Chevron Q4 Profit Jumps on Cost Cuts, Tax Gain
U.S. oil producer Chevron Corp said on Friday its quarterly profit jumped more than seven-fold due to cost cuts and rising crude prices. The company posted fourth-quarter net income of $3.1 billion, or $1.64 per share, compared to $415 mnillion…
Caterpillar CEO Joins Chevron Board
U.S. oil and gas producer Chevron Corp named Caterpillar Inc Chief Executive Jim Umpleby to its board of directors on Thursday, replacing the recently retired John Watson. Umpleby, who has led Caterpillar since January 2017, will join Chevron's board on March 1…
US Shale Producers Promise Higher Output and Returns
U.S. shale producers are telling investors impatient for better returns that they can keep boosting oil output aggressively and do so while still making money for shareholders. Investors have pushed top U.S. shale companies to focus on returns…
Chevron Starts LNG Output at Wheatstone Project
Chevron Corporation announced it has started producing liquefied natural gas (LNG) at the Wheatstone Project in Western Australia. The first cargo is on track to be shipped in the coming weeks. “First LNG production is a significant milestone and is a credit to our partners…
Chevron Taps Wirth as Next CEO
Chevron Corp's Vice Chairman Mike Wirth will become chief executive next February, replacing the retiring John Watson, the oil and natural gas producer said on Thursday. The transition brings an executive with experience in the cost…
US Oil Rig Count Rises for 12th Straight Week
U.S. drillers added oil rigs for a 12th week in a row, extending the recovery into an 11th month as energy companies boost spending on new production to take advantage of a recovery in crude prices. Drillers added 10 oil rigs in the week to April 7…
Chevron Boosts Permian Shale Output
Nearly a century after Chevron Corp amassed the No. 2 stake in America's largest oilfield, Chief Executive John Watson is hitting the accelerator on developing the company's vast Permian Basin holdings. In an interview, Watson made clear…
As Trump Targets Energy Rules, Oil Companies Downplay their Impact
President Donald Trump’s White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from foreign oil. But the top U.S. oil and gas companies…
Chevron Says to Give CEO Fewer Stock Options
Oil and natural gas producer Chevron Corp said it would give its top executive fewer stock options after shareholders expressed concern about executive pay. Oil companies have been restructuring pay packages of their top management after…
Chevron Unveils 2017 Investment Plan
Chevron Corporation today announced a $19.8 billion capital and exploratory investment program for 2017. Included in the 2017 program are $4.7 billion of planned affiliate expenditures. "Our spending for 2017 targets shorter-cycle time…
Moyo, Austin Join Chevron Board
Chevron Corporation announced that Dr. Dambisa Moyo and Dr. Wanda Austin have been elected to Chevron's board of directors. Dr. Moyo's appointment is effective October 11, 2016; she will serve on the company's Audit Committee. Dr. Austin's appointment is effective December 1…
Chevron Adjusted Profit Misses Expectations
Oil and gas producer Chevron Corp on Friday posted an adjusted profit that fell short of Wall Street's expectations, as its cost cuts failed to fully offset low crude prices and weak refining margins. Like many of its peers, Chevron…
Chevron's Gorgon LNG to Push Asian Spot Trading
Chevron has started up its massive Gorgon LNG project in Australia and will soon be shipping more of the super-chilled fuel into an oversupplied market, eroding producer revenues but also likely hastening the advent of a liquid Asian spot market.
Chevron Starts LNG Production at Gorgon
Chevron Corporation (NYSE: CVX) today announced it has started producing liquefied natural gas (LNG) and condensate at the Gorgon Project on Barrow Island off the northwest coast of Western Australia. The first LNG cargo is expected to be shipped next week.
Big Oil Shrinks and Plots the Way Forward
Companies seek to safeguard growth for when market recovers. As oil and gas companies cut ever-deeper into the bone to weather their worst downturn in decades, boards have adopted contrasting strategies to lead them out of the crisis.
Chevron posts first loss since 2002
Chevron Corp reported its first quarterly loss in more than 13 years on Friday despite Wall Street's expectations for a profit, as plunging oil prices eroded profitability across all its divisions. It was the latest sign that the more…
Chevron Cuts Jobs, Spending to Weather Low Oil Prices
Chevron Corp is slashing 10 percent of its workforce and sharply paring back its budget, with Chief Executive Officer John Watson giving a downbeat view on Friday of an industry beleaguered by low oil prices. A more than 55 percent decline…
Tumbling Prices Slam Profit at Exxon Mobil, Chevron
Weak oil prices shriveled quarterly profit at Exxon Mobil Corp and Chevron Corp on Friday, compelling both companies to rethink operations and plan for what many expect to be a sustained period of cheap crude. Earnings at U.S. oil majors Exxon…
Chevron CEO Says 'Quite a Bit of Interest' in Hawaii Refinery
Chevron Corp has seen "quite a bit of interest" among prospective buyers for its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, Chief Executive John Watson said on Tuesday. The company hired Deutsche Bank and began seeking buyers last fall for the refinery…
Chevron Reaffirms Strategies and Growth Outlook
Chevron Corporation at the company’s annual security analyst meeting in New York, expressed confidence in the long-term energy business and highlighted its growth outlook through 2017. At the same time, company executives outlined near…
