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XOM - Permian Stalwart Chevron Faces COVID-19 Oil Price War With Budget Revisions
Exxon Mobil Corporation
Because of its size and balance sheet, Chevron (CVX) is in better shape to withstand the oil market downturn than smaller companies. In 2019 it recognized the income hit for unprofitable natural gas and liquefied natural gas projects in the U.S. and Canada. Then the company was quick to announce 2020 capital budget cuts with the recent fall in oil prices.
Chevron’s low-royalty Permian acreage, acquired from its long-ago merger with Texaco, has always been a bigger treasure chest that many realize. In the words of many, “the rock’s not going anywhere,” e.g.