Nasdaq It is the end of an era for Big Oil in California, as the most populous U.S. state divorces itself from fossil fuels in its fight against climate change. California’s oil output a century ago amounted to it being the fourth-largest crude producer in the U.S., and spawned hundreds of oil drillers, including some of the largest still in
World Oil (WO) – Trio Petroleum Corp, a California-based oil and gas company, provided an update on the restart of the McCool Ranch oil field. On Oct. 18, 2023, the company announced its acquisition of an approximate 22% working interest in McCool Ranch, which is located in Monterey County, seven miles north of the company’s flagship South Salinas Project. The
Nasdaq Jan 2 (Reuters) – Chevron CVX.N said on Tuesday it would take non-cash writedowns on U.S. oil and gas production, primarily in California, and for securing abandoned wells and pipelines in the U.S. Gulf of Mexico that had been previously sold. The U.S. oil major expects to take non-cash, after-tax charges of between $3.5 billion and $4 billion in its fourth quarter 2023
Nasdaq California’s utilities regulator on Thursday granted a five-year extension to operate Pacific Gas and Electric’s PCG.N Diablo Canyon power plant, the state’s only nuclear facility, to avoid electricity shortages during extreme weather events. The California Public Utilities Commission (CPUC) approved extended operations at the 2,240-megawatts Diablo Canyon plant’s two reactor units until 2029 and 2030, from 2024 and 2025, respectively. PG&E
World Oil (WO) – Trio Petroleum Corp. announced the signing of an Acquisition Agreement dated May 11, 2023 to potentially acquire up to 100% of the working interest in the Union Avenue oil and gas field in Bakersfield, California. Trio has engaged KLS Petroleum Consulting LLC, an independent engineering firm, to conduct a comprehensive analysis and valuation of the asset,
Oil Price California and parts of the Midwest are at a high risk of electricity shortages in the coming years amid the transformation of their grid from one reliant on fossil fuels to one reliant on other sources of energy such as wind and solar. The warning comes from the latest annual assessment of the grid by the North
Oil Price California legislators have tabled a bill aimed at extracting more money from oil companies who they blame for excessive gasoline prices in the state, local media report. Per the Sacramento Bee, the bill was proposed by Democratic Senate Chairwoman Nancy Skinner at the request of Governor Gavin Newsom. In essence, it involved setting a cap on oil companies’ profits,
Oil Price A fire broke out at Chevron’s El Segundo refinery in California on Tuesday evening, with no injuries reported and no immediately clear indication as to the cause of the incident. At around 6:15 p.m. on Tuesday, El Segundo Fire Department responded to an isolated fire inside the Chevron El Segundo Refinery, the city of El Segundo said. El
BOE Report Exxon Mobil Corp will take up to a $2 billion loss on the highly leveraged sale of a troubled California offshore oil and gas field that have been idled since a 2015 pipeline spill The sale comes after a failed bid this year to restart production at the site and as Exxon culls poor performing businesses. Santa Barbara
Oil Price California has made yet another step on its way to complete reliance on renewable energy by banning the use of gas-powered water heaters and furnaces from 2030. The proposal to ban these products was approved unilaterally by the California Air Resources Board yesterday, Bloomberg reports. “We’re really hopeful that this is the beginning of a domino effect and
NPR Citing searing summer temperatures and expected energy shortages, California lawmakers approved legislation aimed at extending the life of the state’s last-operating nuclear power plant. The Diablo Canyon plant – the state’s largest single source of electricity – had been slated to shutter by 2025. The last-minute proposal passed by the state legislature early Thursday could keep it open five years longer,
Nasdaq HOUSTON, April 8 – Negotiators from Chevron Corp CVX.N and the United Steelworkers union (USW) are scheduled to meet on Monday to discuss a possible end to a strike at the company’s oil refinery in Richmond, California, spokespeople for both sides said. The talks will be the first face-to-face meeting in nearly two weeks between Chevron and USW Local 12-5.
