(World Oil) – Chevron Corp., the only major U.S. oil company left in Venezuela, wants to remain in the sanctioned country for the long-term and sees a role in rebuilding its economy when the time is right. “The kinds of swings that you see in places like Venezuela are challenging but we play a long game,” Chief Executive Officer Mike Wirth
(Investing) – LONDON -U.S. oil major Chevron is studying options to buy global assets of sanctioned Russian oil firm Lukoil, five sources familiar with the process told Reuters on Monday. The U.S. Treasury gave clearance last week to potential buyers to talk to Lukoil about foreign assets. Chevron would join Carlyle and other firms in the race for the Lukoil portfolio worth at least $20
(Oil Price) – Oil markets have been volatile over the past couple of weeks, driven by a series of geopolitical developments including new U.S. sanctions on Russian energy, coupled with a fragile cease-fire in Gaza. Oil prices remain well below recent highs, with both Brent and WTI crude trading ~$15/bbl below their 52-week peak. Weak oil prices have taken a toll on
(Oil Price) – Chevron plans to grow its free cash flow into the next decade as it focuses on higher profits and returns to shareholders instead of growing oil and production, the U.S. supermajor’s five-year plan to 2030 showed on Wednesday. Chevron will raise output, but its primary focus will be on boosting free cash flow and earnings per share via deeper cost
(BOE Report) – When Chevron executives and top shareholders convene in New York City on Wednesday for the oil producer’s investor day, portfolio managers will be eager to hear CEO Mike Wirth’s plan to finally reap rewards from the Hess acquisition and begin a new phase of growth. The event is lining up to be a victory lap for Wirth after the
(World Oil)– Chevron Corporation reported record oil and gas production in the third quarter of 2025, driven by the integration of Hess Corporation assets and strong performance from core upstream regions including the Permian basin, Gulf of America, Kazakhstan, and Guyana. The company’s global production rose 21% year-over-year to 4.1 million boe per day, its highest on record. The acquisition
(BOE Report)– U.S. oil company ConocoPhillips is laying off employees at its Canadian operations, according to three sources and a company memo reviewed by Reuters, as it moves to cut up to a quarter of its global workforce by next year. The memo did not specify how many layoffs would take place but said they would begin at the company’s Canadian
(Oil Price)– The prospect of a contango is casting a shadow over oil markets, with the entire 2026 WTI futures curve now trading below $60 per barrel—beneath breakeven levels for most new shale wells. TotalEnergies CEO Patrick Pouyanné and Vitol’s Russel Hardy warn that prices this low could cut U.S. shale output by 200,000 to 300,000 barrels per day next
(Oil Price)– On the evening of October 2, a massive fire broke out at Chevron’s El Segundo refinery just southwest of Los Angeles. The blaze was visible across the South Bay and drew a large emergency response, but it was ultimately contained without injuries. While the fire was limited to a single process unit, the facility’s importance to California’s fuel supply means the incident
(BOE Report) – Chevron on Tuesday named a new head of global exploration as CEO Mike Wirth works to improve the company’s track record in discovering new sources of oil and gas. Kevin McLachlan will become vice president of exploration effective Nov. 1, succeeding veteran executive Liz Schwarze, who will retire in February after 36 years with Chevron, the U.S. oil
(Investing.com)– Oil prices were stable on Friday but were still headed for a weekly loss of about 7-8% after news of potential increases to OPEC+ supply. Brent crude futures were up 29 cents, or 0.5%, at $64.40 a barrel by 1311 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.5%, at $60.75. For the week, Brent was trading
(BOE Report) – Chevron said on Thursday it was expecting a loss of $200 million to $400 million in the third quarter due to the impact related to the acquisition of Hess. Chevron closed its $55 billion buyout of Hess in July after winning a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades.
