Chevron

Chevron suspends operations in Iraqi Kurdistan

New York - AFP

Chevron said Friday it "temporarily" suspended operations in Kurdistan in Iraq, an oil-rich region at the center of a conflict between Baghdad and Kurdish forces. "We continue to monitor the situation in the Kurdistan Region of Iraq," said a spokeswoman for the US oil giant in an email message. "We remain in regular contact," she said. "We look forwardRead more

Higher oil prices boost ExxonMobil, Chevron earnings

New York - AFP

US petroleum giants ExxonMobil and Chevron reported big jumps in second-quarter profits Friday, the latest boost from a recovery in oil prices that still feels shaky to many industry officials. Exxon's profit for the quarter ending June 30 nearly doubled to $3.4 billion, while Chevron nabbed $1.5 billion in earnings, up from a $1.5 billion loss in the year-ago period.Read more

Chevron prevails in Ecuador pollution battle

Washington - AFP

Oil giant Chevron prevailed in a long-running legal battle over pollution in Ecuador, with the US Supreme Court blocking villagers from collecting a $8.65-billion foreign judgment against the company. The court declined to hear an appeal against lower-court decisions which had refused to enforce the Ecuadorian damages award over pollution in the rainforest, finding that the foreign judgment resulted fromRead more

Chevron faces big Australia tax bill after court loss

Chicago - Arab Today

Energy giant Chevron on Friday lost its appeal in major battle against a Aus$269-million (US$203 million) tax bill in a case that could have global implications for multinationals looking to cut their obligations. The Federal Court ruled in favour of a 2015 decision by the same court that the US giant had minimised its payments through a loan scheme andRead more

Total confident despite volatile oil prices

Paris - AFP

French oil major Total said Thursday it planned to increase its dividend to shareholders as it expressed confidence earnings could withstand the current volatility in oil prices. Total said in a statement that its headline net profit soared 22 percent to $6.2 billion (5.8 billion euros) in 2016. However, the adjusted net profit, which is tracked by analysts because itRead more

Chevron’s first loss in decades signals hard time for giants

Chicago - Arab Today

Chevron posted its first annual loss since at least 1980 as the world’s biggest oil companies struggle to emerge from the worst collapse in a generation. Investors punished the stock, wiping out about $5 billion in market value. The company had a $497 million loss last year and failed to replace all of the crude and natural gas it pumpedRead more

US stocks end flat as 4Q growth disappoints

New York - AFP

Wall Street stocks finished little changed Friday following a lackluster US fourth-quarter growth report and some high-profile earnings disappointments from Chevron, Google parent Alphabet and others. Analysts said the market was still digesting gains from earlier in the week, including the Dow's surge Wednesday above 20,000 points. The Dow Jones Industrial Average ended down less than 0.1 percent at 20,093.78.Read more

Qatar Petroleum Obtains License to Prospect for Oil and Gas

Rabat - Arab Today

Qatar Petroleum has obtained the licensing to prospect for oil and gas in Morocco’s southern costs, according to Moroccan news outlet Hespress. Moroccan authorities have extended the previous license for two-years to a consortium including Qatar Petroleum, American Chevron, Moroccan National Hydrocarbons and Mines Office (ONHYM), to operate the exploration of oil and gas in the seas surrounding southern Morocco.Read more

Low oil prices hit ExxonMobil, Chevron earnings

New York - AFP

Low crude prices and weak refining margins weighed on third-quarter profits at US oil giants ExxonMobil and Chevron in reports Friday, but earnings rose compared with the prior two quarters. The results were the latest sign of pain for the industry in the wake of a two-year slump in oil prices, with ExxonMobil notching a 37.5 percent decline in profitsRead more

Chevron Starts Production of LNG from Deep-Water Site in Indonesia

Jakarta - QNA

A Chevron subsidiary in Indonesia announced Thursday that is now producing natural gas from a deep-water site that represents a milestone for the country's energy goals. Chevron Indonesia Co. said it started natural gas production from the deep-water Bangka field, a project that has a design capacity of around 110 million cubic feet per day. The start of production comesRead more