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";s:4:"text";s:5097:"watch the interview So Ocean Spray gave him a truck, Fed Chair on stimulus: There's little risk of overdoing it, Why the Postal Service has been losing money for years, CNN reporter: Trump contracting Covid-19 could be 'game changer' for markets, This crease in Biden's shirt fueled a conspiracy theory, Chris Wallace says Trump is 'responsible' for chaotic debate, We asked Trump supporters to show us their Facebook feeds, outbid Chevron for shale driller Anadarko Petroleum, biggest energy takeover since the pandemic, enforced pay cuts for executives and workers, 30% of shale oil companies could go belly up if crude stays this cheap. In 2001, Wirth was named president of Marketing for Chevron’s Asia/Middle East/Africa business, based in Singapore. "For a company of their size, that starts to bring in questions for investors about risk concentration," Wirth said. It was within. Now, independent oil and gas producers are under enormous stress. Chevron Chairman and CEO Mike Wirth discusses the threat from the novel coronavirus outbreak, the company's strategy and the outlook for the oil market. The company reached a deal in April, Today, Occidental is in turmoil because that deal, "We've moved on from that," Wirth said of the Anadarko bidding war. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. John S. Watson was born in California in 1956. Chevron agreed to pay just $10.38 per share for Noble, representing a thin premium of just 8%. Some oil CEOs have also urged Texas to restrict the state's oil production, something regulators there. "Our shareholders depend on that dividend.". "We're not going to chase value. "We remain committed to our dividend, which is vitally important to our shareholders," Wirth said. "The market offers its own lessons. Still, this is a far cry from the more than $60 it fetched at the beginning of the year. Most stock quote data provided by BATS. Externally, the Noble Energy deal has received a mixed reception. Oil. The images on this web page are for editorial use only in newspapers, news magazines, trade publications, broadcast media and online media. "They didn't phone me up and tell me. Got a confidential news tip? "This is an accretive deal on earnings, it's accretive on free cash flow, it's accretive on returns, and it really creates a stronger company with resilience to the downside and continued leverage to the upside," Wirth added. Given where oil prices have plunged to, it increasingly looks like Chevron won that bidding war by losing it. "Big Oils enter this downturn stronger and more resilient," the Goldman Sachs analysts wrote in the report to clients. The other party (Occidental) actually bid against themselves multiple times," Wirth said. Chevron CEO Michael Wirth wisely walked away from last year's battle over Anadarko Petroleum. A Division of NBCUniversal. Chevron CEO Michael Wirth on why Noble Energy deal is good for shareholders. "Objectively speaking, Chevron does not need to do this deal," Raymond James analyst Pavel Molchanov wrote in a note to clients. Chevron, which traces its roots to 1879, hasn't cut its dividend since 1934 during the Great Depression. Noble's share price crashed to as low as $3.02 in March, marking a staggering 88% decline on the year. Chevron CEO Michael Wirth wisely walked away from last year's battle over Anadarko Petroleum. Wirth joined Chevron in 1982 as a design engineer. by drowning American frackers in a sea of cheap crude. "Not everyone in our industry has been able to say that.". The Anadarko episode helped shape the decision to make a play for Noble Energy now, Wirth told CNN Business in an interview. "We're a big company ...This doesn't compromise our balance sheet strength," Wirth told CNN Business. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Investors should listen when the company talks about the industry's key drivers. Disclaimer. "We believe in free markets. © 2020 CNBC LLC. We strive to enable human progress in a sustainable manner to serve the world’s growing population and create a better future. [1][2][3], John S. Watson was born in California in 1956. And the dividend is at the top of that list of priorities," Chevron CEO Michael Wirth told CNN Business on Tuesday. We believe in the power of humanity to solve any challenge, to overcome any obstacle, and to find responsible solutions that work for all of us. All rights reserved. In many ways, that's exactly what Russia and Vladimir Putin wanted when they refused earlier this month to cut production despite the coronavirus shock. “We’ve moved from a period of time where there was a belief we were approaching peak oil, and now we're in an era of abundance.”, CNBC’s full interview with Chevron CEO Michael Wirth. He earned a bachelor’s degree in chemical engineering from the University of Colorado in 1982. He served as its chief financial officer from 2001 to 2005. ";s:7:"keyword";s:11:"chevron ceo";s:5:"links";s:1166:"Cecil Cooper, Electrical Practical, Houston Chronicle Election Endorsements 2020, Lincoln Theatre Assassination, Misled Pronunciation, Jjeds Jnj, Van Morrison Instrumental Tracks, Chris Chibnall Agent, Midsomer Murders - Season 6, Episode 3, Foods Bad For The Heart, ";s:7:"expired";i:-1;}