Kevin Crowley

Business, Fuel

US Oil Production Has Already Passed Its Peak, Occidental Says

The silhouette of a contractor is seen walking up stairs at an oil rig site in Colorado. (Jamie Schwaberow/Bloomberg News)

America’s oil production will never again reach the record 13 million barrels a day set earlier this year, just before the pandemic devastated global demand, according to Occidental Petroleum Corp.

Kevin Crowley | Bloomberg News
October 14, 2020
Business, Fuel

Chevron Overtakes Exxon Mobil as America’s Largest Oil Company

Gas flares at a Chevron plant in Port Arthur, Texas, on Aug. 25, before Hurricane Laura made landfall. Gas flares at a Chevron plant in Port Arthur, Texas, on Aug. 25, before Hurricane Laura made landfall. (Luke Sharrett/Bloomberg News)

Chevron Corp. overtook Exxon Mobil Corp. as the largest oil company in America by market value, the first time the Texas-based giant has been dethroned since it began as Standard Oil more than a century ago.

Kevin Crowley | Bloomberg News
October 7, 2020
Business, Fuel

Occidental’s Lone Rig Shows Downfall of Permian Basin Oil Giant

A pumpjack in Azerbaijan. (Taylor Weidman/Bloomberg News)

Occidental Petroleum Corp. will have just a single oil rig in the Permian Basin in the second half of the year, illustrating the scale of the shale industry’s pullback and the company’s debt woes.

Kevin Crowley | Bloomberg News
August 11, 2020
Government, Business, Fuel

Chevron’s LNG Exit Deals Fresh Blow to Canada’s Energy Industry

Chevron LNG The Chevron Corp. and Woodside Petroleum Ltd. Kitimat LNG site stands on the Douglas Channel. (Ben Nelms/Bloomberg News)

Abundant natural gas resources, an all-electric plant and just a nine-day hop to energy-hungry Asian markets were not enough to persuade Chevron Corp. to pursue its Kitimat gas export project in western Canada, marking a further blow to the country’s beleaguered fossil fuel industry.

Kevin Crowley | Bloomberg News
December 11, 2019
Business, Fuel

BP Exits Alaska After 60 Years in $5.6 Billion Hilcorp Sale

BP Plc Alaska Daniel Acker/Bloomberg News

BP Plc agreed to sell its entire business in Alaska to closely held Hilcorp Energy Co. for $5.6 billion, ending a six-decade presence in the state as oil production there declines.

Kevin Crowley | Bloomberg News
August 27, 2019
Business, Fuel

Chevron Earnings Jump on Permian Output, Andarko Breakup Fee

Chevron Luke Sharrett/Bloomberg News

Chevron Corp. posted strong production growth from the Permian Basin combined with a stabilization in its refining operations to beat earnings estimates in the second quarter.

Kevin Crowley | Bloomberg News
August 2, 2019
Business, Fuel

Exxon, Chevron to Face Climate Change Pressure From Investors

Daniel Acker/Bloomberg News

Exxon Mobil Corp. and Chevron Corp.’s unwillingness to venture beyond their core oil and gas business will face a test May 29 when shareholders vote on climate change proposals at both oil companies’ annual meetings.

Kevin Crowley | Bloomberg News
May 28, 2019
Business, Technology, Fuel

Exxon Partners With Microsoft to Boost Permian Oil Production

Exxon Mobil Brittany Sowacke/Bloomberg News

Exxon Mobil Corp. is partnering with Microsoft Corp. to crunch trillions of bits of data as the oil titan seeks to more than triple shale-oil production in the Permian Basin in less than a decade.

Kevin Crowley | Bloomberg News
February 22, 2019
Business, Fuel

Texas Shale Forces Big Oil Cost Revolution, Chevron CEO Says

Chevron Daniel Acker/Bloomberg News

The low break-even costs to pump in the Permian are forcing Chevron to be more efficient everywhere, Wirth said, from the deepwater platforms in the Gulf of Mexico to its liquefied natural gas plants.

Kevin Crowley | Bloomberg News
February 13, 2019
Business, Fuel

US Oil Debt Eases

Oil Workers Drilling Shale Oil workers drilling shale (Brittany Sowacke/Bloomberg)

U.S. oil and gas producers expect their borrowing ability to increase over the next few months, leaving them open to invest in new shale assets, particularly the Eagle Ford in Texas.

Kevin Crowley | Bloomberg News
April 10, 2018