Published on 28th August 2012
Chevron Corp. is hoarding the money it makes from oil and gas operations, prompting investors to wonder if the energy giant is bracing for a spike in costs or will use its $21 billion cash pile to buy a smaller rival. The company's cash level rose 60% over the last year. Chevron is now carrying more cash on its balance sheet than any publicly traded energy company—about 18% more than larger rival Exxon Mobil Corp. —and more than the market capitalization of most U.S. exploration companies. Even if Chevron used the money to retire all its debt, it would still have about $11 billion left over. [The Wall Street Journal]