Latest News Updates From Kevin Crowley

Gustavson will replace Eimear Bonner, who had been CFO since March 2024, and who will take responsibility for all of Chevron’s oil, gas and refining operations.

North American Blue Energy Partners is aiming to increase production to 500,000 barrels a day by the end of 2028 from about 200,000 currently. 

Chevron and ConocoPhillips cut capital expenditure in the Lower 48 by 10% in the first six months of the year while Occidental Petroleum cut spending in the Permian Basin by 20% in that period.

Net income and per-share earnings surpassed the prior all-time highs achieved in 2022, when Russia’s invasion of Ukraine turned the global energy market on its head. 

Overall profit of $14.7 billion was the largest since Russia’s 2022 invasion of Ukraine that upended global markets.

Chevron expects to sign accords with Iraq on July 17 to advance negotiations about investing in large oil fields and a pipeline to bypass the Strait of Hormuz. 

Exxon Mobil and Chevron exceeded profit expectations as higher oil and natural gas prices outweighed production outages from the Iran war. 

Exxon, which also said first-quarter earnings from its energy-products division would be lower, is among the first of the supermajors to disclose the war’s impact.

Exxon Mobil said lower oil prices reduced fourth-quarter results by $800 million to $1.2 billion, one of the first signs that Big Oil is facing a tough earnings season. 

As tensions mount between Venezuela and the U.S., Chevron remains the only global oil company with access to Venezuela’s immense crude reserves — the largest known.