Exploration & Production

(Reuters) – BP’s decision to scrap buybacks may be painful in the short run, but by prioritising production growth over shareholder payouts it can begin to repair its shaky financial footing. Cutting buybacks marks the most significant shift in BP’s financial framework since it halved its dividend in August 2020 following the pandemic-driven collapse in …

BP’s Buyback Cut is Short-Term Pain That Could Be Shell’s Gain: Bousso Read More »

By David Wethe and Kevin Crowley Chevron Corp. acquired a ranch in West Texas whose owner had been waging a legal battle accusing the US energy giant of negligently spilling toxic water and crude oil on the 22,000-acre property. The sale of Ashley Watt’s Antina Ranch was recorded on Feb. 3 by the Crane County …

Chevron Buys West Texas Ranch in ‘Zombie’ Oil Well Settlement Read More »

Tengiz output has recovered to about 550,000 bpd, sources say Full recovery expected by February 23 Kazakhstan’s overall oil production on the rise January fires at power facilities caused prolonged shutdown Kazakhstan’s oil exports declined due to Tengiz outage MOSCOW, Feb 9 (Reuters) – The giant Chevron-led (CVX.N) Tengiz field in Kazakhstan has recovered to …

Chevron’s Tengiz Oilfield Back to 60% of Usual Output, Two Sources Say Read More »

By Kevin Crowley and Veena Ali-Khan Exxon Mobil Corp. and Chevron Corp. are setting their sights on expanding production in nations tied to OPEC, including some of the world’s riskiest geopolitical hotspots, as President Donald Trump’s assertive foreign policy helps them strike deals. Venezuela, home to the world’s largest reserves, is the most high-profile opening …

Trump Is Remaking the Global Oil Market, and Exxon and Chevron Want In Read More »

By David Wethe ConocoPhillips Chief Executive Officer Ryan Lance’s priority in Venezuela is recouping billions his company is owed almost two decades after its oil projects were nationalized, rather than drilling new wells. Despite roughly $10 billion in favorable judgments from international arbitrators holding Venezuela liable for the seizures, the Houston oil giant’s efforts to …

ConocoPhillips Wants Venezuelan Payback Before Drilling for Oil Read More »

(Reuters) – Chevron CEO Mike Wirth said on Friday the U.S. oil major can process an additional 100,000 barrels per day of Venezuelan crude at its refineries. “We’ve been bringing about 50,000 barrels a day, give or take, into our Pascagoula, Mississippi, refinery on the Gulf Coast. We can take another 100,000 barrels a day …

Chevron Can Process Another 100,000 bpd of Venezuelan Crude at its US Refineries, CEO Says Read More »

Chevron CEO Mike Wirth said on Friday the U.S. oil major was in discussions with the governments of Iraq and Libya to look at existing producing oilfields and evaluate exploration opportunities. The company needed to see compelling investment return potential in those countries, Wirth added. Reporting by Vallari Srivastava in Bengaluru and Sheila Dang in …

Chevron in Talks With Iraq, Libya to Evaluate Exploration Opportunities Read More »