H/t reader Squodgy.
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H/t reader Squodgy.
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Even though Chevron said in July that its cost-cutting initiatives would be “completed by mid-November of 2015” it decided to surprise everyone moments ago when on its earnings call it announced it would not only slash its capex by another 25%, but will shortly distribute another 7,000 pink slips. The reason: another terrible quarter in which the $2 billion in earnings were a 73% plunge from a year earlier.
– Chevron Slashes 23% Of PA Workforce As US Rig Count Collapses To June 2010 Lows (ZeroHedge, Jan 30, 2015):
For the 8th week in a row (something that hasn’t happened since June 2009), US total rig count plunged. This week’s 90 rig drop to 1543 is the largest so far (with oil rigs down 94 to 1223 – lowest since Jan 2013). The total rig count is now down 20% in the last 8 weeks to the lowest since June 2010 as it tracks the 4-month lagged oil price perfectly. This is the 2nd biggest 8-week drop in 22 years. This – rather unsurprisingly – has led Chevron to decide to cut 23% of its Pennsylvania workforce “due to activity levels.” Not ‘unambiguously positive’ as so many in the central planning bureaus would have everyone believe.
– It Begins: Energy Giant Chevron Suspends Stock Buyback, Blames “Cash Flow Squeeze” (ZeroHedge, Jan 30, 2015):
It was less than 24 hours after we posted that either oil will double from here allowing energy companies to grow into a normal P/E multiple, or energy stocks will have to crash by over 40% for the ridiculous 23x to return to its normal, long-term average of 13.6x. Moments ago energy giant Chevron admitted that not only does it not see oil doubling any time soon, but that energy prices are almost certain to go far lower from here, and as a result the company decided that after buying back $5 billion of its shares in 2014, i.e., buying high and higher before the stock crashes may not be the best use of dwindling cash flow, and as a result has just suspended its stock buyback program of the rest of 2015. Yes, energy giant Chevron just ended its buyback!…
H/t reader squodgy:
“Anybody remember jewess Nuland bragging about investing $5Bn to de-stabilize the Ukraine to intimidate Russia?
Remember the big sponsorship cards all over the stage with CHEVRON plastered everywhere?
What now? The ordinary Ukrainians must really love the EU & USA now.”
– Chevron Shale Exit Shreds Ukraine’s Hope of Energy Independence (Bloomberg, Dec 17, 2014):
Shale gas was supposed to be Ukraine’s ticket to greater energy independence from Russia. Chevron Corp. (CVX)’s decision to pull the plug has smashed those hopes.
The second-largest U.S. energy producer will pull out of an agreement for exploring the Oleska field in western Ukraine, a government official said this week. It was the final blow to the country’s dream of becoming a big shale-gas producer after Royal Dutch Shell Plc (RDSA) retreated earlier this year from a similar deal in eastern provinces riven by a bloody war with pro-Russian separatists.
While Chevron can walk away unscathed, for Ukraine it’s another blow to the prospects of reviving a chaotic economy that remains dependent on Russia, a country it claims to be in armed conflict with. Already weighed down by the war that’s killed more than 4,600 people and teetering on the verge of default, Ukraine was counting on foreign capital to develop its domestic gas resources.
H/t Reader squodgy:
“As I recall the UN is funded by the Rockefeller Foundation, as is the CFR.
David Rockefeller presides with others at the annual gathering of elite at the Bilderburg coven.
David Rockefeller’s Texaco/Chevron destroyed the jungles of Ecuador…”
Donny Rico & Chevron make it a crime to defend the environment.
Jan 20, 2014 Amazon Watch teams up with Pulitzer Prize winner Mark Fiore once again!
Here is another zionist about to rape another pristine part of the home of the Mountain Gorilla.”
– Israeli billionaire finds 3 bln barrels of oil in Congo (Reuters, Aug 7, 2014):
* Find on similar scale to UK, South Sudan oil reserves
* Oil of DRCongo says oil can boost GDP by 25 pct
* Campaigners say Gertler has made huge profits in Congo (Adds industry comment, further explanation in paragraph 3)
KINSHASA – An oil company owned by Israeli billionaire Dan Gertler said on Thursday it had discovered around 3 billion barrels of oil in the Democratic Republic of Congo, an amount similar to the proven reserves of oil producers Britain and South Sudan.
