• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, June 28, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

New Investment, Oil Production Growth Strengthens Chevron’s 2024 Q1, Profit

by Chika Izuora
1 year ago
in Business
Chevron
Share on WhatsAppShare on FacebookShare on XTelegram

Strong oil production growth from recent acquisitions has supported Chevron Corp. earnings which surpassed expectations for a second straight quarter.

Advertisement

Adjusted first-quarter profit of $2.93 a share was 3 cents higher than the average of analyst estimates in the Bloomberg Consensus.

Crude-oil production of almost 2 million barrels a day, MMbpd exceeded forecasts.

Chevron is facing questions from investors and analysts over whether its portfolio has enough long-term growth potential, especially if its $53 billion acquisition of Hess Corp. falls apart.

The deal hit a roadblock in March when Exxon Mobil Corp. disputed Chevron’s right to absorb Hess’ 30 per cent stake in a massive, Exxon-run oil project offshore Guyana.

RELATED

Top Home Teams with Highest Win Rates: Who To Bet On

Top Home Teams with Highest Win Rates: Who To Bet On

3 hours ago
Diadem Group CEO Olaitan Gbenga Honoured In Zambia

Diadem Group CEO Olaitan Gbenga Honoured In Zambia

8 hours ago

Chevron outperformed rivals during and after the pandemic as investors admired its financial strength and large shareholder returns.

Last year, its buybacks amounted to almost $15 billion, or 5 per cent of outstanding shares. But with global oil demand hitting fresh records and electric vehicles sales stumbling, the industry is starting to target crude-production growth once again.

That’s why the Hess deal is so vital to Chevron and would provide a 30 per cent stake in what Chief Executive Officer. Mike Wirth. has been called “the industry’s most attractive, long-lived growth asset.”

It would also help narrow the valuation gap with Exxon, which operates Guyana’s Stabroek Block and owns 45 per cent.

While  still expecting to complete the Hess acquisition, he’s attempting to make the case to investors that Chevron has enough organic growth potential on its own. The company is targeting between 4 per cent and 7 per cent production growth this year without Hess, largely from the Permian Basin, a new offshore platform in the Gulf of Mexico, and the addition of PDC Energy, which Chevron acquired in August.

 

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Chevron Nigeria
SendShareTweetShare
Previous Post

Commission Tasks SUBEBs On Qualitative Education

Next Post

Ecobank Group Reports Pre-tax Profit Of $581m In 2023

Chika Izuora

Chika Izuora

You May Like

Top Home Teams with Highest Win Rates: Who To Bet On
Special Report

Top Home Teams with Highest Win Rates: Who To Bet On

2025/06/28
Diadem Group CEO Olaitan Gbenga Honoured In Zambia
Business

Diadem Group CEO Olaitan Gbenga Honoured In Zambia

2025/06/28
Nigeria’s Wealthy Evade Taxes Amid Rising Inequality: Oxfam Report
Business

New Tax Law: Industrialists Project N3.2trn Increase In Non-oil Revenue

2025/06/28
Celebrating President Tinubu’s Remarkable Two Years In Office
Business

Tinubu Confers GCON Honour On Oramah

2025/06/28
Investors Gain N1.43trn From Stocks In 1 Week
Business

Investors Gain N1.43trn From Stocks In 1 Week

2025/06/28
Stakeholders Prepare For 7th Africa Procurement, Supply Chain Summit In Lagos
Business

Stakeholders Prepare For 7th Africa Procurement, Supply Chain Summit In Lagos

2025/06/28
Leadership Conference advertisement

LATEST

Niger Killings: NEF Demands State Of Emergency In Northern Nigeria

Dantata’s Leaves Monumental Legacy In Philanthropy, Entrepreneurship — Buhari

Rivers Angels Beat Nasarawa Amazons To Win 2025 President Federation Cup

Kano Billionaire Dantata To Be Buried In Saudi Arabia Next To Late Wife

‘Yar’Adua Wanted Me To Oversee Nigeria But One Aide Withheld The Letter’, Johnathan Reveals

SEDC Congratulates Oramah On Tenure Completion At Afreximbank, GCON Award

Dantata’s Death An Earth-shaking Loss To Africa —  Atiku

Cameroonian Elombi Emerges New Afreximbank President

APC Govs Restate Demand For Community Policing

Top Home Teams with Highest Win Rates: Who To Bet On

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.