Exxon and Chevron have recently announced deals worth more than $100 billion combined, signaling a renewed consolidation push in the oil sector. The deals come as the industry faces threats from a greener market. Chevron's $53 billion all-stock deal for Hess is seen as underpowered, with the appeal being Hess's 30% stake in an oil consortium in Guyana. However, Chevron's declining stock price may require the deal to be sweetened with cash. Both Exxon and Chevron reported third-quarter profit declines, with Chevron's profit falling short of analysts' expectations. Exxon, on the other hand, boosted dividends more than expected and posted a surprise cash flow increase.
The days of easy oil production growth for majors like Exxon and Chevron are over, prompting them to look to megadeals to fuel growth https://t.co/FKJOHdhJPB
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Exxon and Chevron make significant oil acquisitions in the face of uncertain future for fossil fuels https://t.co/NhurElhgGX https://t.co/vz87tOoRYL
WATCH: Chevron is paying $53 billion to buy smaller rival Hess, Ford agreed to a 25% pay rise for factory staff as part of a deal to end a six-week strike, Google-parent Alphabet shares slid 9.6%, and more in a round-up of the big stories in business and finance this week https://t.co/61LoFi0wFQ
Exxon profit falls compared with record-setting numbers last year, but consolidation in full swing https://t.co/2f6Eip7zak
Exxon Mobil boosts dividend and posts a surprise cash flow increase, reaping the benefits of strengthening crude prices and oil-refining margins https://t.co/uXZzFduAyv
India's Reliance misses profit view as crude drop hurts mainstay business https://t.co/ECZAaueeC1 https://t.co/YquSo8CTPs
Chevron is paying $53 billion to buy smaller rival Hess, Ford agreed to a 25% pay rise for factory staff as part of a deal to end a six-week strike, Google-parent Alphabet shares slid 9.6%, and more in a round-up of the big stories in business and finance this week https://t.co/mLxA4c1CNM
Chevron's third-quarter profit slumps, shares fall 6% https://t.co/d0Fflt7abG https://t.co/hqcLQP15Q7
Exxon Mobil Corp. sees tight global oil supplies putting upward pressure on energy prices for at least the next few years as the world continues to suffer from a lack of investment in fossil fuels. https://t.co/mWBJ6kMnl5
Imperial Oil's third quarter profit falls on crude prices https://t.co/IngGTzlBJL https://t.co/Cw4ONEILHB
India's Reliance misses profit view as crude drop hurts mainstay business https://t.co/ZP0dLiKVKn https://t.co/NSEXbqlflg
T. Rowe beats profit estimates on higher fee-based income https://t.co/rnIjEmoWOf https://t.co/MF4qUJFNFQ
Chevron’s post-earnings selloff shrank the value of its all-stock offer for Hess by roughly $6.5 billion https://t.co/cymZq3RqxI
Exxon Mobil Corp. sees tight global oil supplies putting upward pressure on energy prices for at least the next few years as the world continues to suffer from a lack of investment in fossil fuels. https://t.co/eM0nY8YjFp
Reliance Industries, led by billionaire Mukesh Ambani, posts a lower-than-expected quarterly profit as the petrochemical margins dragged and finance costs jumped https://t.co/KfxPSRLs9c
Chevron’s post-earnings selloff shrank the value of its all-stock offer for Hess by roughly $6.5 billion https://t.co/t6DviCDyLj
Reliance Industries second-quarter profit misses on fall in crude prices https://t.co/E04WUPtbHe https://t.co/PncfA27HyK
T. Rowe beats profit estimates on higher fee-based income https://t.co/JYsguDzj54 https://t.co/q5QnkHTIFU
Exxon Blows Away Cash Flow Expectations, Hikes Dividend Ahead Of Transformational Deal With Pioneer https://t.co/I4PnKY5iEP
T. Rowe beats profit estimates on higher fee-based income https://t.co/qwgPozqZeo https://t.co/Bv5ey5DU2m
Exxon Mobil boosts dividend and posts a surprise cash flow increase, reaping the benefits of strengthening crude prices and oil-refining margins https://t.co/CuvRySH1wb
Chevron profit fell short of analysts’ expectations despite strengthening oil and fuel markets https://t.co/n84lrfSQ2N
Interesting seeing Exxon and Chevron both miss earnings (due to lower commodity prices and worse refining margins). $xom raised their dividend and their stock is up pre market. $cvx didn't raise their dividend and they're down 2% pre market. Both are doing $60+ billion deals.
