Tortoise’s Rob Thummel in MarketWatch

Chevron, Exxon earnings: Shale M&A is high on the list of investor concerns

Exxon Mobil Corp. and Chevron Corp. are slated to report second-quarter earnings next Friday before the bell amid heightened interest in U.S. shale and continued concerns about flagging demand for oil.

For Chevron CVX, +0.12%, it will be the first earnings report after it lost out on a key shale asset: Earlier this year, Occidental Petroleum Corp. OXY, -0.54% emerged victorious in a battle for Anadarko Petroleum Corp. APC, -0.10%, besting Chevron, which had moved first but bowed out after Occidental sweetened its offer with an eye on Anadarko’s shale holdings in Texas’ Permian Basin.

“The U.S.’s Permian has become a focal point for both of these companies,” said Rob Thummel, a fund manager with Tortoise Capital Advisors. Mergers and acquisitions will be a focus after that failed transaction, he said.

Read more here: https://www.marketwatch.com/story/chevron-exxon-earnings-shale-ma-is-high-on-the-list-of-investor-concerns-2019-07-26

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