US stocks opened higher on Thursday as oil rose for the first time this week, helping boost energy shares, and investors awaited the monthly jobs data on Friday. Oil prices jumped more than 3 per cent as a huge wildfire near Canada's oil sands region and escalating tensions in Libya stoked concerns among investors of a near-term shortage in supply. Jobs data for April is expected to show that nonfarm payrolls likely rose by 202,000, after rising 215,000 in March. The unemployment rate is forecast to hold at 5 per cent.
Chevron Corp. said quarterly profit dropped to the lowest in half a decade as collapsing global crude markets spurred billions of dollars in oil-industry spending cuts.
The second-biggest U.S. energy company by market value said its capital spending budget would be US$35-billion this year, 13% less than 2014.
Chevron Corp, the second-largest oil company in the United States, said on Wednesday it expected first-quarter income to slip because of high currency conversion costs and environmental charges in its mining unit.
Output from the company’s oil and natural wells fell because of bitterly cold weather throughout the United States, Canada and Kazakhstan.
The company, which operates in about 180 countries, expects foreign currency exchange charges of $100 million for the first quarter.
U.S.energy behemoth Chevron Corp. (CVX) released its fourth-quarter 2010 interim update, covering the first 2 months of the quarter. On the whole, the update is on the bullish side, with earnings expected to be higher than the previous quarter.