resources sells N.D. assets to Silver Hill
Silver Hill Energy Partners will buy Liberty Resources II's interests in oil and gas properties and...
Silver Hill Energy Partners will buy Liberty Resources II's interests in oil and gas properties and all of Liberty Midstream Solutions in North Dakota, which produce nearly 13,000 barrels of oil equivalent per day. The deal will close on March 14 for an undisclosed price.
Mystery Texas oilman who sparked Utah’s Uinta Basin oil development
What sparked the controversial movement to create a rail system carrying...
What sparked the controversial movement to create a rail system carrying crude oil from eastern Utah’s Uinta Basin across Oklahoma and to Cushing where it would eventually be transported to Gulf Coast refineries?
It turns out it was something of a reclusive Texas oil man who convinced others to develop the Uinta Basin. His name? Jim Finley, CEO of Texas-based Finley Resources. He made a presentation in October 2021 to a coalition of seven oil-producing counties in eastern Utah, reported HuffPost.
Finley spearheaded the oil boom in the Uinta Basin and has now become a top producer there. He also supported the controversial rail line that first won approval then lost it from federal agencies to expand operations to carry the oil across western Colorado. According to HuffPost, Finley also is deeply involved in most aspects of the oil market in Utah from exploration, mining sand for hydraulic fracturing, and operating a growing fleet of oil rail tankers.
US increased number of EV charging stations in 2023
Environmentalists are growing excited over the number of charging stations...
Environmentalists are growing excited over the number of charging stations installed across the U.S. One report says there is now one quick charging station for every 16 gas stations in the nation.
An estimated 1,100 new public fast-charging stations were installed in the second half of 2023 which represents a 16% increase, reported Bloomberg which conducted a Bloomberg Green analysis of federal data.
