Latest news with #ChevronCorp
Mint
3 days ago
- Business
- Mint
Israel Halts Its Biggest Gas Field, Cutting Supply to Egypt
Israel is shutting down production at its biggest natural gas field, slashing supply to Egypt, which is heavily dependent on energy imports. The nation ordered the halt of the offshore Leviathan field operated by Chevron Corp. due to security concerns, according to a statement from the Energy Ministry. Supply of gas to Egypt has already fallen, according to a person familiar with the matter. Energean Plc has also suspended output in Israel. The disruption to regional supply coincides with rising demand due to summer heat in Egypt, which receives pipeline deliveries from Israel. A prolonged period of lower Israeli supply may force Cairo to bring forward purchases of liquefied natural gas, further tightening global markets. Gas prices in Europe rose as much 6.6% on Friday. The Leviathan field is located in the eastern Mediterranean, supplying gas to domestic customers as well as Jordan and Egypt. Output at Tamar, also operated by Chevron, hasn't currently been suspended, the Israeli energy ministry said. Energean's Karish field only meets domestic demand in Israel. Egypt is already heavily dependent on gas imports after domestic production slumped. It's ramping up liquefied natural gas imports, but recently agreed supply deals won't start until next month. Read: Egypt Agrees on Large LNG Deals With Hartree, Vitol, Aramco Jordan can no longer import LNG, after a floating terminal that previously met its needs moved to Egypt. Chevron referred questions to Israel's energy ministry, adding that 'our people and facilities are safe.' This article was generated from an automated news agency feed without modifications to text.
Globe and Mail
08-06-2025
- Business
- Globe and Mail
1 Top High-Yielding Warren Buffett Dividend Stock You Shouldn't Hesitate to Buy Right Now
Warren Buffett's company, Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), is stingy when it comes to paying dividends. However, Buffett and his team seem to love collecting dividend income. They've loaded Berkshire's portfolio with many top dividend-paying stocks. Oil giant Chevron (NYSE: CVX) is one of Berkshire's top holdings. A big draw is its high-yielding dividend, recently around 5%, putting it several times higher than the S&P 500 's (SNPINDEX: ^GSPC) sub-1.5% dividend yield). Here's why you shouldn't hesitate to buy the top oil dividend stock right now. A big-time income producer Chevron currently pays a quarterly dividend of $1.71 per share ($6.84 annualized) after increasing its payment by 5% earlier this year. At that rate, Warren Buffett's company collects over $800 million in dividend income from Chevron each year (Berkshire owns 118.6 million shares, or 6.8% of Chevron's outstanding shares). The oil giant can easily afford to pay Buffett's company and its other investors. Chevron produced $31.5 billion in cash flow from operations last year and $15 billion in free cash flow after funding the capital expenses needed to maintain and grow its production. That covered its $11.8 billion dividend outlay with ample room to spare. Chevron has so much financial flexibility due to its fortress balance sheet that it opted to return a record $27 billion in cash to shareholders last year via dividends and share repurchases. Even with that massive cash return, Chevron's leverage ratio ended last year at 10.4%, well below its 20%-25% target range. Chevron's dividend increase earlier this year extended its growth streak to 38 straight years. That includes multiple commodity price cycles, showcasing the resilience of the company's dividend. Further, Chevron hasn't just been nudging up its dividend payment each year to keep its streak alive. It has delivered peer-leading dividend growth over the last 10 years. In a strong position to continue growing its dividend The oil company shouldn't have any trouble continuing to increase its dividend. One factor fueling that view is its ultra-low-cost resource base. Chevron has built a very resilient oil and gas resource portfolio, with a peer-leading break-even level of around $30 per barrel this year. With crude prices currently in the mid-$60s, Chevron has a huge cushion. Meanwhile, the company is currently in the process of completing several major expansion projects around the world. It completed the Future Growth Project in Kazakhstan, which is ramping up its production rate, and recently achieved first oil at its Ballymore project in the Gulf of Mexico (also called the Gulf of America in the U.S.). It has more projects in the Gulf on the way, as well as in the Eastern Mediterranean. Chevron also continues to expand its U.S. onshore production. The oil company estimates that these projects position it to produce an incremental $9 billion in free cash flow next year at $60 a barrel of oil. On top of that, Chevron has additional free cash flow growth potential from its pending acquisition of Hess. It's currently in arbitration with ExxonMobil over a dispute regarding Hess' stake in Exxon's lucrative offshore oil field in Guyana. If Chevron wins, it will close the $60 billion deal. Acquiring Hess would enhance and extend Chevron's production and free cash flow growth outlook into the 2030s. The companies expect a decision within the next two to three months, with both confident they'll emerge victorious. Chevron is so confident it will win that it spent $2.2 billion to buy nearly 5% of Hess' outstanding shares in the first quarter. However, Chevron doesn't need Hess to thrive. It has the resources and financial strength to continue growing its cash flow in the future without closing that deal. A top-tier, high-yielding dividend stock Higher-yielding dividend stocks tend to have higher risk profiles. However, that's not the case with Chevron. The oil giant has one of the lowest risk profiles in the oil patch. Because of that, its high-yielding dividend is safe. Further, it should have plenty of fuel to continue growing its payout in the future. Because of all this, you can confidently follow in Warren Buffett's footsteps and buy this oil stock for its lucrative dividend income. Should you invest $1,000 in Chevron right now? Before you buy stock in Chevron, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Chevron wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $668,538!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $869,841!* Now, it's worth noting Stock Advisor 's total average return is789% — a market-crushing outperformance compared to172%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 2, 2025
Bloomberg
28-05-2025
- Business
- Bloomberg
Chevron Gives Notice of Nearly 800 Job Cuts in Permian Basin
Chevron Corp. plans to lay off nearly 800 employees in the Permian Basin, where it operates its biggest US production operation. The bulk of the reductions will come from Chevron's Midcontinent campus on the outskirts of Midland, Texas, the company said in a filing with the Texas Workforce Commission today. The filing listed the layoff date as July 15, 2025.
