by Bloomberg
|Thursday, May 27, 2021
Chevron shareholders voted for a proposal to reduce emissions from the company s customers.
(Bloomberg) Chevron Corp. shareholders voted for a proposal to reduce emissions from the company’s customers, the latest sign that oil titans are coming under increasing pressure to address environmental concerns.
According to a preliminary tally, 61% of investors backed the proposal at the company’s annual investor meeting on Wednesday, rebuffing the company’s board, which had urged shareholders to reject it. An item asking Chevron to report on how a significant reduction in fossil-fuel demand would affect its business and a request for a report on political lobbying were narrowly voted down.
Chevron Corp. generated the most free cash flow since the pandemic emerged as economies clawing their way out of more than a year of lockdowns and paralysis burn more fuel.
(Bloomberg) Chevron Corp. generated the most free cash flow since the pandemic emerged as economies clawing their way out of more than a year of lockdowns and paralysis burn more fuel.
The oil, natural gas and refining titan posted $3.4 billion in first-quarter cash flow on Friday, more than enough to cover its recently increased dividend, which is a closely watched metric for the oil supermajors. A key driver of the bonanza was a 43% spending cut as Chevron retreats from costly mega-projects to focus on less-risky endeavors such as shale drilling.
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Chief Executive Officer Mike Wirth surprised investors by restoring the million-barrel Permian target.
(Bloomberg) Chevron Corp. revived aspirations to pump 1 million barrels a day in the Permian Basin after drastic budget and job cuts trimmed operating costs.
Chevron plans to ramp up investment in North America’s biggest oil field through 2025, reversing the pandemic-driven production decline, the company said in an investor presentation Tuesday. Chief Executive Officer Mike Wirth surprised investors by restoring the million-barrel Permian target only a year after it disappeared from the company’s guidance as Covid-19 crashed energy markets.
The California oil titan expects its Permian wells to generate $3 billion in free cash flow by the middle of the decade, assuming international crude prices average $50 a barrel. The region straddling West Texas and New Mexico incurred the deepest spending cuts in last year’s pullback amid the oil market’s unprecedented collapse.