Chevron Beats Estimates For Q2 Earnings

- Chevron Beats Estimates For Q2 Earnings



Jul 29, 2011

Chevron (NYSE:CVX) reported Q2 EPS of $3.85, beating analyst estimates of $3.56 per share. Revenues for the quarter were $71.58 billion, topping analyst estimates with $66.70 billion.

Chairman and CEO John Watson said, "Our second quarter financial performance was very strong. Earnings gains versus last year's quarter were primarily in our oil and gas exploration and production business, resulting from higher crude oil prices on world markets. We continued to advance our major capital projects, resumed important exploration and development drilling activity in the deepwater Gulf of Mexico and acquired new upstream resource opportunities in the second quarter."

Chevron (NYSE:CVX) has a potential upside of 16.9% based on a current price of $105.03 and an average consensus analyst price target of $122.79.

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Chevron Puerto Rico Fined $600,000

- Chevron Puerto Rico Fined $600,000



Jul 26, 2011

Chevron Puerto Rico(NYSE:CVX) has agreed to improve safety standards at about 100 of its underground storage tank facilities for leakage violations.

The U.S. Environmental Protection Agency says the company will pay a $600,000 fine and has decided to spend $5.2 million in improvements as part of a settlement.

On Tuesday, the agency stated that Chevron plans to install leak detection, monitoring and alarm systems by March 2013.

The settlement arrives as Chevron plans to sell its 187 Texaco stations across the U.S. Caribbean territory.

Chevron has a potential upside of 13.3% based on a current price of $108.24 and an average consensus analyst price target of $122.67.


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Halliburton awarded contract from Chevron for integrated services

- Halliburton awarded contract from Chevron for integrated services



Jul 13, 2011

Halliburton (NYSE:HAL) announced that it has been awarded a contract from Chevron (NYSE:CVX) for integrated services for shale natural gas exploration in Poland. Work on the initial shale gas exploration drilling program is expected to begin in the fourth quarter and the contract award is for three years, with extension opportunities. Halliburton services to be provided will include drilling services, mud logging, cementing, coiled tubing, slickline services, well testing, completion and hydraulic fracturing. Halliburton will support the project with project management services. Halliburton has a potential upside of 21.1% based on a current price of $52.66 and an average consensus analyst price target of $63.76. Halliburton is currently above its 50-day moving average (MA) of $48.44 and above its 200-day of $43.06. In the last five trading sessions, the 50-day MA has climbed 0.31% while the 200-day MA has risen 0.73%.

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GE Unit Receives $45M Contract to supply TLP Tensioner System for Chevron

- GE Unit Receives $45M Contract to supply TLP Tensioner System for Chevron



Jul 6, 2011

GE (NYSE:GE) Oil & Gas' Drilling & Production business has been awarded a contract of approximately $45M to supply and service the industry's largest tension leg platform to Chevron (NYSE:CVX) for deployment in its Big Foot oil and gas field in the deepwater Gulf of Mexico. Installation of the TLP is scheduled to begin in November 2012 and first oil is expected in 2014.

Chevron has a potential upside of 17.1% based on a current price of $104.86 and an average consensus analyst price target of $122.75.

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Explosion at Chevron Plant in Wales Kills 4; Investigations Launched

- Explosion at Chevron Plant in Wales Kills 4; Investigations Launched



Jun 3, 2011

Chevron Corp (NYSE:CVX) launched an investigation today into an explosion that occurred Thursday evening at its Pembroke refinery in southwestern Wales that killed 4 people and seriously injured another.

A Chevron spokeswoman said in a statement read out at the plant, "We have immediately launched our own investigation which will run in tandem with the HSE's (Britain's Health and Safety Executive regulator) own investigation. One storage tank is out of action and another is damaged but other than that the plant remains fully operational. However, given the circumstances, non-essential work has been suspended today."

Police said a fire had broken out after an explosion in a storage tank during maintenance. Ad adjacent storage tank was also damaged.

Gwyn Thomas, Chief Superintendent of the Dyfed Powys police department said, "Paramedics have confirmed that four people lost their lives as a result of the incident. Officers are now in the processes of informing the next of kin and will support the families throughout this difficult time."

The explosion was in a non-core part of the plant, meaning the plant will continue to operate, and most workers are working today, Friday.

Chevron has a potential upside of 23% based on a current price of $100.31 and an average consensus analyst price target of $123.4.

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Chevron Reports Mixed Q1, Beats EPS By $0.05, Revenue Up 23% But Huge Miss

Chevron Reports Mixed Q1, Beats EPS By $0.05, Revenue Up 23% But Huge Miss



Apr 29, 2011

Chevron (NYSE:CVX) reported Q1 EPS of $3.09 today, just above the consensus estimate for $3.04 per share. Revenue for the quarter was up 23.4%% year-over-year to $58.41 billion, well below the consensus estimate for $66.62 billion.

Chairman and CEO John Watson said, "Our first quarter financial performance was strong. Current quarter earnings from upstream operations benefited from higher prices for crude oil, while downstream operations benefited from improved margins on refined petroleum products. We continue to operate safely, advance our major capital projects and restructure our downstream portfolio."

Chevron Raises Its Quarterly Dividend To $0.78

Chevron Raises Its Quarterly Dividend To $0.78



Apr 27, 2011

Chevron Corp (NYSE:CVX) said Wednesday its board of directors has raised the company's quarterly dividend to $0.78, an 8.3% increase from the previous dividend of $0.72.

The dividend will be paid June 10th to shareholders of record as of May 19th.

The dividend represents an annual yield of 2.9% based on the company's closing price of $108.75 on Tuesday, April 26th.

Chevron Plans To Invest In Kazakh Wind Power Project

Chevron Plans To Invest In Kazakh Wind Power Project



Apr 14, 2011

Energy giant Chevron (NYSE:CVX) plans to invest in a wind power project in Kazakhstan, the Kazakh presidential administration said Thursday, quoting Chevron CEO John Watson, who is currently visiting the Central Asian republic.

"Chevron will invest in the construction of a wind farm and will contribute its share to the development of renewable energy sources in Kazakhstan," presidential website www.akorda.kz quoted Watson as saying, in comments translated into Russian.

No further details were given concerning the project.

Watson met with President Nursultan Nazarbayev less than two weeks after the veteran leader was re-elected to a fourth term by a landslide.

Kazakhstan is Central Asia's largest economy, and holds about 3% of the world's recoverable oil reserves. Its output of crude oil has doubled in the past 10 years, becoming the second biggest oil producer in the former Soviet Union after Russia.

The Chevron led Tengizchevroil consortium is the country's largest oil producer, accounting for 25.9 million metric tons out of a total crude oil output of 79.5 million metric tons.

Shares of Chevron are trading up 0.47% at $104.3.