– Big Oil’s Central Asian Mafia (Veterans Today, Aug 6, 2013)
(Excerpted from Big Oil & Their Bankers: Chapter 17: Caspian Sea Oil Grab)
According to Kurt Wulff of the oil investment firm McDep Associates, the Four Horsemen, romping in their new Far East pastures, saw asset increases from 1988-1994 as follows: Exxon Mobil- 54%, Chevron Texaco- 74%, Royal Dutch/Shell- 52% and BP Amoco- 54%. Big Oil had more than doubled its collective assets in six short years.
This quantum leap in global power had everything to do withthe takeover of the old Soviet oil patch and the subsequent impoverishment of its birthright owners.
While the Four Horsemen gorged on Russian and Central Asian oil, Wall Street investment bankers were facilitating the oil grab and ripping off the Russian Treasury.
Salomon Smith Barney’s Phibro Energy oil trading subsidiary set up shop in Moscow. Goldman Sachs was hired by Yeltsin to lure foreign capital to Russia. Heading the Russian Goldman Sachs team was Robert Rubin, later Clinton Secretary of Treasury & Citigroup CEO. CS First Boston took a 20% stake in Lukoil, in partnership with BP Amoco.
– “The Worm Turns” As Chevron ‘Infected’ By Stuxnet Collateral Damage (ZeroHedge, Nov 10, 2012):
“I don’t think the US government even realized how far it had spread” is how the collateral damage from the Iran-attacking Stuxnet computer virus is described by Chevron. The sleep San-Ramon-based oil giant admitted this week that from 2010 on “we’re finding it in our systems and so are other companies… so now we have to deal with it.” It would seem that little consideration for just how viral this cyber warfare tactic has become and this news (reported by Russia Today) is the first time a US company has come clean about the accidental infection. Discovered in 2010, the Stuxnet worm was reported with all but certainty to be the creation of the United States, perhaps with the assistance of Israel, to set back Iran’s nuclear enrichment program as a preemptive measure against an eventual war. In a June 2012 article published by The New York Times, government agents with direct knowledge of Stuxnet claimed that first President George W. Bush, then Barack Obama, oversaw the deployment of the worm as part of a well-crafted cyberassault on Iran. On the record, the federal government maintains ignorance on the subject of Stuxnet, but perhaps Chevron sums up the impact of Stuxnet best (given the escalating Iranian enrichment program): “I think the downside of what they did is going to be far worse than what they actually accomplished.”
Via Russia Today:
America’s cyberwar is already seeing collateral damage, and it’s hitting the country’s own billion-dollar companies. Oil giants Chevron say the Stuxnet computer virus made by the US to target Iran infected their systems as well.
– 10 Most Profitable U.S. Companies Paid 9% in Federal Income Taxes (AllGov, Aug 18, 2012):
The largest corporations in the U.S., consisting of oil, retail, banking and technology giants, paid an average of only 9% of their earnings in income taxes to the Internal Revenue Service last year.
According to the tax code, companies are supposed to pay 35% income tax. But NerdWallet determined that the top 10 came nowhere near that.
Exxon Mobil, the country’s biggest business, made more than $73 billion in 2011, but paid only $1.5 billion to the IRS.
The second largest company, Chevron, paid $1.9 billion in taxes after collecting $47.6 billion in revenue.
No. 3 on the list, Apple, made $34.2 billion. It paid $3.9 billion to the IRS.
These were followed by:
– Chevron’s Largest California Refinery “Immediate-Extreme-Health-Hazard” Fire Emergency (ZeroHedge, Aug 6, 2012):
UPDATE: *CHEVRON RICHMOND REFINERY HYDROCRACKER EXPLODED: KPIX-TV, REFINERY SHUTDOWN, CAN PROCESS 244,000 BBL/DAY
Chevron’s Richmond refinery, the largest refinery in California, is under a Level 3 Hazardous Material extreme immediate warning with local authorities advising local citizens to “to shelter in place, go inside, close all windows and doors, turn off all heaters, air conditioners and fans. If not using the fireplace, close fireplace dampers and vents, and cover cracks around doors and windows with tape or damped towels.” As KTVU2 comments, it appears massive and out of control currently. Live KRON4 stream embedded.
- *2 DISTINCT PLUMES OF SMOKES OBSERVED EMITTING FROM CVX REFINERY
- *CHEVRON SPOKESWOMAN SAYS NOT SURE WHAT CAUSE OF FIRE IS :CVX US
- *CHEVRON RICHMOND REFINERY HAS EVACUATION ON EMISSIONS: FILING
Live Stream from KRON4…
and a broader perspective of the wind’s influence…
and across the bay…