https://www.investors.com/news/warren-buffett-stock-chevron-mulled-buying-berkshire-holding-occidental-petroleum/?src=A00220
19 replies (most recent on top)
Once again MW is caught worrying more about diversity than core business. Chevron is still in the process of absorbing (and selling off most of) NBL, no Permian (or otherwise) purchase in the near future.
United Way is not the best steward for your money. Make a one time token donation to check the participation box and be charitable using your own judgment
Meanwhile, back in Cailfronia, executives are looking for someone to blame for their stupid entry into Israel and Egypt which may be shut down for years due to war.
Update Oct 11, 2023 —— Exxon Mobil agrees to buy Pioneer Natural Resources for nearly $60 billion in all-stock merger. The deal is expected to close in the first half of 2024, the companies said in a release. Exxon said its production volume in the
Permian Basin would more than double to 1.3 million barrels per day once the transaction closes. ——- Now let’s see what our laggard Chevron does.
Exxon is striking before the war in the middle east starts to spread. Once that happens oil prices will head to the stratosphere. Having more reserves in the US will mean Exxon will be looking good because globalization is becoming more risky day by day. Pioneer should have been on CVX's list as well. Let's face it, acquisitions is the only way CVX will grow the company.
Do we need to do something just because Exxon did? That might have been the play a few years ago. I think we’re the leading company now between the two.
We did an international acquisition. It was Noble. Please don’t think we bought them for the US assets.
Even if there is announcement of XOM buying PXD, I don’t see the FTC approving this deal under the Biden administration. To me it seems like a pump for small/mid cap operators to pump their numbers but a more realistic take over. I would venture to say a DVN and Crownquest has a better chance of being taken over than PXD
The last international asset acquired was not TCO in the 1990’s. It was Tamar/Leviathan and Eastern Med gas in 2020.
The last Chevron international asset acquisition was TCO in the 90s. It is just not something we do. Discovered resources tend to be over-priced in a competitive market. It is cheaper to buy reserves in larger chunks like whole companies, then sell off the junk to pay for it. We'll be selling off PDC junk for years. No appetite for another large bite of anything for a few years. MW doesn't buy big when prices are high.
“Chevron will be making international acquisitions next year.”
I call BS, a few small acquisitions are possible but nothing major
Is sasbu on the chopping block like roc? Or is alng too lucrative? Without alng surely block 0 and 14 would be up for sale.
Esso has it right. The future of our business really is the Permian. The value and scale are perfect for large companies. Factory baby. We will continue winding down deep water and marginal overseas assets where we have failed to create viable businesses when you loo at the total long term cost vs revenue.
Chevron will be making international acquisitions next year. A few asset acquisitions from ENI (Italy) as well as Total (France), and Equinor, formerly Statoil (Norway) are on the board.
Just wondering out loud..... is this $60 billion acquisition of Pioneer the next XTO Energy acquisition? XOM with all your staffing---- did you make the right decision or will (bad) history repeat itself ?
Getting big into unconventional right now is very unwise. The Chevron approach is much better by getting smaller companies at a fraction of the price. For Chevron the next big thing should be international, for ExxonMobil, they already had big discoveries and big international footprint, so maybe finding something onshore in US fits them better for diversification. We are already too big in unconventional and almost have not anything major in the pipe outside USA that can grow.
Sell CTC and buy it. No brainer
See that price? Makes the NBL acquisition look like a steal. Which it was.