All articles tagged with #chevron corp
Major oil companies are posting strong profits as fighting in Iran drives up crude prices and disrupts a key shipping artery, underscoring geopolitical risk and the market’s sensitivity to Middle East turmoil.
Exxon Mobil Corp. and Chevron Corp. reported disappointing profits due to weak performances in their oil-refining and chemical businesses. Exxon fell just short of third-quarter expectations, while Chevron missed by a larger margin. Both companies attributed their underperformance to factors such as an oversupply of chemicals and losses from overseas refining. Despite the earnings miss, Exxon increased its quarterly investor payouts and reported strong free cash flow. Chevron's overseas refining division delivered lower-than-expected net income, and its Permian Basin crude-production business lagged. Both companies are pursuing major deals to expand their oil-production capabilities.
Israel has ordered the temporary shutdown of a major gas field operated by Chevron Corp. in the eastern Mediterranean due to safety concerns amid ongoing fighting between Hamas and the Israeli military. The closure of the field, located west of Haifa, threatens Israel's plans to become a major regional gas supplier. The gas field supplies natural gas to Egypt, which then exports it to Europe, and the stoppage may result in lower shipments or delays. Gas prices in Europe have already surged as much as 14%. Chevron is still supplying customers in Israel and the region from another major project called Leviathan.