Chevron-exon 2 The Wall Street Journal, the U.S. business news agency, reported on the close news that two of the top executives of a giant oil company, Exonmobil Corp., and Chevron Corp., were discussing a merger last year.
Sources say that Mike Wirth, chairman of Chevron’s executive committee, and Daren Woods, CEO of Exon, discussed
the matter after the two companies faced the effects of the 2019 outbreak of the Corona virus (COVID 19.) that caused it.The demand for oil and natural gas all over the world has plummeted, affecting the financial performance of both companies.
Anyway, the source revealed that the conversation was still in its infancy, and no progress has been made since then.
If the market value of the two companies combined is over $350,000 million, and if combined, it will be
the second-largest oil company in terms of market capital and production, which, prior to the outbreak of COVID 19. disease,
had both X-rays and Chevron, produced oil and natural gas.That’s 7 million barrels a day (834.68 million liters) just second only to Saudi Aramco.
Even so, the merger of two of the largest oil companies in the United States may be facing market failure checks by the U.S. government,
while Mr. Joe Biden, the President of the United States,
has made it clear that he wants to reduce the use of oil to alleviate
the effects of global climate change.And Mr. Biden also said he wanted to push the United States through the oil industry.
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