Tag Archive for: Chevron

Chevron Says To Give CEO Fewer Stock Options

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Oil and natural gas producer Chevron Corp said it would give its top executive fewer stock options after shareholders expressed concern about executive pay.

Oil companies have been restructuring pay packages of their top management after a two-year-long slump in oil prices eroded profitability.

Chevron said on Monday the average support from shareholders for the company’s compensation package fell to 54 percent in 2016 from the 95 percent it averaged between 2011 and 2015.

Stock options give employees the right to buy a specific number of shares in the future at a pre-determined price.

Restricted stock units (RSU), once vested, are equal to a share of stock. They vest according to a set distribution schedule after an employee achieves performance goals, or remains with the company for a certain period.

Chevron said it held 25 meetings with shareholders, who held about 36 percent of its outstanding stock, and with advisory firms ISS and Glass Lewis.

The company said its board approved a grant to Chief Executive John Watson that included 250,000 stock options, 65,340 performance shares and 32,670 restricted stock units in 2017, compared with 964,800 stock options and 73,600 performance shares in 2016.

Chevron said the changes would strengthen accountability for project performance, investment discipline and reinforce the link between executive compensation and long-term performance. However, the move would not change the “target award value.”

 

OIL PRICE ECONOMY

 

Copyright: Rigzone

13 Companies prequalified for Mexico’s oil industry Round 2.1

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As of January 16, 13 companies have initiated the prequalification process for Round 2.1, the shallow water exploration and extraction contract auction process that Mexico’s National Hydrocarbons Commission (CNH) intends to award in June 19 of this year. According to CNH’s website, the companies are:

  • US: Chevron, Conoco Philips, Hunt Overseas Oil Company, Noble Energy.

  • UK: BP, Premier Oil Exploration and Production, Shell (UK-Netherlands)

  • México: Citla Energy E&P, Sierra O&G.

  • Germany: Dea Deutsche Erdoel AG.

  • Italy: ENI.

  • Norway: Statoil.

The auction, originally planned for March 22, was postponed until June after CNH received formal requests from four interested companies. The R02-L01 process will tender 15 shallow water fields in the Gulf of Mexico, in the areas of Tampico-Misantla, Veracruz and the Southeastern Basin. The fields have an average 592 km2 area and 1,587 million boe in prospective resources. The first oil and gas production from these fields is expected to be delivered in 2020. A total of 23 companies have expressed interest in the process. The final companies that will participate in the auction will be announced by CNH on March 1.

Enero NRGI_Broker_fianzas_sector_energetico-mexico-e1485213169858

 

 

Copyright: Oil and gas mexico

Mexico Energy Regulator Names Firms Qualified For Deepwater Tender

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Mexico’s energy regulator said on Wednesday that 26 companies had qualified to participate in the country’s deep-water oil tender in December, the jewel in the crown of a landmark energy sector opening.

Of the 26 companies that have qualified for the so-called Round 1.4 tender, 16 are operators, including state-owned oil giant Pemex, and 10 are financial partners, the National Hydrocarbons Commission (CNH) said on Twitter.

Any consortia that form will be revealed on Nov. 28, the CNH said.

Below is the list of companies that have qualified:

  • Atlantic Rim Mexico, S. de R.L. de C.V.

  • BHP Billiton Petroleo Operaciones de Mexico, S. de R.L. de C.V.

  • BP Exploration Mexico, S.A. de C.V.

  • Chevron Energia de Mexico S. de R.L. de C.V.

  • China Offshore Oil Corporation E&P Mexico, S.A.P.I. de C.V.

  • Eni Mexico, S. de R.L. de C.V.

  • ExxonMobil Exploracion y Produccion México S. de R.L. de C.V.

  • Galp Energia E&P BBV.

  • Hess Mexico Oil and Gas, S. de R.L. de C.V.

  • Inpex Corporation

  • Lukoil International Upstream Holding B.V.

  • Mitsubishi Corporation

  • Mitsui & Co. Ltd

  • Murphy Sur S. de R.L. de C.V.

  • NBL Mexico, INC

  • ONGC Videsh Limited

  • PC Carigali Mexico Operations, S.A. de C.V.

