Chevron

Chevron Corp. CVX 4.86% banked historic profit last year as the pandemic receded and the war in Ukraine pushed oil prices to multiyear highs, with its shares climbing 53% while other sectors tumbled.The U.S. oil company in its quarterly earnings reported Friday that it collected $35.5 billion in its highest-ever annual profit in 2022, more than double the prior year and about one-third higher than its previous record in 2011. Almost $50 billion in cash streamed in from…

Check out the companies making headlines in midday trading.Seagate Technology — Shares of the data storage company surged more than 10% a day after Seagate posted beats on the top and bottom line for its fiscal second quarter. Seagate reported earnings of 16 cents per share on revenue of $1.89 billion. Analysts called for earnings of 10 cents per share on $1.83 billion in revenue, according to Refinitiv.Chevron – Shares of the energy giant popped 4% a day after the company announced a $75 billion buyback and said that it…

A customer refuels at a Chevron gas station with prices above $4 a gallon in Seattle, Washington, U.S., on Monday, March 7, 2022.David Ryder | Bloomberg | Getty ImagesCheck out the companies making headlines after the bell.Tesla — Shares rose 0.4% in volatile trading after the electric-vehicle maker reported earnings and revenue for the fourth quarter that beat analyst expectations. However, Tesla's gross margins came in at the lowest levels in the past five quarters.related investing newsChevron — Shares advanced 2.7%…

Sultan Ahmed al-Jaber speaks at the Atlantic Council’s Global Energy Forum last year.Photo: Ebrahim Noroozi (AP)The leader of one of Washington, DC’s most influential foreign policy think tanks got caught shilling for an oil CEO on a major news site—by a right-wing publication that runs hit pieces on renewable energy. This sounds like a Mad Lib, but it’s 2023, and anything is possible!On Saturday, CNBC posted an op-ed from Fred Kempe, the CEO of the Atlantic Council and a regular contributor to the site. Kempe has several…

The globe is shrinking for Exxon Mobil Corp. XOM 1.01% and Chevron Corp. CVX 0.66% as the two largest U.S. oil companies pull back on big international oil projects and concentrate on a handful of more lucrative assets closer to home.The two fossil-fuel giants plan to spend most of their annual budgets in the Americas this year, with Chevron saying it will pour 70% of the capital allocated for production into oil fields…

A protest in front of the Supreme Court in December.Photo: Andrew Harnik (AP)This past year was one of dire climate warnings, from bombshell IPCC reports to a summer of floods and fires to disturbing droughts across the world. And yet, entrenched interests were still working against climate action as hard as ever in 2022. The usual climate suspects were up to their decades-old tricks. (We’re looking at you, Big Oil, and you, GOP politicians.) But some notable—and unusual—parties joined in on the fun (Taylor Swift, alas).…

Photo: Aaron M. Sprecher (AP)Several oil giants released their capital expenditure budgets for the year ahead this week, including Exxon Mobil and Chevron, the U.S.’s two biggest oil companies. The budgets are an interesting insight into how the industry is going to move forward with the spoils of their banner year—and as the clock increasingly ticks down on climate action.All things considered, it’s been a great year to be an oil company. Coming into 2022, prices for oil were already high; after the invasion of Ukraine,…

People lay down on the ground during the Vanguard SOS Campaign Fight For Our Future: Rally For Climate, Care, Jobs & Justice on April 22, 2022 in Malvern, Pennsylvania.Photo: Lisa Lake (Getty Images)This story was originally published by Grist. You can subscribe to its weekly newsletter here.Shortly before COP26, last year’s United Nations climate conference in Glasgow, financial institutions were rushing to announce their climate commitments. The conference’s leadership and Mark Carney, a special envoy appointed by…

Exxon XOM 1.02% Mobil Corp. maintained its spending plans for the next five years, sticking to its annual budget ranges that were set before the war in Ukraine caused an increase in energy prices and political pressure to increase production. High prices at the pump have propelled Exxon and other oil companies to record quarterly profits this year. President Biden and Democrats in Congress have urged oil companies to use their profits…

MRS Holdings Limited, the oil marketing firm owned by Sayyu Dantata, the younger brother of Aliko Dangote, helped provide the cash used by state-owned oil and gas company NNPC Limited for buying two shallow-water oil assets from Chevron Corp, Bloomberg reported Wednesday. MRS Holdings reported losses for three consecutive years to 2020, managing to post a meagre profit last year. Bahamas-registered Bestaf Funding Limited, a subsidiary of MRS Holdings, funded the purchase valued at $300 million, according to…