chevron purchased texaco in 2001 and unocal in 2005. unical in 2005.is one of the world's most profitable companies, with earnings of almost $20 billion a year and a market cap of $200 billion. there is a lot chevron shares with the other major producers, beyond big profits and a standard oil ancestry. it is frequently the target of protests over climate change, environmental damage, and human rights violations in developing countries. [chanting] >> chevron. >> guilty. >> chevron. >> guilty. erik: there is even an international anti-chevron day. plus, chevron ranks up there among the industry's top spenders on government lobbying, raising concerns about the influence it wields over politicians and regulators. what divides chevron from the rest of the pack is strategy. fadel: they did a lot better than their peers because they made a bet on oil, not natural gas. exxon and royal dutch, for example, made a huge bet on natural gas, which, unfortunately for them, has not really lived up to expectations. chevron, on the other hand, made a bet on oil, and it

the texaco academy camera. quite a few clouds to get this christmas eve started. temperatures are on >> jingle bell, jingle bell, jingle bell rock krystal: when you're swinging into christmas. last check. he is still in china. he has been spending a lot of time there delivering all those gifts.actually approaching shanghai. we are on the watch this morning for santa. 6:45. the countdown for all you holiday shoppers and you might be wondering what can i get very quickly, get it wrapped up, and get all week or so shopping done. that is where greg comes into the conversation. he is live at the las vegas premium outlet. they will open in a couple of hours and i'll be procrastinator comes reading in. -- streaming in. reporter: if you think you are alone, you are not. one in four had not been any holiday shopping as of december 18. some of the big gifts that are desired by the person receiving the gift are gift cards for the ninth year in a row. the national retail federation says the gift cards are by far especially for last-minute shoppers. highly. online services lik

members included senior scientists and engineers from not only exxon, but also amoco, phillips, mobil, texacoshell, sunoco, sohio and standard oil of california and gulf oil, the predecessors to chevron. internal documents show that as early as 1979, the task force knew carbon dioxide in the atmosphere was rising steadily. the task force even briefly considered researching how to introduce a new energy source into the global market, given the research about fossil fuel'' impact on global warming. but in 1983, the task force was disbanded, and by the late 1990's, the american petroleum institute had launched a campaign to oppose the kyoto protocol, which was adopted by many countries to cut fossil fuel emissions but was never ratified by the united states. the exxon revelations prompted the opening of a criminal probe in new york over whether the oil company lied to the public and its investors. exxon's climate deception has also sparked calls for a federal probe similar to the one that led to a racketeering conviction of big tobacco for hiding the dangers of smoking. with these new revelation

members included senior scientists and engineers from not only exxon, but also amoco, phillips, mobil, texaco, shell, sunoco, sohio and standard oil of california and gulf oil, the predecessors to chevron. the documents show that as early as 1979, the task force knew carbon dioxide in the atmosphere was rising steadily. the task force even briefly considered researching how to introduce a new energy source into the global market, given the research about fossil fuel'' impact on global warning. but in 1983, the task force was disbanded. 1990's, theate american petroleum institute had launched a campaign to oppose the kyoto protocol, which was adopted by many countries to cut fossil fuel emissions but never ratified by the united states. this new investigation comes as the chinese port city of tianjin has issued its first-ever red alert for air pollution. from saturday to tuesday, beijing was also on "red alert," leading to suspended classes for millions of students and restrictions on driving. resident zhang qunchou spoke about the need for broader action. >> pretty worried. in such a smoggy d

>>rob black: for arms and oil companies like texaco their job cuts axon there's a-there for a slightamerican and delta to to be doing great but south was to the cyclical there's so u.s.-based their program, with annie and hide tort law and oriole in the end did not want to low. >>mark: the most popular all about the boy bedwetter x five of the top-10 the when one comes from harry's style when he basically been warned that he was leaving the band and is obviously upset everyone. >>mark: investments based on terrorism. >>rob black: stocks upon the percent in the last two weeks almost a hundred percent and will but the tour to south carolina crosscurrent in virginia tech any time there's a mash unit of united states people flee for the stocks of a fact when a president elected who is a democrat they're even better in large part and jiang were before it's born in people like that can take the guns from a bug was really interested in the statistics the is what will percent last friday and as fantastic growth and is not the number of hunter their decrease is not as kron 47% to 31% but a fe

>>rebecca: a couple of texaco we did see a lot of fog at the biggest so plaza will replace the with af cars to track the can into downtown san francisco she is haunted easy ride to downtown drive times not the bad still to men as the leader in russian the active in the next couple minutes so far so good into san francisco's watching things of the to the map grow have a heavy fog the advisory which tended to to nine minutes is to make a way to the dublin and to change. >>rebecca: getting to downtown san jose not for the good from capitol expressway coming up to montague clock and that the team and insofar camille would check the come along the san mateo bridge. >>anny hong: the father tells an italian newspaper that his son supporter isis ideology and was called fixated on israel the father of the government says the he and his son were divided on ideology is this is somewhat shy to conservative and he became angry when he saw his son had purchased the gun a relative said the gunman started following a strict interpretation of a slump in four years ago and the whole family was worried

texaco comes to mind. they got chesapeake assets last year. do you think they should be aggressive buyers of other assets? >> i think chevron has a lot at play for 2017. they're trying to build out two major lng projects. they're trying to streamline the operations at the same time. they're trying to protect their dividend in a very low crude oil price environment. i think at best they're probably treading water on free cash flow in 2016. there's a lot that can go wrong given the strategies. i think the dividend is protected. i think it come at the xpenexpef production growth over the medium term. >> on every metric price to sales and earnings and books, whatever, sent. around chevron and others, by the way? is that a 30-year low. are you going change your rating to a buy at all or to a sell? something's got to give. >> yeah, certain metrics are right. other metrics, for example, stocks are not cheap. price cash flow is not cheap. i think cash flow is really king. in this environment, i would rather play defense. i think chevron is migrating m

we saw a lot of major mergers in the economy. .com.mobil, texaco went out of business but it did create a bull market. we need to party like it's 1999. guess what happened in 1999 after two down years we have the biggest percentage increase since they started trading oil features. the next year after the two down years, oil was up 117%. a lot of the same things that happened and are happening now. we are seeing contraction in production, cutbacks in capital spending that may lead to a rebound in the new gear. dagen: really quickly, not one of the critical things will be there refinancing or the finances of some of the smaller fraction players in the united states and what happens as payments come due. >> there's a lot of shoes to drop. we saw the jump of market get hit by this. the banks that lent to some companies may feel the effects and 2016 and we are still waiting to see if there are more mergers shut down. >> we didn't see that this year. >> not very much. we did see a cutback in capital investment that may work its way through but we haven't seen a lot of shoes drop. >> we saw th