  • Petro-Canada (International) Holdings B.V.

  • Petroleo Brasileiro Mexico, S. de R.L. de C.V.

  • Petroleos Mexicanos

  • Repsol Exploracion Mexico, S.A. de C.V.

  • Ophir Mexico Holdings Limited

  • Shell Exploracion y Extraccion de Mexico, S.A. de C.V.

  • Sierra O&G Exploracion y Produccion, S. de R.L. de C.V.

  • Statoil E&P Mexico, S.A. de C.V.

  • Total E&P Mexico, S.A. de C.V.

Copyright: Rig Zone

Over 20 Oil Companies Register for Auction Mexican Gulf Blocks

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For the auction of 10 blocks in waters of the Gulf of Mexico 21 oil companies have registered to participate, among them Spanish Repsol, Norwegian Statoil and French Total, together with Mexican Pemex, it was known today.

British BP, Anglo-Dutch Shell, Chevron and Exxon Mobil, both of the United States have also registered.

These four international megacorporations, which in the past made up the influential group known as The Seven Sisters, and for decades were owners of the Mexican crude, attempt to recover the exploitation of oil fields, says daily La Jornada.

Through the license contract, the National Commission of Hydrocarbons (CNH) allows winner companies to exploit oil deposits.

Up to 1938, before nationalization of the oil industry, decreed by president Lazaro Cardenas, seven foreign companies -five of the U.S. and two British- were owners of Mexican oil.

As it transcended, the seven transnationals were baptized by Enrico Mattei, considered father of the Italian energy industry, as the Seven Sisters.

The opening date for presentation of proposals for handing concessions on exploitation of a máximum period of 50 years of the 10 auctioned blocks, located in deep waters of the Gulf of Mexico, will be set on December 5, 2016.

Copyright: Prensa Latina

Exxon, Total, Chevron In Talks With Pemex On Gulf Prospects

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Petroleos Mexicanos is in talks with Exxon Mobil Corp., Total SA and Chevron Corp. as Mexico’s struggling state-run oil producer seeks partners to develop deepwater crude in the Gulf of Mexico.

Pemex may also start discussions with Oslo-based Statoil ASA, according to company press officials who asked not to be named because of policy. Pemex seeks Areas of Mutual Interest agreements to evaluate whether the companies have opportunities to work together in offshore areas.

The talks would indicate the world’s oil majors are interested in partnering with Pemex to produce the country’s underdeveloped crude reserves or bid with Mexico’s state-owned operator in the country’s first-ever deep water auctions in December. Pemex, which deferred investments in deepwater fields this year amid a $5.5 billion budget cut, has reiterated that it seeks to partner with the world’s largest producers to develop Mexico’s crude reserves, estimated by the country’s oil regulator at the equivalent of 10.24 billion barrels of crude at the end of last year.

“They will use the tools in the energy reform to do this,” Nymia Almeida, a senior credit officer for Moody’s, said at a conference in New York, when asked about Pemex forming partnerships and selling assets, which the company intends to do. “Any deal would be better than none, even if it starts little by little.”

Hakon Fonseca Nordang, head of communication for Statoil in the U.S. and Mexico, declined to comment on any discussions, saying that Statoil and Pemex have for years had a General Cooperation Agreement involving research and technology exchange between the two companies. Scott Silvestri, an Exxon spokesman, declined to comment, as did Isabel Ordonez, a spokeswoman for Chevron in Latin America.

Deepwater Auction

Mexico hopes to raise $44 billion in investment in its first-ever sale of deepwater areas in the Gulf of Mexico, scheduled for Dec. 5. The country will auction 10 areas in the Perdido area near the maritime border with the U.S. and in the southern gulf’s Cuenca Salina.

Seventy-six percent of the country’s prospective oil resources are located in the deep waters of the Gulf of Mexico, according to Energy Minister Pedro Joaquin Coldwell. Pemex, Statoil, Chevron and Exxon are among 16 companies that are in the process to qualify to bid in the deep water auctions

Oil Gulf prospects

Copyright: Rig Zone