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Stock Market & Financial Investment News

News Breaks
March 19, 2013
17:26 EDTAPC, CVX, COPConocoPhillips updates Coronado exploration well in Walker Ridge Block 98
The Coronado wildcat exploration well, located in Walker Ridge Block 98, was drilled to a total depth of 31,866 feet, in 6,127 feet of water. The well is located approximately 190 miles off the coast of Louisiana and approximately 12 miles southeast of the Shenandoah discovery. Results from the Coronado well are still being evaluated, and additional appraisal will be needed to determine the full extent of the resource. ConocoPhillips holds a 35% working interest in Coronado. Other co-owners are Chevron (CVX), 40% working interest and operator; Anadarko Petroleum (APC), 15%; and Venari Offshore, 10%.
News For COP;CVX;APC From The Last 14 Days
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January 29, 2016
11:00 EDTCVXStocks with call strike movement; QCOM CVX
Qualcomm (QCOM) July 50 call option implied volatility decreased 7% to 30, Chevron (CVX) June 95 call option implied volatility increased 3% to 30 according to iVolatility.
08:44 EDTCVXChevron falls after earnings
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08:42 EDTCVXChevron reports 2015 capital and exploratory expenditures drop to $34B
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08:41 EDTCVXChevron reports Q4 U.S. refinery crude oil input down 1%
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08:39 EDTCVXChevron International upstream operations earned $593M in Q4
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08:38 EDTCVXChevron reports Q4 net oil-equivalent production 2.67M boepd
Worldwide net oil-equivalent production was 2.67M barrels per day in fourth quarter 2015, up from 2.58M barrels per day in the 2014 fourth quarter. U.S. upstream operations incurred a loss of $1.95B in fourth quarter 2015 compared to earnings of $432M from a year earlier. The decrease was due to lower crude oil realizations, higher depreciation expenses, higher exploration expenses and lower gains on asset sales, partially offset by higher crude oil production. The increase in depreciation and exploration expenses was primarily due to impairments and project cancellations. The company's average sales price per barrel of crude oil and natural gas liquids was $35 in fourth quarter 2015, down from $66 a year ago. The average sales price of natural gas was $1.54 per thousand cubic feet, compared with $3.34 in last year's fourth quarter.
08:35 EDTCVXChevron added about 1.02B barrels of net oil-equivalent proved reserves in 2015
Chevron said that the company added approximately 1.02 billion barrels of net oil-equivalent proved reserves in 2015. These additions, which are subject to final reviews, equate to approximately 107 percent of net oil-equivalent production for the year. The largest additions were from production entitlement effects in several locations and drilling results for the Permian Basin in the United States and the Wheatstone Project in Australia. At year-end, balances of cash, cash equivalents, time deposits and marketable securities totaled $11.3B, a decrease of $1.9B from the end of 2014. Total debt at December 31, 2015 stood at $38.6B, an increase of $10.8B from a year earlier.
08:33 EDTCVXChevron Q4 earnings include impairments and other charges of $1.1B
"Our 2015 earnings were down significantly from the previous year, reflecting a nearly 50% year-on-year decline in crude oil prices. We're taking significant action to improve earnings and cash flow in this low price environment. Operating expenses and capital spending were reduced $9B in 2015 from 2014, and I expect similarly large reductions again in 2016. In addition, asset sales proceeds were $6B in 2015, with additional sales planned for 2016 and 2017," said Chairman and CEO John Watson.
08:32 EDTCVXChevron reports Q4 EPS with impariments and charges (31c), consensus 46c
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07:36 EDTAPC, CVXAnalysts still predicting mergers as oil slump drags on, WSJ reports
Bankers and analysts have been predicting a wave of merger activity will come almost since crude prices began to fall from over $100 a barrel, but the only big acquisition by an oil major so far has been Shell's (RDS.A) purchase of BG Group (BRGYY), said The Wall Street Journal, which added that analysts still believe deal-making is likely to return this year if prices continue to languish. With Chevron (CVX) set to report today and its big peers soon to follow, analysts are expecting the four biggest publicly traded Western oil companies to have their weakest combined profits since 1998, the Journal noted. The report noted that U.S. shale oil producers, such as Apache (APA) and Whiting Petroleum (WLL), were previously targeted though potential sellers were reluctant to accept offers as they hoped for a rebound in oil prices and potential buyers wondered if any deal struck would look expensive if crude prices fell further, but "both impediments are gone now," the Journal contends. Reference Link
January 28, 2016
14:29 EDTCVXNotable companies reporting before tomorrow's open
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13:20 EDTCVXChevron volatility elevated into Q4 and outlook
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10:55 EDTCVX, COPOPEC delegates say no plan for meeting Russia about production, Bloomberg says
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10:54 EDTAPCAnadarko management to meet with Jefferies
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08:06 EDTAPCWestern Gas Partners downgraded at Stifel
As noted earlier, Stifel downgraded Western Gas (WES) to Hold from Buy. he firm thinks that other MLPs have more favorable characteristics than Western Gas, and it believes that Western Gas's cash flows may not be sustained due to its increasing dependence on contributions from Anadarko (APC).
January 27, 2016
11:06 EDTCOPStocks with call strike movement; NFLX COP
Netflix (NFLX) April 105 call option implied volatility increased 5% to 55, ConocoPhillips (COP) May 20 call option implied volatility increased 1% to 46 according to iVolatility.
09:34 EDTAPCAnadarko downgraded to Underweight from Neutral at Atlantic Equities
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05:14 EDTAPCAnadarko implied volatility of 91 at upper end of index mean range
January 26, 2016
19:02 EDTCVXChevron announces first gas from Chuandongbei Project in Southwest China
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08:38 EDTAPCCiti reiterates Buy on Anadarko amid balance sheet concerns
Citi analyst Robert Morris attributes the 33% year-to-date decline in shares of Anadarko Petroleum to concerns over the company's balance sheet and "perceived cash flow outspend." In a research note titled "Does Anadarko Belong In The 'Bad Balance Sheet Bucket'?", Morris reiterates a Buy rating on Anadarko with a $62 price target. The company is adamant that it will not outspend cash flow in 2016, which, like 2015, includes asset sales, Morris tells investors. The analyst believes Anadarko could fund up to $1B or more with asset sales. In almost any scenario, Morris does not think Anadarko will breach its financial covenant or seek to issue equity.
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