Thread regarding Chevron Corp. layoffs

Here Is The Latest Saudi Oil/Stck Market News

  1. S. stock futures, crude oil prices tumble on price-war fears

Dow futures sink 900 points late Sunday as crude prices plunge more than 20%

  1. S stock futures and crude oil prices plunged immediately after the start of electronic trading late Sunday, as fears of a global oil-price war combined with coronavirus fears to rattle traders.

Dow Jones Industrial Average futures YM00, -3.854% sank more than 900 points a–&P 500 futures ES00, -4.246% and Nasdaq Composite futures NQ00, -3.963% tumbled more than 3%.
West Texas Intermediate crude for April delivery CLJ20, -22.069% plummeted 22% to $32.01 on Sunday, while May Brent crude BRNK20, -22.023% the global crude benchmark, fell 22% to $35.22 a barrel.

I just checked again, and WTI is at $32.25/barrel. You read that right. All of the people posting here who are downplaying this are either profoundly ignorant or profoundly stupid. All of the old timers, over 60+, have seen this before. For you younger millennial types, you are about to witness something that could easily forever change your outlook on working in this industry and your comfortable lifestyle you have taken for granted.

by It Is Happening Again.
| 1301 views | | 8 replies (last March 9, 2020) | Reply
Post ID: @OP+13SN27Zq
Comment! It's anonymous!

8 replies (most recent on top)

https://www.marketwatch.com/story/us-stock-futures-tumble-on-fears-of-oil-price-war-2020-03-08?siteid=rss

by Anonymous
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Post ID: @1dmc+13SN27Zq

Who will blink first? MBS or Putin?

by Anonymous
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Post ID: @1gyz+13SN27Zq

The few remaining boomers remember long time ago when times like this set off mergers (not acquisitions) as oil companies just tried to survive very low price environments. These mergers focused on operational ‘synergies’ whereas overlapping positions / organizations would be cut to reduce costs. Once one merger occurs and its communication of significant savings to investors then others will follow as they don't want to be left behind. In the end it doesn’t matter if the savings are real or not but it will show our Sr. Execs are on top of it. A couple of years later the oil prices cycle up and know one will care if the forecasted cost savings were real or not, u just have to do something and make it sound good to get thru this down cycle.

One thing different is that now you have trillion dollar market cap non-oil companies. So a merger of the largest oil companies may be allowed, or even a merger of Chevron and Microsoft, why not? It would definitely be a diversified company similar to the old GE w different divisions but born in our modern times.

Regardless, w low demand and two stubborn countries willing to loose in this face off, many oil assets sold off in 2016 due to oil price drop back then to pay dividends, there are not a lot of alternatives besides cutting our dividend so don't be surprised.

by Anonymous
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Post ID: @1bad+13SN27Zq

Oxy has 50B$ debt, no one swallows that sh– even for a penny!

by Anonymous
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Post ID: @1dcr+13SN27Zq

Welcome to Black Monday 2020. 10 Year treasury yield at 0.5% lowest ever.

by Anonymous
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Post ID: @1nks+13SN27Zq

Be thankful you don't work at Oxy or Chesapeake. Regardless, this situation could easily drag on and cost thousands of people their jobs/income. This is nothing to joke about.

by Not Funny
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Post ID: @1zwr+13SN27Zq

Low prices are a great opportunity for Chevron to pick up some assets at fire sale prices. Stay tuned for some good acquisitions folks.

Oxy had a market cap of about $45B when they bought Anadarko for about $40B. The entire mess (minus some minor asset sales) is now worth about $24B. When it drops under $20B, someone will scoop it all up again.

by Anonymous
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Post ID: @wdp+13SN27Zq

That was a quick reaction to $32! Thought would at least take a week.

https://www.bloomberg.com/markets/commodities

by Anonymous
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Post ID: @utp+13SN27Zq

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