Chevron CEO under pressure to halt share slide as Hess deal stalls

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HOUSTON : Five years ago, Chevron CEO Michael Wirth won Wall Street acclaim as the No.2 U.S.oil company briefly achieved a market value larger than Exxon Mobil's after he refused to get into a bidding war with Occidental Petroleum over a rival.

"The Hess deal delay has left Chevron with no clear (business) growth story to tell".

The stake would provide Chevron with long-lived oil production from a country with fewer geopolitical risks than its Venezuela or Kazakhstan operations, the latter of which accounts for nearly 20 per cent of Chevron's easily tapped oil reserves.

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Article Details

Category: EconomyBusiness

Markets: SingaporeArgentinaAustraliaBrazilGuyanaKazakhstanVenezuela

Topics: Exxon Billion Wirth Hess Board Cent Company Chevron Year Years Deal

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-31 @ 18:08:32 (8 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 1176 words

Reading Time: 7 minutes read

Sentences: 43 lines

Sentence Length: 28 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 23348060

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