Latest news with #ChevronCVX
Reuters
24-05-2025
- Business
- Reuters
US plans Chevron license for minimum maintenance in Venezuela, Bloomberg News reports
May 23 (Reuters) - U.S. President Donald Trump's administration is preparing to issue a narrowly tailored license to Chevron (CVX.N), opens new tab, allowing the company to conduct minimal maintenance of essential operations in Venezuela, Bloomberg News reported on Friday. The U.S. Treasury Department plans to grant the waiver allowing Chevron to carry out only critical upkeep and safety-related functions in Venezuela, the report said, citing people familiar with the matter. Chevron, the U.S. State Department and Treasury Department did not immediately respond to requests for comment. The U.S. company's license to do business in the South American country is set to expire next week, but most partners of Venezuela's sanctioned state-run oil firm PDVSA have requested extensions. Any extension would need to be approved by the U.S. Treasury and State Departments. The State Department provides guidance for the Treasury to rule on any changes to sanction regimes. Venezuela has some of the world's largest reserves of oil, but its crude output remains at a fraction of what it was a decade ago after a lack of investment, mismanagement at PDVSA and U.S. sanctions on Venezuela's energy industry since 2019. The licenses to Chevron and other foreign firms have supported a slight recovery in Venzuelan oil output and exports since 2023.
Yahoo
05-04-2025
- Business
- Yahoo
Energy Stocks Defy Turmoil as Trump Tariffs Rattle Markets
The latest round of tariffs announced by President Donald Trump shook global markets, reigniting concerns about an economic downturn. Trump's stance includes a 10% baseline tariff on most U.S. imports, with increased duties on major trade allies, including China and the EU. This policy shift has already sent ripples through the commodities market, driving down oil, copper, and agricultural prices as worries about weaker global demand mountHowever, amid all this economic uncertainty, the energy sector has proven to be a standout performer. While broader equity markets, including the S&P 500, have stumbled, falling more than 4% year to date, the energy sector has remained resilient, posting gains of around 10% in 2025. This impressive performance highlights the strength of energy stocks like ExxonMobil XOM, Chevron CVX and Devon Energy DVN, which have shown remarkable stability in an otherwise turbulent market. While the tariffs could weigh on global economic activity and reduce oil demand, they also have the potential to tighten supply. Trump's warning of additional sanctions on nations buying Venezuelan crude could tighten global oil supply even further. Venezuela's oil exports are already under pressure due to the ongoing U.S. sanctions, but any additional restriction on buyers could push supply down even too, remains under the United States' "maximum pressure" campaign, with sanctions continually expanding to limit its oil trade. These geopolitical hurdles, along with the latest restrictions on Russian oil exports, further complicate the global energy landscape. The outcome is a potentially optimistic scenario for crude oil, which is currently holding steady at a relatively healthy $70 per barrel. Investors searching for stability should recognize that energy has been one of the few bright spots in the market. While this year has seen inflationary pressures and recession fears battering the tech and consumer sectors, major energy stocks have emerged as a safe haven for investors. This outperformance can be attributed to disciplined capital spending, increased shareholder returns, and the sector's ability to navigate geopolitical uncertainties better than most tariffs raise concerns about slowing growth, oil companies continue to benefit from tight supply fundamentals. The OPEC cartel remains cautious with production increases, and with major producers like Russia and Venezuela facing constraints, oil prices are likely to remain well-supported in the near term. For now, energy remains a compelling sector to watch. The geopolitical landscape suggests that supply-side constraints will continue to support oil prices, while major energy firms have proven their ability to weather economic storms. Defensive, dividend-paying energy stocks offer a strong hedge against broader market volatility, making them a worthy consideration for investors seeking stability in these uncertain times. Holding onto stocks like ExxonMobil, Chevron, and Devon Energy in the current environment could be a prudent strategy as global trade tensions evolve. They have delivered year-to-date gains of 10.4%, 15%, and 15.9%, respectively. Notably, each of the three stocks currently carries a Zacks Rank #3 (Hold), reflecting their solid positioning in the energy sector. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Image Source: Zacks Investment Research ExxonMobil: It is one of the largest publicly traded oil and gas companies in the world with operations that span almost every corner of the globe. Spring, TX-based ExxonMobil is fully integrated, meaning it participates in every aspect related to energy — from oil production, to refining and marketing. ExxonMobil rewarded investors with record shareholder returns, distributing $36 billion in 2024 through dividends and buybacks. It generated $36.2 billion in free cash flow, enabling these payouts without increasing debt. The company has now increased its annual dividend for 42 consecutive years. Its quarterly cash dividend of 99 cents translates to an annualized yield of 3.3%.Chevron: Chevron is well-run and historically a profitable big oil giant. Chevron's upstream portfolio remains a key strength, with strong production growth from the Permian Basin and Kazakhstan. The company is targeting a 6% annual production increase through 2026, with high-margin projects driving long-term value. Chevron continues to be a strong dividend player, having increased its payout for 37 consecutive years. The latest dividend hike of 4.9% takes its yield to over 4%, making it a reliable income source for long-term Energy: Devon Energy is an independent energy company whose oil and gas operations are mainly concentrated in the onshore areas of North America, primarily in the United States. The company's assets are spread across Delaware Basin, Eagle Ford, Anadarko Basin and Powder River Basin. The assets DVN owns have significant long-term growth potential. The company continues to expand its holdings through strategic acquisition. As far as shareholder wealth is concerned, Devon Energy's management raised quarterly dividend by 9% for the first quarter of 2025. The new quarterly rate is 24 cents per share, which yields 2.6%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Devon Energy Corporation (DVN) : Free Stock Analysis Report Chevron Corporation (CVX) : Free Stock Analysis Report Exxon Mobil Corporation (XOM) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Wall Street Journal
29-03-2025
- Business
- Wall Street Journal
Trump Orders GOP Donor's Oil Company to Leave Venezuela
Oil magnate Harry Sargeant III is a GOP donor well known for his back-channel efforts to temper hostilities between the U.S. and Venezuela. On Friday, the Trump administration ordered his oil-trading company to leave the South American country. Global Oil Terminals, part of a Florida conglomerate owned by Sargeant, is the second U.S. oil company to lose authorization to work in Venezuela, after Chevron CVX -0.34%decrease; red down pointing triangle received a similar notice last month.
