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NEWS ABOUT: Chevron

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Exxon Discovers Huge Oil Field in the Gulf

Company expects to get 700M barrels

(Newser) - Exxon announced the discovery of two oil wells and a natural gas deposit in the deep water of the Gulf of Mexico that could collectively contain 700 million barrels. Two of the finds had been made in 2009 and 2010, but the company waited until today to unveil the amount... More »

In Mideast Desert, a Risky, Costly Hunt for Heavy Crude

As easy oil supplies dwindle, project launched along Saudi-Kuwaiti border

(Newser) - Saudi Arabia and Kuwait have embarked on a risky, expensive hunt for heavy crude—and that might be a bad sign for global oil supplies. For decades these countries have fueled the world with its easy-to-drill light oil supply, but now those reserves are drying up, one Middle East energy... More »

How Much Tax Does Big Oil Actually Pay?

It comes down to how you crunch the numbers

(Newser) - If you ask Exxon Mobil, the firm will say last year’s taxes exceeded US income—but a Washington think tank will tell you the big oil company didn’t pay a cent the year before that. “It all depends on how you count,” writes Steven Mufson in... More »

Walmart Rules Fortune 500 List

Editors see huge disparity between businesses, ordinary Americans

(Newser) - Turns out, last year was a pretty good one for US businesses. Total revenue for Fortune 500 companies jumped 10.5% to $10.8 trillion, while profits surged 81%. "We've rarely seen such a stark gulf between the fortunes of the 500 and those of ordinary Americans,"... More »

Feds: Big Oil Not Using the Leases They Have

Interior Department issues report to push back against complaints

(Newser) - With oil companies and Republicans criticizing the Obama administration for being too slow to issue new offshore drilling permits in the wake of the Deepwater Horizon disaster, the Interior Department hit back with a report yesterday revealing that the industry isn’t using the majority of the leases it already... More »

Chevron Appeals Massive Amazon Pollution Fine

Oil company claims indigenous supporters 'corrupted' trial

(Newser) - Chevron has launched an appeal challenging a whopping $9.5 billion penalty for polluting much of Ecuador's Amazon region. Company attorneys are accusing lawyers and supporters of the indigenous groups who brought the suit against Chevron of "corrupting" the trial, and claims that the finding against the corporation is... More »

Chevron Fined $8B for Ecuador Pollution

Oil giant says plaintiffs unduly influenced ruling

(AP) - An Ecuadorean judge ruled today that Chevron was responsible for oil contamination in a wide swath of Ecuador's northern jungle and fined it at least $8 billion, the plaintiffs' lead attorney says. Chevron said it would appeal and called the ruling "illegitimate and unenforceable" in a news release. The... More »

Oil Giants (Minus BP) Create Spill Response System

Exxon, Chevron, others learn from BP's mistakes

(Newser) - Four oil giants are teaming up to create an early-response system to contain disasters like the Deepwater Horizon spill. Exxon, Chevron, Royal Dutch Shell, and ConocoPhillips are committing an initial $1 billion to create the nonprofit Marine Well Containment Co., though maintaining the "strike force" will cost more over... More »

Oil Giants All Have Same Lame Spill Plan: Dems

Companies argue spill was a fluke

(Newser) - Lord help us if there’s another deepwater spill, because the big oil companies all have a pretty much identical response plan to BP, congressional Democrats complained today, grilling executives from Chevron, Exxon, Shell, BP, and Conoco Phillips. All the companies hired the same third party to draft their plans,... More »

Big Oil to House: It Won't Happen to Us

Execs to tell hearing that America needs continued drilling

(Newser) - The biggest cheeses from the world’s biggest oil companies are on Capitol Hill today to try to convince Congress that the Deepwater Horizon spill was a freak occurrence, and that they can surely be trusted to drill safely. According to prepared testimony, Exxon Mobil’s chairman will also issue... More »

Crude Makes Compelling Case Against Big Oil

Doc tells of disastrous effects of oil extraction

(Newser) - Crude is a hard-hitting documentary about the ravages of the oil industry—Chevron is the villain here—on indigenous people in Ecuador. Critics are wowed:
  • “Here’s a powerhouse of a documentary that makes you feel mad as hell and unwilling to take it anymore,” writes Peter Travers
... More »

Dow Up 56 on Oil, Gold

Energy firms rise as oil adds $3.08

(Newser) - Stocks posted solid gains today as commodity prices rose, the Wall Street Journal reports. Oil jumped $3.08 to $71.28 a barrel and gold crossed the $1,000-an-ounce mark. Commodity-producing stocks Exxon, Chevron, and Alcoa all saw gains as a result. The Dow added 56 points to close at... More »

Dow Retreats 12 on Weak Data

Consumer confidence falls from last month

(Newser) - Stocks closed slightly lower today as falling crude prices and shares of energy firms weighed on the broader market, the Wall Street Journal reports. Exxon and Chevron both fell around 1% off a decline of $1.15 in crude oil prices, which stand at $67.32 a barrel. A new... More »

Energy Falters; Dow Off 37

A profit warning from Chevron highlights problems in the energy sector

(Newser) - The major stock indices finished mixed today, with the Dow trending down after Chevron issued a profit warning, the Wall Street Journal reports. Chevron was down 2.7% on news that a weak dollar and poor profits at refineries will cut into its second-quarter earnings. Exxon also fell 1.3%.... More »

Stocks, Oil Jump Together

(Newser) - Stocks jumped at the open today, with the Dow up 61 points, the Nasdaq adding 0.5%, and the S&P gaining 0.7%, powered by strong moves in its energy and basic materials sectors. That was due in part to the surge in fuel prices, with oil clearing $71... More »

Dow Has Best 2-Month Showing Since 2002

Mixed last day can't beat strong month

(Newser) - The markets were mixed today but wrapped up a strong month. The Dow, which fell 17.61 points to close at 8168.12, rose 7.4% in April, the Wall Street Journal reports. The Dow has risen 15.65% in two months—its best two-month showing since 2002 and the... More »

Exxon, Chevron Scramble to Protect $40B Cash Booty

(Newser) - In times like these, everyone’s got problems. Exxon and Chevron? Finding safe places to stash $40 billion they stockpiled while oil prices were stratospheric last summer. “The biggest challenge we’ve had is making sure all the cash is there every morning,” Exxon’s CEO tells Bloomberg,... More »

Oil Skids; Dow, Off 219, Follows

Weak data, contract expirations stoke selloff

(Newser) - Stocks fell today as oil futures declined, the jobs picture remained grim, and two of the Detroit’s Big Three announced production stops due to lack of funds, MarketWatch reports. The imminent expiration of options and futures contracts also bedeviled the markets, and the Dow closed down 219.35 at... More »

Earnings Push Stocks Lower

China's GDP slowdown spooks investors as well

(Newser) - Stocks fell today as a wave of poor earnings soured investor confidence across the board, though the continued drop in interbank lending rates kept losses in check, the Wall Street Journal reports. The Dow closed down 231.77 at 9,033.66. The Nasdaq fell 73.35 to 1,696.... More »

Dow Finishes Down 733

Bad data pummels equities; oil drops below $75 per barrel

(Newser) - Stocks continued to slide in the final hours of the trading day as retail sales and manufacturing activity slowed while core inflation jumped, the Wall Street Journal reports. Oil slid $4.09 to $74.54 a barrel, its lowest price in 2008. The Dow closed down 733.08 at 8,... More »

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