Chevron has indefinitely idled two biodiesel production facilities in the U.S. Midwest, the company confirmed on Friday, citing poor market conditions. The second-largest U.S. oil producer bought biodiesel maker Renewable Energy Group for $3.15 billion in 2022 to expand its renewable fuels production to 100,000 barrels per day by 2030. The deal brought it 10 biodiesel plants and one renewable diesel facility.
Exxon is challenging Chevron's acquisition of Hess, potentially leveraging its rights in a Guyana oil field stake, leading to speculation of concessions and delays in the deal's completion.
Hess (HES) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.