Hess Corporation (0J50.L)
| Previous Close | 151.83 |
| Open | 148.61 |
| Bid | 0.00 x 0 |
| Ask | 0.00 x 0 |
| Day's Range | 147.49 - 148.71 |
| 52 Week Range | 114.03 - 167.36 |
| Volume | |
| Avg. Volume | 4,322 |
| Market Cap | 44.684B |
| Beta (5Y Monthly) | 1.16 |
| PE Ratio (TTM) | 0.64 |
| EPS (TTM) | 2.33 |
| Earnings Date | Oct 23, 2024 - Oct 28, 2024 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | N/A |
- Yahoo Finance Video
Chevron vice chair discusses oil demand, Hess, portfolio
Chevron (CVX) has announced plans to boost oil (BZ=F, CL=F) and natural gas recovery at two of the energy giant's US Gulf of Mexico facilities. Chevron Vice Chairman Mark Nelson sits down with Brad Smith on Catalysts to discuss the state of the oil market and the company's outlook. Nelson notes that oil demand continues to be strong "across the globe," identifying two key macro factors driving the oil market at this time. "I think you see demand coming back to traditional growth levels. So coming out of the pandemic, there was a bit of an extra boost. Everybody kind of catching up on their travel and markets coming back to normal," Nelson states. "And then you see uncertainty in the market. You see... OPEC+ to some degree controlling supply. And questions about geopolitics. That's kind of keeping us in a range, but keep us bouncing around." Addressing Chevron's M&A activity and the arbitration delays in its closing its deals with Hess (HES), Nelson highlights Chevron's growth profile, calling it "really exciting" and emphasizing that the Hess deal was not a necessity to maintain that growth. He notes the company has "growth built in" for both the short-term and long-term: "There's a growth trajectory with or without the Hess transaction, but we believe the Hess transaction is good for both shareholders." For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Angel Smith
- Yahoo Finance Video
Exxon 'feels good' about arbitration over Hess's Guyana assets
ExxonMobil (XOM) saw record production in the Permian Basin after merging with Pioneer Natural Resources. Similarly, the oil and gas company also saw record production in Guyana, contributing to its second quarter earnings growth. Chief Financial Officer Kathryn Mikells joins Market Domination to discuss both of these operations and how they play into the overall outlook of the company. "As we look at the combined now Pioneer-Exxon Mobil Permian operations, we see even more opportunities for synergies there which we're getting out in front of already. And so just as an example, Pioneer has a remote logistics operations that Exxon Mobil has now taken on and added into our remote wells and completions operations in order to drive more synergies across logistics and procurement. We are starting to utilize what is a very large water recycling infrastructure in the Midland Basin that Pioneer brings to the table," Mikells says of the merger. She notes that with Pioneer, Exxon has been able to further its commitment to reducing its environmental footprint and that there are more opportunities for synergies ahead. Meanwhile, Hess (HES) shareholders approved an acquisition by Chevron (CVX) despite a dispute over Exxon's claim of a right of first refusal over Hess's Guyana assets. Mikells explains that the company feels "really good about the arbitration panel timeline," explaining that it is a situation that warrants "people to take time in order to really inform all the data and all the circumstances to interpret the joint operating agreement." A hearing is slated toward the end of May in 2025, with a final ruling to come by September 2025. Mikells adds, "if for some reason we were not successful in affirming the preemption that we have, our expectation would be that the Chevron-Hess transaction would move forward. But in the next breath, I would tell you we feel very good about our position in this arbitration being one of the parties that actually negotiated the agreement that's being discussed in the arbitration." For more expert insight and the latest market action, click here to watch this full episode of Market Domination.
- Yahoo Finance Video
Chevron hit with downgrade after Q2 miss, Hess deal setback
Chevron missed expectations in its second quarter, in part due to pressure from lower refining margins. Stewart Glickman, CFRA Research Energy Equity Analyst and Deputy Research Director joined Market Domination to discuss. Chevron (CVX) saw revenue of $51.18 billion for the quarter, higher than expected. But the oil giant's adjusted earnings per share of $2.55 missed expectations of $2.93. Glickman described the print as "disappointing," and downgraded the shares to a Hold from a Buy. Beyond the quarter, Chevron now faces a lengthy delay in its attempted acquisition of Hess (HES). Chevron saying in a securities filing that an arbitration case brought by rival ExxonMobil (XOM) could drag on well into 2025. Glickman noted that prolonged uncertainty was a factor in downgrading the stock, noting he and his team have "thrown in the towel" on the Chevron story. Conversely, ExxonMobil had a stellar quarter with a beat on its top and bottom line. The company's production securing a big boost from its recent acquisition of Pioneer. Glickman raised his price target on ExxonMobil's stock, noting the oil giant has "a much better story to tell." For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Kathleen Welch
