Oil was up a bit on the week and a little higher today. Chevron have released 2Q results a few days early, beating the whisper and also pointing out that they could pay all the divvis and the capex at prices well below $50 oil. AND, they paid out $7.2bn last quarter. On Friday Angus updated the market on debt and hedging as well as production data.
Oil may end up on the week, this evening in Washington may thankfully be after the close... Chevron walk away from Anadarko bid with a $1bn wallet warmer. InfraStrata are in discussions with off-take partners that might delay phase 1 of the deal but bring forward phase 2. I speak to Ahmet Dik, CEO of VOG about the ENEO payments and receive some comfort and theres a link to an interview commenting on 9 companies.
The oil price will end the week up nicely as supply constraints remove excess stocks worldwide. The big international news is that Chevron are buying Anadarko for $33bn whilst at home EOG results show promise in the future, not the past. Finally Rose Petroleum directors keep their promise and buy shares in the market.
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