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US energy company Chevron is due to report earnings on Friday. Earnings per share is forecasted at -$0.89. In Q1 the company reported earnings of $1.93. This was well above expectations of a $0.65 EPS.
However, as a result of the disruption caused by the COVID-19 crisis, the market is now expecting Chevron to record a loss in Q2.
Chevron To Purchase Noble
It was reported earlier this month that Chevron is due to purchase oil and gas producer Noble for around $5 billion in stock. This will mark the first major energy deal since the COVID-19 crisis struck.
The decline in energy prices saw the shares of many energy companies crashing over the course of the pandemic. However, these conditions created opportunities for those companies which were able to weather the storm. Chevron reported Q1 revenues of $8.5 billion following its withdrawal of a $33 billion bid for Anadarko.
With the purchase of Noble, Chevron will now have access to the company’s Leviathan oil field. The oil field is just...
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