Bloomberg
24-05-2025
- Business
- Bloomberg
US Plans Chevron License for Minimum Maintenance in Venezuela
The Trump administration is preparing to issue a narrowly tailored license to Chevron Corp., allowing the oil producer to conduct minimal maintenance of essential operations in Venezuela, according to people familiar with the matter. The Treasury Department plans to grant the waiver permitting Chevron to carry out only critical upkeep and safety-related functions in the sanctioned South American nation, said the people, who asked not to be identified discussing private information.
Yahoo
23-05-2025
- Business
- Yahoo
Trump Team Split on Venezuela Policy Puts Chevron in Limbo
(Bloomberg) -- It took barely 24 hours this week for the Trump administration to execute its latest reversal on Venezuela, with the fate of a huge Chevron Corp. venture hanging in the balance as closed-door White House differences broke into the open. NY Private School Pleads for Donors to Stay Open After Declaring Bankruptcy Can Frank Gehry's 'Grand LA' Make Downtown Feel Like a Neighborhood? NYC's War on Trash Gets a Glam Squad Chicago's O'Hare Airport Seeks Up to $4.3 Billion of Muni Debt UAE's AI University Aims to Become Stanford of the Gulf Prices of the country's bonds gyrated as one US official announced on Tuesday the company's oil project in the country would get a waiver from sanctions when the current one expires next week — only to be contradicted Wednesday by a late-night tweet from the secretary of state. 'There's a Game of Thrones going on there,' Jorge Rodríguez, Venezuela's chief negotiator, said earlier this month as the extension deadline approached. The whiplash was the latest sign of the administration's internal tug of war over how much pressure to put on the regime of President Nicolás Maduro. Advocates of tightening the squeeze — led by Secretary of State Marco Rubio — were opposed by those seeking to ease the limits in order to win Venezuela's cooperation on other issues like migration. 'The recent zig-zags in Venezuela policy have left investors, and frankly everyone else, with their heads spinning,' said Geoff Ramsey, a senior fellow at the Atlantic Council in Washington. 'The question is whether the administration can articulate these two approaches into a single, more cohesive 'good cop, bad cop' routine.' President Donald Trump has given mixed signals. He gave the go-ahead for the now-expiring waiver but he's also sided with Rubio's hardline stance, weighing in with a social media post earlier this year. Earlier this week, it looked like the other camp, personified by Special Envoy Richard Grenell, had turned the tide with a deal to return a US Air Force veteran held by Venezuela. In return, he promised Caracas a 60-day extension of the sanctions waiver for the Chevron project. 'President Trump authorized that extension if we were able to get some progress, if we were able to build some confidence,' Grenell told Steve Bannon's War Room podcast. 'We were able to do that today. So that extension will be granted.' Holders of Venezuelan bonds and those advocating for a lifting of sanctions welcomed the news. But members of the congressional delegation from Florida — where the Venezuela issue is a major electoral one — weren't happy. They had leverage because the White House ended up needing all the Republican votes it could get to pass Trump's big tax package in the House of Representatives. Representative Maria Elvira Salazar, who represents Miami, made clear in a brief interview Wednesday that Trump wouldn't get her vote if the waiver was extended. 'The president has given his word,' she said. Rubio's tweet came just hours before the House vote, which Trump touted as 'the most significant piece of Legislation that will ever be signed in the History of our Country!' The administration denied there was any contradiction. 'There's no confusion,' State Department spokeswoman Tammy Bruce told a briefing Thursday when asked about the statements. 'Many people on every issue can have a lot of opinions. But I think clearly who we look to are the people who have the power to have the impact and who make the decision and, of course, this is at the direction of President Trump as well.' Grenell declined to comment. Chevron and the White House's National Security Council didn't respond to a request for comment. 'If the Americans want to completely leave Venezuela and not produce a single thing in Venezuela, that's up to them,' Maduro said in his podcast Thursday. 'Those who have contracts like Chevron will be respected because we are people of our word and legality.' The tensions go beyond Venezuela policy. Grenell also sought the secretary of State job that went to Rubio. He traveled to Caracas to meet with Maduro in January just before Rubio made his own first trip to Latin America as secretary. Grenell has also been the point man for the administration's efforts to get Venezuela to accept deportees, a major White House priority. And while Grenell as special envoy flew to Antigua to finalize the hostage deal, it was up to Rubio to issue the paperwork that would have been needed to extend the sanctions waiver. So far, that hasn't happened. Also weighing in on the debate is Trump ally and right-wing activist Laura Loomer, who has taken Grenell's side with messages on X supporting the extension on Chevron's license. Loomer and Grenell have argued that Venezuela represents a crucial partner to slow migration to the US and that yanking Chevron's permission to operate will result in the nation's oil winding up under Chinese control. 'Why would you want China to take over American oil assets and destroy 15,000 American energy jobs?' Loomer wrote on X in response to Rubio. 'I'm going to wait to see what President Trump says about this. He's in charge.' (Updates with Maduro comments in 15th paragraph.) Why Apple Still Hasn't Cracked AI How Coach Handbags Became a Gen Z Status Symbol Inside the First Stargate AI Data Center Anthropic Is Trying to Win the AI Race Without Losing Its Soul Microsoft's CEO on How AI Will Remake Every Company, Including His ©2025 Bloomberg L.P. Sign in to access your portfolio
