HOUSTON—The two largest U.S. oil companies—Exxon Mobil Corp. and Chevron Corp.—disclosed plans to increase outlays on energy projects next year amid high oil demand and prices. While spending more, it will be less than half the combined $84 billion they spent in 2013, when oil prices often traded above $100 per barrel as it has…
Biden Admin Authorizes Chevron to Resume Oil Pumping in Venezuela
November 26, 2022
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The Biden administration on Saturday authorized Chevron Corp.’s joint venture to resume oil pumping in Venezuela. “The Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela General License (GL) 41, authorizing Chevron Corporation to resume limited natural resource extraction operations in Venezuela,” the Treasury Department said in a statement. The goal of…
Chevron Phillips, QatarEnergy Reach Agreement on $8.5 Billion Polymers Plant in Texas
Chevron Phillips Chemical and QatarEnergy announced on Wednesday a final decision to invest $8.5 billion to build the world’s largest polymers facility in Orange, Texas, near the Gulf Coast. “We are excited to announce taking the FID [final investment decision] on our largest petrochemical investment ever, highlighting QatarEnergy’s integrated position as a major player in…
Chevron Says No Major Processing Units Involved in California Refinery Fire
Chevron on Wednesday said an isolated fire inside its 269,000-barrel-per-day El Segundo refinery in California was extinguished on Tuesday and did not occur at any of the facility’s major processes units. Fire crews worked quickly to contain the fire which was extinguished at about 8:35 PM (0435 GMT), a company spokesperson said in an emailed…
Diesel Market to Stay Tight Into Winter: Chevron Chairman
The diesel market will stay tight into the winter, Chevron Chairman and CEO Michael Wirth warned. “Markets are tight right now. Diesel, in particular, as we’ve seen here recently and likely to stay that way through the winter, I think,” he said during the third quarter earnings call. With the ban on some Russian imports going…
Chevron CEO Warns Americans to Brace for Higher Natural Gas Prices This Winter
The chairman and CEO of energy company Chevron has warned Americans to brace for price increases in natural gas this winter. CEO Mike Wirth made the comments in an interview with CNN on Sept. 13 in which he warned consumers that “there’s certainly a risk that costs will go up” when it comes to natural gas. “Prices already are…
Chevron CEO Responds to Biden’s Allegations of Price Gouging
July 15, 2022
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Chevron’s CEO asserted that the oil industry isn’t attempting to hold back supply, rejecting allegations made by the Biden administration in recent weeks amid record-high gas prices. “People are not holding back supply. People are not slow-walking anything—they’re producing as much in the refining system as possible,” CEO Mike Wirth told Fox Business on Thursday…
Chevron Selling California Headquarters, Moving Jobs to Texas
June 29, 2022
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Chevron is planning to sell its current headquarters in California and will cover the costs of some employees to relocate to Texas. The company told the Wall Street Journal and local media on June 24 it will still be based in California but will be leaving its Chevron Park campus in San Ramon, located in California’s…
Chevron, More Oil Companies Push Back on Biden’s Warning Letter
June 17, 2022
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Chevron this week released a statement addressing President Joe Biden’s letter to oil companies that suggested he may take executive action amid record-high gas prices. “We understand the significant concerns around higher fuel prices currently faced by consumers around the country, and the world. We share these concerns, and expect the Administration’s approach to energy…
Stock Wars: Chevron Vs. ExxonMobil
Benzinga’s weekly Stock Wars matches up two leaders in a major industry sector with the goal of determining which company is the better investment. This week, the duel is between two energy industry giants: Chevron Corporation and ExxonMobil Corporation. The Case For Chevron This company’s heritage can be found in the 1876 discovery of oil…
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