Friday, July 03, 2020
Hawai'i Free Press

Current Articles | Archives

Monday, January 30, 2012
Tesoro? With Cash in Hand, Chevron Considers Options
By Selected News Articles @ 1:19 PM :: 5977 Views :: Energy

Tesoro’s Kapolei refinery is for sale.

Abercrombie has threatened to oppose any Chevron purchase because he has suddenly become worried about monopoly.

In his State of the State speech, Abercrombie declared that natural gas is an alternative energy source.

Chevron is developing massive new natural gas fields in Australia.

Tesoro’s Kapolei refinery was originally built by The Gas Company with financial backing from ERS.

And the article below fills in may of the gaps between Chevron, acquisitions, and natural gas….

With Cash in Hand, Chevron Considers Options

From GCaptain.com January 29, 2012

HOUSTON -(Dow Jones)- Chevron Corp. (CVX) is being conservative about spending its abundant cash because it wants to be prepared for the right acquisition opportunity, the company top executive said Friday.

“We are opportunistic when it comes.. .to add to the portfolio, and we want to be in a position of having sufficient resources to be able to take advantage of an opportunity,” Chief Executive John Watson told investors.

At the end 2011, Chevron had $10 billion in cash, excluding debt.

Chevron’s cash priority is to fund its massive capital projects world-wide and its annual dividend payout, Watson said. But the company would favor acquisitions if the right opportunity arrives over sharply increasing its share buybacks, he added.

Watson said that if the company was going to make an acquisition in the U.S., “organizational capability” would be a consideration. Workers’ technical know-how was a key element of Chevron’s $3.2 billion acquisition of U.S. natural gas producer Atlas Energy in 2011. “Certainly, manpower is at a premium,” Watson said. “That is an important part of what we’re looking for.”

Chevron said it expects to spend $1.25 billion share buybacks in the first quarter, unchanged from the fourth-quarter.

The San Ramon, Calif.-based company has been spending significantly less in share repurchases than rivals Exxon Mobil Corp. (XOM) and ConocoPhillips (COP), prompting speculation among some analysts that the company might be amassing cash to make acquisitions.

Chevron said its spending will peak in the next three years as it funds the development of its liquefied-natural-gas projects Gorgon and Wheatstone in Australia. The company confirmed it expects to have a $32.7 billion capital expenditure this year.

In 2011, Chevron’s capital expenditure budget of $29.1 billion was above its guidance of $26 billion because the company bought adjacent acreage to the properties it acquired from Atlas Energy in the Marcellus Shale in the northeastern U.S.

gorgon project chevron australia

Chevron said Gorgon is on track to start production in late 2014 and that the company plans to asses the final cost of the project–currently with a price tag of $37 billion–later this year when it has a better idea of the impact of labor costs and materials. Watson said that it “remains to be seen” if the company will build a fifth train, or processing unit, for Gorgon….

read … With Cash in Hand, Chevron Considers Options

---30---

Related: Abercrombie to Tesoro: Drop Dead

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

808 State Update AM940

ABCDEFG Blog

ACA Signups Hawaii

ACCE

ALEC

Alliance Defending Freedom

Aloha Life Advocates

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

American Mothers of Hawaii

AMVETS-Hawaii

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Astronomy Hawaii

Audit The Rail

Ballotpedia Hawaii

Better Hawaii 

Blaisdell Memorial Project

Broken Trust 

Build More Hawaiian Homes Working Group

CAFR Hawaii

Castaway Conservative

Children's Alliance Hawaii

Children's Rights Institute

ChinaTownWatch.com

Christian Homeschoolers of Hawaii

Citizens for Recall

Cliff Slater's Second Opinion

Coffee Break

CSIS Pacific Forum

DAR Hawaii

DeedySupport.com

DVids Hawaii

E Hana Kakou Kelii Akina

E Māua Ola i Moku o Keawe

Farmers For Choice Hawaii

FIRE

Fix Oahu!

Follow the Money Hawaii

Frank in Hawaii

Front Page Magazine

Frontline: The Fixers

Genetic Literacy Project

Get Off Your Butts!

God, Freedom, America

Grassroot Institute

Habele.org

Hawaii Aganst Assisted Suicide

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crime Victims' Rights

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defending Marriage

Hawaii Defense Foundation

Hawaii Family Advocates

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Firearm Community

Hawaii Fishermen's Alliance

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii March for Life

Hawaii Meth Project

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Right to Life -- Big Island

Hawaii Right to Life -- Oahu

Hawaii Shield Law Coalition

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

Heritage Foundation

HI Coalition Against Legalized Gambling

HIEC.Coop 

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Homeless Crisis

Honolulu Navy League

Honolulu Traffic

Horns of Jericho Blog

House Minority Blog

House Republican Caucus YouTube

HPACC

Hump Day Report

I Vote Hawaii

If Hawaii News

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

Iowa Meets Maui

Jackson v Abercrombie

Jihad Watch

July 4 in Hawaii

Kahle v New Hope

Kakaako Cares

Kau TEA Party

Kauai Co GOP

Keep Hawaii's Heroes

KeyWiki

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Mauna Kea Recreational Users Group

MentalIllnessPolicy.org

Middle East Forum--The Legal Project

Mililani Conservatives for Change

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

Muslim Brotherhood in America

NAMI Hawaii

NARTH

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

National Wind Watch

New Hawaiian

New Zeal

NFIB Hawaii News

No GMO Means No Aloha

Northwest Economic Policy Seminar

Not Dead Yet, Hawaii

Now What I Really Think

NRA-ILA Hawaii

Oahu Alternative Transport

ObamaCare Abortion Hawaii

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Pacific Aviation Museum

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons 

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

Republican Party -- Hawaii State

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Save Dillingham Airfield

School Choice in Hawaii

SenatorFong.com

SIFE Remington

SIFE W. Oahu 

Sink the Jones Act

Smart About Marijuana--Hawaii

St Marianne Cope

State Budget Solutions Hawaii

State Policy Network

Statehood for Guam

Tax Foundation of Hawaii

The Harriet Tubman Agenda

The Long War Journal

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Truth About Trade & Technology - Hawaii

UCC Truths

Union Members Know Your Rights

US Tax Foundation Hawaii Info

Valor in the Pacific

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT