Chevron

[billions]

Proshare News and Analysis
Chevron releases unaudited result for Q1 310308
Posted Friday, July 11, 2008
Chevron Oil Plc today released its un-audited result for first quarter ended 31st March, 2008.

Turnover declined by 53.2% to N8.581 billion, while the company declared Loss before Tax of N282.781 million.

Despite the uninspiring result, the stock price appreciated by 4.79%.- CSL

[hispy99]

Originally Posted by billions

Proshare News and Analysis
Chevron releases unaudited result for Q1 310308
Posted Friday, July 11, 2008
Chevron Oil Plc today released its un-audited result for first quarter ended 31st March, 2008.

Turnover declined by 53.2% to N8.581 billion, while the company declared Loss before Tax of N282.781 million.

Despite the uninspiring result, the stock price appreciated by 4.79%.- CSL

Latest Market Info
CHEVRON: 1ST QTR MAR 2008

UNAUDITED RESULT FOR 1ST QUARTER ENDED 31-03-2008

CHEVRON OIL PLC,



TURNOVER 08 N8.581b, 07 N18.338b

PBTAXATION 08 (N282.781m) 07 N779.016m

TAXATION 08 N92.152m, 07 (N247.775m)

PATAXATION 08 (N190.629m) 07 N531.241m

[kenebobo]

Now with this present tanker driver strike action, I hope they wouldnt use it to give another excuse in their second quarter result.

[billions]

Originally Posted by hispy99

Latest Market Info
CHEVRON: 1ST QTR MAR 2008

UNAUDITED RESULT FOR 1ST QUARTER ENDED 31-03-2008

CHEVRON OIL PLC,



TURNOVER 08 N8.581b, 07 N18.338b

PBTAXATION 08 (N282.781m) 07 N779.016m

TAXATION 08 N92.152m, 07 (N247.775m)

PATAXATION 08 (N190.629m) 07 N531.241m

PAT decreased by 136%...it must be the effect of d Niger Delta crisis.

The Govt. need to sort this problem out bk a problem wth d oil sector will affect d entire economy vey very badly.

[kenebobo]

Originally Posted by billions

PAT decreased by 136%...it must be the effect of d Niger Delta crisis.

The Govt. need to sort this problem out bk a problem wth d oil sector will affect d entire economy vey very badly.

I dont think it is related with the Niger delta crises because chevron Nigeria Limited is not listed on the NSE and it deals with upstream while chevron oil company PLC is listed on NSE and deals on the downstream; importation and sale of finished product.

[billions]

Originally Posted by kenebobo

I dont think it is related with the Niger delta crises because chevron Nigeria Limited is not listed on the NSE and it deals with upstream while chevron oil company PLC is listed on NSE and deals on the downstream; importation and sale of finished product.

...i thot d whole of d biz was listed.cheers.

Chevron Plc has been placed on a full suspension following what the Nigerian Stock Exchange announced this morning as a breach or contravention of the general undertaking made with stock exchange. The NSE said that the company refused to attend a meeting with the regulatory authority to sought the divestment of Chevron corporation USA which holds 60 percent in the Chevron Oil (Marketing) Nigeria a petroleum marketing arm that was listed into the Nigerian Stock Exchange 8th December 1978. It should be noted that the other arm Chevron Oil Producing is not listed on the Nigerian Stock Exchange. The chevron stock fell back last week by N25.00 to N290.00 though it had recorded an all year high of N402.00 per share and an all year low of N150.00 per share this year.


The capital market regulators seem not to be relenting in there effort to sanitize the market system of unwholesome practices. African Petroleum and five other were in the eye of the serious regulatory scrutiny earlier this year, showing the high level of interest placed on protecting the capital market investors. The companies previously investigated included: African Petroleum plc (AP), Big Treat plc, Afroil plc, Capital oil plc and IPWA plc. According to SEC’s announcement on the 13th of February 2008, the companies were being investigated for allegations of price fixing and insider trading activities. The findings due to the investigation led to a full suspension of Afroil and Capital Oil stocks on the Nigerian Stock Exchange

[Avocado]

Chevron Oil (Nig.) Plc 1Q 2008 results was "impacted by the strike action between the company and the transport union which lasted for about two months."

This is only "Chevron Oil (Nig.) plc", not the operator of the NNPC/ChevronTexaco/'xxx' joint venture. To get in on that action, you'll need to fork out about N11,000/share on the NYE: ChevronTexaco (CVX) - Stock Chart

.

[hispy99]

The Punch: PENGASSAN joins AP in Chevron takeover bid

[hispy99]

Guardian Newspapers


Shareholders fault management fees paid to Chevron's parent body
By Yetunde Ebosele

THE controversies trailing Chevron Oil Nigeria Plc seem to be unending as shareholders of the company recently faulted the payment of 1.5 per cent of its net turnover plus $1, 000, 000 per annum as fees to its home office in California, saying the figure is outrageous.

The company has an approved marketing and finance support services agreements with its parent company Chevron Oil Corporation in the United States.

The fees are for provision of services in the areas of research and development, operations management, marketing, information technology and personnel training.

Speaking at the 39th yearly general meeting in Lagos , capital market analyst, Nornah Awoh on behalf of the minority shareholders, said the parent company does not deserve to earn such amount of money.

Awoh wondered why part of the fees should be denominated in foreign currency, pointing out that it violates the country's laws. "Chevron does not deserve to earn such amount of money as technical agreement," he said.

Addressing the Chairman of the Company, Waynes Klahs, he tasked him to respect the country's laws.

"The Nigerian currency is not denominated in dollars. chairman, if you are an American, you should respect our laws. The majority shareholders think they can always do anything and get away with it, even murder," he added.

Besides, he also frowned at what he called "hurried sale of the company's assets."

"Why are we in a hurry to sell the company's properties, especially the warehouse? You gave us the impression that things will get better if the new investors come in but how can things get better when we are selling our assests," he added.

The shareholders also said the foreign company must sell at least 33 per cent of the 60 per cent investment to the minority shareholders and the company's workers as a condition for its divestment.

The shareholders, who initially, refused to approve the election of the directors, who sought re-election insisted that the company management must approve their request before the election of the directors.

"If the foreign investor wishes to divest, 33 per cent of their holdings should be sold to local investors. If the Nigerian investors here decide to support you, we can stop them from being directors, even in other companies. No director seeking re-election will be allowed to come back. If you don't handle this situation very well, you will put the Nigerian directors here in trouble," Awoh said.

In his own summation, the General Secretary of the Independent Shareholders Association of Nigeria (ISAN) Adeleke Adebayo said it was not a big deal for the foreign company to divest but that the issue of staff welfare must be addressed.

"The high dividend you are paying us is a parting gift to the core investors. We are happy but our major concern is the continued sustenance of this company. We have strong in-house unions- PENGASSAN and NUPENG, and you must package them well.

" We don't want any unrest here. It is not today that Chevron decided to divest but we are concerned with the welfare of the staff who will continue to manage the company when Chevron pulls out," he said.

Adeleke also appealed to the company's shareholders not to send negative signals that could impact negatively on the company's performance at the capital market.

"We don't want our company to be sold to people we don't know. But we should not give people outside an impression that will have negative impact on our investment," he added.

However, the company chairman said Chevron Corporation was merely testing the market and had not taken final decision to sell the company.

"I want to emphasise that Chevron has not made the final decision that they are going to sell. They have tested the market; they have carried out the bids to determine the valuation of their interests. But they have not received the final approval from our corporate board in Chevron Incorporated.

"When Chevron Incorporated contemplated selling its interests, I resigned from all decision making around that decision. I said I will not participate in any decision for or against our future in Chevron Nigeria as long as I am the chairman of the board because my responsibility is not to Chevron Incorporated; my responsibility is to Chevron and all of you as shareholders," he explained.

Fear has gripped the workers of Chevron Oil Nigeria Plc as Chevron Corporation of California intensifies plans to sell its 60 percent majority share in the company.

The apprehension of the stakeholders was further heightened as the management of the company has allegedly short listed five preferred bidders in what the local branches of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigerian Union of Petroleum and Natural Gas (NUPENG) workers called "secret sale of Chevron shares,"

A leading Nigerian oil and gas operator, Zenon Oil and Engen of the South Africa are alleged to be among the five preferred bidders. Engen is the second largest integrated oil company in Southern Africa after Sasol.

Established in 1989 when Mobil Corporation sold its Southern African operations to Gencor, the company is the major shareholder in Energy Africa.

Malaysian national oil company, Petronas owns 30 per cent stake in Engen. The company is listed on the Johannesburg Stock Exchange and the Namibian Stock Exchange.

Having established subsidiaries in Botswana, Ghana, Namibia and Swaziland, Engen is determined to come into the country and is said to be hopeful that it will clinch the Chevron deal.

However, the Chevron workers and some minority shareholders are worried over the fate of their compensation packages and security of their investments.

[hispy99]

Court Halts Sale of Texaco


A Federal High Court in Lagos yesterday granted an interim injunction restraining the Chevron Group from divesting 60 per cent of its stake from Texaco Nigeria Plc.

Justice Lambo Akanbi, who gave the order, restrained Chevron Oil Nigeria Plc and Chevron Nigeria Holdings Limited respondents and any of their agents from bidding, selling, alienating, transferring, disposing and or parting with the possession of the shares held by the Chevron group pending the hearing and determination of the motion on notice in the suit.

The court also granted leave to serve on the respondents the originating processes in this suit and all subsequent processes, orders, rulings and notices by substituted means.

It also granted the plaintiff an order deeming such service to be proper service.

The order was sequel to an ex-parte motion brought by Zenon Petroleum and Gas Limited, which currently owns 19 per cent equity stake in Texaco Plc against Chevron Oil Nigeria Plc, Chevron Africa Holdings Limited and Chevron Global Energy Incorporation.

Other respondents in the case are Securities and Exchange Commission, Nigerian Stock Exchange, Corporate Affairs Commission, BNP Paribas, African Petroleum Plc, Habitat Oil and Gas, Oando Plc, and Acorn Oil and Gas Limited.

The petitioner had approached the court for "an order of interim injunction restraining the respondent either by themselves, agents or other representatives whomsoever acting for them and or on their behalf form bidding, selling, alienating, transferring, disposing and or parting with the possession of the shares held by the 2nd Respondents in the 1st Respondent pending the hearing and determination of the Motion on Notice in the suit.

The bid winner was expected to be announced first week of August before the resort to court by Zenon Petroleum and Gas, which had acquired 19 per cent of the companies’ shares on the floor of the Stock Exchange. - ThisDay

[hispy99]

Pengassan okays AP, others for Chevron’s 60% equity
Posted Thursday, August 7, 2008


Petroleum and Natural Gas Senior Staff Association of Nigeria (Pengassan) has endorsed African Petroleum (AP) for the 60 percent shares of Chevron Corporation in Chevron Oil Nigeria Plc. The endorsement was made by Comrade Babatunde Ogun, national president Pengassan at a press briefing on the three months in office of the current central working committee leadership of the association.


According to him, Pengassan will only support such organizations that have the technical competence and commitment to the growth of the down stream sector of the Nigerian oil industry. He said further that companies that meet these conditions out of the bidders are African petroleum (AP), Oando and Zenon Oil.


Ogun said further that Pengassan has persistently expressed and shared the position that will bring about the desired intent of government’s liberalization and commercialization policy in the downstream sector and gas which would require that the government eschew all sentiments, prejudice, favouritism and sacred cow syndrome which regrettably stagnated the nation’s bewildered sector for decades.

[hispy99]

Chevron 60% Equity: How indigenous firms ’re to be excluded — PENGASSAN
Written by Victor Ahiuma-Young
Wednesday, 20 August 2008

PETROLEUM and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has alleged that it has uncovered a grand design to exclude competent indigenous oil companies from acquiring the 60 per cent equity that Chevron Corporation wants to divest from Chevron Oil Nigeria PLC, and reiterated the association's


Oil mastresolve not to accept any foreign oil company that has no interest in the nation’s downstream oil sector to purchase the divested shares. President of PENGASSAN, Comrade Babatunde Ogun, told Vanguard that part of the design is the current focus being given to potential buyers that bid in excess of 300 per cent over and above the curent market price of N202 of the share at the floor of the Nigerian Stock Exchange. He lamented that this is not only alarming, but a calculated attempt to ensure that the company is grounded after sale, arguing that it would be near impossible for the company to survive from that stand point.

While expressing confidence in the association's strategic alliance with AP which had promised to offer the workers’ body a 10 per cent stake of the equity should its bid goes through, the PENGASSAN President argued that the association would prefer any of the three indigenous companies, African Petroleum (AP) Plc, Oando Plc and Zeno Plc, that have shown interest because each of them had all it takes to run the company.

According to him: “We are not confident that the technical and commercial evaluation process in the short listing of the potential buyers guarantees the selection of the most competent hands to effectively manage the company and thus protect the interest of the employers (including our members) who have spent most of their productive years in the service of Chevron Oil Nigeria Plc.

"We are worried about the focus being given to potential buyers that bid in excess of 300 per cent over and above the floor trading price of 202 naira is alarming. PENGASSAN as legitimate employees’ representative find this very disturbing, as this clearly implies that the potential buyers are going to incur the incredible bank charges and other related cost of capital to service the loans used to acquire the company.

This means that the profitability of the company cannot be sustained amongst its peers within the industry, which will ultimately impair the company’s competitiveness and market shares thereby jeopardising the interest of the employees of the Company. We have observed that some of the potential buyers do not have the organisational structure to manage the current calibre of employees and to also support the already existing best-practice in corporate governance on which the Chevron Oil Nigeria Plc Workers’ Union prides itself locally and internationally.”

Our Association hereby states in very unequivocal terms that by our statutory responsibility and obligation that is being frustrated by the intrigues in ownership change, the Association will expect that all labour related issues are resolved before the ownership change is announced. That it is also our obligation to protect minority interest of our members as shareholders who in view of their vantage position have observed the detrimental effect of the ongoing ownership change process, hence we maintained that the following criteria be used as the parameter for the selection of the eventual potential buyers:

Bench-markable technical and commercial evaluation process that guarantees the selection of the most competent hands to effectively manage the company and thus protect the interest of the employee (including our members) who have spent most of their productive years in the service of Chevron Oil Nigeria Plc. Competitive transaction process that projects into the threats to the going concern features of the Chevron Oil Nigeria Plc to the effect of realizing that the profitability of the company cannot be sustained amongst its peers within the industry at any incredible bid price which will ultimately impair the company’s competitiveness and market shares thereby jeopardizing the interest of the employees (including our members) of the Company.

[hispy99]

Strike Cripples ChevronTexaco over Proposed Sale
•Court case halts divestment as operations suffer
By Chika Amanze-Nwachuku, 09.15.2008

For the fifth week running, activities at Chevron-Texaco have been at a lull as a result of the strike embarked upon by the staff of the company.
The workers are protesting against alleged anti-workers’ activities and what they described as “fraudulent atte-mpts by Chevron to divest its 60 per cent stake in a non-transparent manner.”

The workers, who are also demanding not less than 30 per cent of whatever amount the company is sold, are of the opinion that Chevron is not taking their interest into consideration.

The Secretary-General of Petroleum and Natural Gas Senior Staff Association (PENGASSAN), Mr. Bayo Olowoshile, who spoke on behalf of the workers, condemned Chevron for its alleged arrogance and unwillingness to reward its workers, some of whom have put in 25 to 30 years of service to the company.
“Our members have helped build Texaco into a brand that has become attractive to private entrepreneurs, who are now interested in acquiring it.

They laboured night and day to make the brand what it is today. Now that Chevron wants to divest its stake, it is not interested in settling all pending labour issues. All the management is interested in is to sell the shares and take all the money away from this economy. We are demanding nothing less than 30 per cent as compensation to our workers. We hear somebody is set to buy it for between $1 billion and $1.2 billion. That is nearly N150 billion. We cannot allow them to take away that money from our economy. They must compensate the workers with a minimum of 30 per cent of that amount.”

Various inscriptions by the workers posted at Texaco office at McCarthy Street, Lagos Island, read: “Chevron Practising Modern day Slavery”, “Chevron Pay Us and Go”, “Chevron Ole”.

THISDAY checks revealed that the recent meeting between PENGASSAN and Chevron management, hosted by the Ministry of Labour and Productivity, to resolve the impasse ended in a deadlock

Olowoshile declared that by every standard the company was overpriced going by its market value at the Nigerian Stock Exchange (NSE).
He said if the transaction was done on the NSE, the share price could not be more than N250 to N300, and at most N350. He decried the situation where some companies were offering to pay N900 per share, maintaining that if the transaction was allowed to go on, the company could perpetually remain in debt.

“That company is not worth more than N350 per share, but now they want to sell to a preferred bidder who is willing to pay N900 per share. The question now is how will the preferred bidder liquidate the debt, bearing in mind that all that money will be sourced locally? Texaco’s profit is in the region of N5 billion per annum. Its first quarter result for 2008 was a loss. The exposure to banks will be tremendous, so you can see that our worries are justified. We want this company to remain a solvent company. But Chevron people are merely interested in collecting our money here and running away,” he said.
He reiterated the union’s resolve to pursue its demands until they were met, adding: “The strike will not be called off until all our concerns are addressed.

The management has so far been obstinate. I see no end of the road yet.
They believe that they have some people somewhere who will help them put pressure on us. They are not sincere. Chevron will need to demonstrate sincerity and goodwill and willingness to be fair to us. Until then we are not backing down. They want to leave our workers demoralised and vulnerable to the whims and caprices of the new core investors. I assure you, this strike will go on. We read in one of the newspapers that Chevron has offered a 60 per cent stake to one of the bidders. We are waiting for that company to come and take over. Let them come, we are waiting.”

A top official of Texaco who asked not to be named, however, debunked the accusation of lack of transparency, stating that the bid process was transparent and ongoing, and that they were open to further discussions with various unions. He also denied allegations that it had offered its stake to any company, saying the report was incorrect. He said the transaction process had been stalled owing to a court case instituted by Zenon Petroleum and Gas.
“I don’t know where the newspaper got its information from. It is a false and misleading report. There is no action in that regard yet. There is a court order. Until it is resolved there cannot be any action,” he said.

Zenon Petroleum and Gas, which owns over 19 per cent stake in Texaco, had on July 19 instituted a legal action at the Federal High Court Ikoyi, Lagos, halting the sale of Chevron’s 60 per cent equity stake in Texaco. The court granted an order of interim injunction restraining the respondents, either by themselves, agents or other representatives whomsoever acting for them and or on their behalf from bidding, selling, alienating, transferring, disposing and or parting with the possession of the shares held by the 2nd respondents on the 1st respondent, pending the hearing and determination of the motion on notice in the suit. The case was adjourned till September 25.
Meanwhile, the workers’ strike is taking its toll on the oil and gas sector as about 200 tanker trucks laden with highly inflammable products have not been able to discharge.

The workers are aggrieved that Chevron Corporation has reached an advanced stage of divesting its majority interest in Chevron Oil Nigeria Plc, without fulfilling basic obligations to the over 258 Nigerian employees of Chevron Oil before exiting the market.

The workers alleged that after more than 20 meetings with representatives of employees, the company has “remained recalcitrant and only made ridiculous offers to employees demands”.

Sequel to the company’s alleged insensitivity to their plight, the workers were said to have written the Presidency, the National Assembly and the Ministry of Energy, seeking their “urgent intervention” in the matter.

Specifically, the workers were said to have complained that Chevron had proposed an exit package of one to three months basic salary (a proposition it says is anchored on cessation of employment in lieu of notice) plus a highly uncompetitive, involuntary severance package that will apply to not more than 15 per cent of the workforce, which again would be determined only by Chevron.

In the letter of complaint, a copy of which was made available to THISDAY at the weekend, the workers urged the various arms of government in the executive and legislature to compel Chevron “to do what is just, fair, and equitable – to properly discharge its obligation to the 258 Nigerian employees of Chevron Oil Nigeria Plc before exiting the market”.

They said urgent intervention was imperative to stem the “lingering harrowing experience Nigerian employees have been subjected to in the wake of the crisis-ridden divestment project by Chevron and forestall worse developments”.

The employees also accused authorities of Chevron Oil of planning to lobby some Nigerian authorities in what they described as the company’s bid to “ensure that employees are denied their rights in the almost concluded divestment project”.