Refiner Phillips 66 posts third-quarter profit below estimates https://t.co/40AnbTQQRZ https://t.co/eVNY7EyAFH
$XOM (+0.6% pre) Exxon Raises Dividend After Posting $9.1 Billion Profit https://t.co/qyE79gEHCd
Danske Bank profits beat forecasts on interest income boost https://t.co/3pfG5KYRhM https://t.co/FmX76dMKNw
Oil giants Exxon and Chevron report sluggish third-quarter results https://t.co/TbGSCyYeTv
Chevron's third-quarter profit slumps, shares fall on earnings miss https://t.co/0tDsVGN8cJ
Exxon posts $9.1 billion net, down from year-ago, up 15% from 2Q https://t.co/Rys1Ui1x2E https://t.co/gBt91l6oWq
Exxon posts $9.1 billion third-quarter profit, down from record year-ago net, up 15% from prior quarter https://t.co/QLIMiK0trH
Chevron's third-quarter profit slumps, shares fall on earnings miss https://t.co/r91fmsqfzK https://t.co/PkW2SJX12I
Exxon Mobil posted a $9.1 billion profit Friday, as oil and fuel prices climbed in the third quarter https://t.co/u3kRWhaApb
⚠️ REFINER PHILLIPS 66 POSTS THIRD-QUARTER PROFIT BELOW ESTIMATES Full Story → https://t.co/Rvfjf9ClUQ
Exxon Mobil sees the potential for more cost cuts after reaching its previous target three months early, CFO Kathy Mikells says https://t.co/iCJki5bppq
ExxonMobil seeks more M&A opportunities after $60bn Pioneer deal https://t.co/BAmulUv23e
NEW: Exxon boosts dividends more than expected and posts a surprise cash flow increase, reaping the benefits of strengthening crude prices and US oil-refining margins https://t.co/LUbz3eddzJ
NEW: Chevron falls short of analysts’ expectations despite strengthening oil and fuel markets, as the oil giant moves closer to the $53 billion purchase of Hess https://t.co/OBLfWTJwRE
Chevron profit fell short of analysts’ expectations despite strengthening oil and fuel markets https://t.co/rp4SJk6xsx
Eni profits slump on lower oil and gas prices https://t.co/iTofL9VOs8
Danske Bank Q3 beats forecast https://t.co/xvV9iRDugh https://t.co/RSDQKZuzRk
Equinor cuts output guidance; Q3 profit beats forecast https://t.co/GLGrpZ5xU7 https://t.co/4KWjDjGu0k
Eni’s third-quarter profit falls less than expected as the energy crisis subsides https://t.co/pkeAvQt2FM
Caixabank's Q3 net profit rises 70% on higher lending income https://t.co/nflOyu7z4t https://t.co/93bT26bKuz
On @Breakingviews: Chevron’s $53 billion all-stock deal for Hess is looking underpowered. @rob_cyran explains the appeal of getting a relatively big chunk of a more stable oil company. But Chevron’s declining stock price may mean the small premium has to be sweetened with cash https://t.co/nS4mm8JuAu
Chevron and Exxon's latest buys could usher in a new era of oil megamergers https://t.co/0DNU9Sqc35
On @Breakingviews: Chevron’s $53 billion deal for Hess is looking underpowered. The main appeal for Chevron is Hess’s 30% stake in a consortium producing oil offshore in Guyana. @rob_cyran explains the appeal of getting a relatively big chunk of a more stable oil company https://t.co/6wzbRIJRqj
From @Breakingviews: Chevron’s all-stock deal for Hess is looking underpowered. @rob_cyran explains the appeal of getting a relatively big chunk of a more stable oil giant. But Chevon's falling stock may mean the deal has to be sweetened with cash https://t.co/72EH9cHIOS
Capital One beats profit estimates on interest income boost https://t.co/HbMYxxMbkp https://t.co/p3swT4WO6O
Capital One beats profit estimates on interest income boost https://t.co/xLkM3Xbs4j https://t.co/vR3wMMXlvA
On @Breakingviews: Chevron’s $53 billion deal for Hess is looking underpowered. The main appeal for Chevron is Hess’s 30% stake in a consortium producing oil offshore in Guyana. @rob_cyran explains the appeal of getting a relatively big chunk of a more stable oil company https://t.co/N6jpjP067r
On @Breakingviews: Chevron’s $53 billion all-stock deal for Hess is looking underpowered. @rob_cyran explains the appeal of getting a relatively big chunk of a more stable oil company. But Chevron’s declining stock price may mean the small premium has to be sweetened with cash https://t.co/IIpLAoheJe
Energy firm Chevron will report third-quarter earnings on Friday at a key moment in its history. https://t.co/AqBTgMF24d
Chevron's mega oil deal more expensive than Exxon's https://t.co/6JUoy0GOjE https://t.co/je6FK0m2kF
🎙️ On @Breakingviews: Exxon and Chevron unveiled deals worth more than $100 billion combined within weeks of each other. Columnists discuss what’s powering the renewed consolidation push – as well as the threats posed to the oil sector by a greener market https://t.co/PZbrmPXHFu https://t.co/ciuw2G2jSw