Wall Street ended higher on Tuesday trading session as energy stocks rallied helped by increasing crude prices. The US crude prices reached its new height in 2016.
Chevron said that its subsidiaries in Australia have entered into a non-binding Heads of Agreement with ENN LNG Trading Co. Ltd to sell liquefied natural gas to China. The delivery of LNG will be commenced in the first six-month of 2019, according to the company.
The continuous oil price fall is one side of the coin. The other side is showing rosy picture as six major oil companies have more than enough funds to snap up competitors. It's estimated that world's top six listed oil companies have over $0.5 trillion in stocks and cash enough to fund takeovers plans. ExxonMobil lead the pack, while Chevron, BP Plc, Shell, ConocoPhillips and Total are in the top-six positions.
Amid market volatility, there are stocks investors shouldn't miss to buy, and there are those that are considered dead money that should be sold. Investor Place's editor Jeff Reeves reveals which stocks must be sold right now.
The oil price in the global market continued to skid further on Wednesday touching a new low since March 2009 while crude inventories in the US are increasing.
Collapsing oil prices are prompting energy firms to lay off workers. Royal Dutch Shell and Centrica -- two of Britain's leading energy firms -- are cutting more than 12,000 jobs this year.
U.S. energy firm Chevron (CVX.N) is seeking to sell its entire stake in Caltex Australia Ltd (CTX.AX) for about A$4.6 billion ($3.6 billion), exiting Australia's biggest refiner after nearly 40 years as falling oil prices and high costs hurt margins.
Oil major BP beat expectations for the fourth quarter of 2014 thanks to a surprise profit from its stake in Russian oil giant Rosneft while taking a $3.6 billion impairment charge and cutting spending due to low oil prices.
Chevron Corp (CVX.N), the second-largest U.S. oil producer, reported a higher-than-expected quarterly profit on Friday as sales of chemicals, lubricants and other refined products helped offset plunging crude prices CLc1.
U.S. stocks fell for a third day in a volatile session Tuesday, led by declines in consumer discretionary and technology shares, while another drop in the Russian rouble added to worries about the global economy.
Potential buyers from at least six leading oil companies have visited Citgo Petroleum Corp’s refinery in Illinois and three firms have shown keen interest in its Texas plant, four sources familiar with efforts to sell the assets said.
A surge in refining profits boosted quarterly results at Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), helping to offset declining oil and gas production and falling crude oil prices.
French oil company Total SA (TOTF.PA) is looking to sell its 17 percent stake in the Gulf of Mexico's Tahiti oil field, which could fetch between $1.5 billion and $2 billion in a deal, according to people familiar with the matter.
Petrobas, the top oil producer of Brazil, has been looking for potential buyers to acquire its assets in Nigeria valued $5 billion as the company plans for divestment of international assets.
Texas, US-based private investment firm TPG Capital is in a tussle with two other potential buyers of the Australian assets of Netherlands-based petrol and refining firm Royal Dutch Shell, according to a report.