Chevron and ExxonMobil Prepare for Earnings Amid Rising Oil Prices and Geopolitical Tensions
ExxonMobil and Chevron are set to release their third-quarter earnings on October 30, with investors looking at refining margins, crude prices, production growth, and geopolitical disruptions.
Chevron's recent developments in Venezuela include updated agreements that improve the terms of its joint ventures and provide additional acreage in the Orinoco Belt. The company plans to invest over $7 billion over five years and increase production to approximately 600,000 barrels per day by 2026.
The oil major also made an oil and gas condensate discovery at the 105-4X exploration well in Block 0 offshore Angola in August. This well encountered a hydrocarbon-bearing interval exceeding 600 meters in the Pinda reservoir.
ExxonMobil, on the other hand, has moved forward with its Rovuma LNG project in Mozambique, awarding $1.1 billion in pre-investment contracts for Phase 1 of the project. The company also strengthened its position in the Papua LNG project in Papua New Guinea, with a 34.1% interest and becoming the operator.