Key Developments: Chevron Corp (CVX)
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17 May 2013
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Latest Key Developments (Source: Significant Developments)
Chevron Corp Agrees Terms With YPF SA On Shale Investment-Reuters
Reuters reported that on May 15, 2013 YPF SA signed an agreement with Chevron Corp to define the terms and conditions of Chevron Corp's investment of up to USD 1.5 billion in Argentina's Vaca Muerta shale field. The joint pilot project will include the drilling of more than 100 non-conventional wells over the next 12 months. The two companies signed a letter of intent to partner on investments in December 2012. Full Article
Chevron Corp Announces 11.1% Increase In Quarterly Dividend
Chevron Corp announced that it has declared a quarterly dividend of $1.00 per share, payable June 10, 2013, to holders of common stock as shown on the transfer records of the Corporation at the close of business on May 17, 2013. The amount represents an 11.1% increase in the Company's quarterly dividend. Full Article
AP Moeller Maersk A/S, Chevron Corp. And Other DUC Partners To Invest $800 Million In N.Sea Platform-Reuters
Reuters reported that the oil and gas unit of Danish oil and shipping group AP Moeller Maersk A/S and its partners will invest $800 million in a new platform in the North Sea. The unit, Maersk Oil, said in a statement the investment by Danish Underground Consortium (DUC) is expected to add reserves and resources of 50 million barrels of oil equivalent over the next 30 years to Danish production. DUC is the partnership between A.P. Moller-Maersk (31.2%), Royal Dutch Shell PLC, Nordsofonden (20%) and Chevron Corp (12.0%). The project schedule aims to have first oil early in 2015. Full Article
Chevron Corp Announces Quarterly Dividend
Chevron Corp announced that it declared a quarterly dividend of $0.90 per share, payable March 11, 2013, to holders of common stock as shown on the transfer records of the Corporation at the close of business on February 15, 2013. Full Article
Chevron Corp's Subsidiary Enters Into Production Sharing Contracts With China National Offshore Oil Corporation
Chevron Corp announced that its China subsidiary has entered into production sharing contracts (PSC) with China National Offshore Oil Corporation (CNOOC) for two exploration blocks in the South China Sea's Pearl River Mouth Basin. Under the PSC agreements, Chevron China Energy Company will hold a 100% interest in blocks 15/10 and 15/28 in the Pearl River Mouth Basin. During the exploration phase Chevron China Energy Company will be the operator of the two shallow water blocks, which in total cover an area of approximately 2,233 square miles (5,782 square km). Full Article
Chevron Corp Issues Q4 2012 EBIT and EBITDA Guidance Below Analysts' Estimates; Issues Q4 2012 Net Income and EPS Guidance In Line With Analysts' Estimates
Chevron Corp announced that for the fourth quarter 2012, it expects earnings to be notably higher than third quarter 2012. The Company reported EBIT of $13.171 billion, EBITDA of $16.541 billion, Net Income of $5.001 billion and EPS of $2.57 in the third quarter of 2012. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EBIT of $10.398 billion, EBITDA of $13.927 billion, Net Income of $5.879 billion and EPS of $3 for the fourth quarter of 2012. Full Article
Chevron Corp's Subsidiary Acquires Interest in Western Canada LNG Project
Chevron Corp announced that its indirect Canadian subsidiary, Chevron Canada Limited, will acquire a 50% operating interest in the Kitimat liquefied natural gas (LNG) project and proposed Pacific Trail Pipeline (PTP), and a 50% interest in approximately 644,000 acres of petroleum and natural gas rights in the Horn River and Liard Basins in British Columbia, Canada. Under the terms of the agreements, Chevron Canada Limited will acquire all of the interests currently owned by affiliates of EOG Resources Canada Inc. and Encana Corporation in the proposed Kitimat LNG Project and PTP. Thereafter, Chevron Canada Limited will equalize interests with an Apache Corporation subsidiary, resulting in Chevron Canada Limited and Apache each holding a 50% interest in both the Kitimat LNG Project and PTP. Operatorship of both facilities will transfer to Chevron Canada Limited. The proposed two-train Kitimat LNG Project, currently progressing through the Front-End Engineering and Design (FEED) phase, has a Canadian National Energy Board license to export 10 million tons per annum of LNG. Additionally, Chevron Canada Limited will acquire approximately 110,000 net acres in the established Horn River Basin from Encana, EOG and Apache, and approximately 212,000 net acres in the Liard Basin from Apache. Chevron Canada Limited and Apache will each hold a 50% interest and Apache will operate these two natural gas resource developments. Full Article
YPF SA And Chevron Corp Agree On Joint Pilot Project-Reuters
Reuters reported that YPF SA has signed a partnership deal with Chevron Corp that aims to pave the way for investment in the South American country's shale oil resources. YPF SA's Chief Executive Officer, Miguel Galuccio, said earlier in December 2012 that he expected YPF SA to finalize a joint venture agreement with Chevron Corp before the end of the year 2012. The letter of intent established a pilot program to drill 100 non-conventional oil wells at a cost of about USD 1 billion. The details of a deal for YPF SA to transfer a 50% interest in the Loma de la Lata Norte and Loma Campana fields, which cover an area of nearly 300 square kilometers , will be negotiated over the next four months. The pilot drilling program should be completed over the next year and both companies will help fund the cost, although they declined to say whether it would be split equally. Full Article
Repsol SA Sues Chevron Corp In U.S. Court Over YPF SA Deal-Reuters
Reuters reported that Repsol SA sued Chevron Corp (Chevron) in a U.S. federal court over Chevron's cooperation agreement with Argentina's YPF SA, according to a court filing. Repsol SA is trying to launch legal action against companies backing YPF SA after Argentina seized control of the Spanish company's majority stake in the energy company in April 2012. Full Article
Spanish Court Considers Repsol SA’s Lawsuit Against Chevron Corp-Reuters
Reuters reported that Spanish court has agreed to consider a lawsuit by Repsol SA against Chevron Corp over its cooperation agreement with YPF SA. Further details were not disclosed. Full Article
Chevron agrees terms of Argentina shale investment: YPF
BUENOS AIRES - Argentine energy company YPF signed an agreement with U.S. oil major Chevron Corp on Wednesday to define the terms and conditions of Chevron's investment of up to $1.5 billion in Argentina's vast Vaca Muerta shale field.
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