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Dan Pickering discusses shareholder reactions to Exxon and Chevron's megadeals on Bloomberg, explaining how these deals highlight that the era of "easy oil" is over.
Dan Pickering, Chief Investment Officer of Pickering Energy Partners, comments on shareholder concerns as Bloomberg reports that "Chevron plunged nearly 7% and Exxon closed 1.9% lower, even as oil prices gained on heightened tensions in the Middle East."
“Welcome to the oil patch,” said Pickering, the founder of Houston-based Pickering Energy Partners. Investors “don’t believe this business can be sustainable, they don’t believe the discipline of these companies. They’d rather stare at Amazon today, or maybe any day.” (Bloomberg)
Dan also explains how the technical problems Chevron and its smaller rivals are facing in the Permian are an example of the maturing of the basin.
Rising electricity and gas bills are hitting households nationwide as utilities win rate hikes, aging power grids need upgrades, and growing energy demand and natural gas prices push costs higher.
Oilfield services group SLB is in position to win some of the first contracts under Donald Trump’s plan to revive Venezuela’s ailing oil industry, capitalising on its century long presence in the Caribbean nation.
Texas oilman Rod Lewis has made millions drilling in places even other wildcatters find too dangerous.But when he flew to Venezuela in 2024, he encountered an opportunity that was as treacherous—and possibly as profitable—as any in the world.
Exxon stock hit a record on Tuesday, rising 1.5% to $125.94. The oil giant is winning the hearts of investors, even as it’s getting the cold shoulder from the president.
Exxon stock hit a record as investors backed the oil giant’s cautious stance on Venezuela, even as President Trump signaled frustration over its hesitation.
As other oil executives lavished President Trump with praise at the White House, Exxon Mobil CEO Darren Woods bluntly said the Venezuelan oil industry is currently “uninvestable,” and that major reforms are required before even considering committing the many billions of dollars required to revitalize the country’s dilapidated crude business.
President Donald Trump is set to meet with Big Oil executives Friday as part of a weeklong charm offensive to persuade America’s largest energy companies to return to Venezuela.
President Trump wants to drive down oil prices to $50 a barrel. Getting to that price appears doable with Venezuela, though keeping it there comes with risks.The good news for the administration is that, if the real goal is to lower gasoline prices for U.S. consumers, global oil prices might not need to come down that much.
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