Chevron

The U.S. trade deficit narrowed sharply in June to its lowest level in six months as a rise in shipments of energy products pushed up exports, while cooling consumer appetite weighed on imports. The trade gap in goods and services shrank 6.2% in June to $79.6 billion after seasonal adjustment, the Commerce Department said Thursday, down from May’s revised deficit of $84.9 billion. That marked the first time the deficit has been below $80 billion since December 2021. Exports grew 1.7% to $261 billion, helped largely by…

Exxon, the largest U.S. oil company, said Friday its second-quarter profit rose to $17.9 billion, its highest ever and nearly four times as much as the same period a year ago, citing rising oil and fuel production, higher energy prices and cost cuts. Rival Chevron also posted a record profit Friday of $11.6 billion, up from $3.1 billion in the same period last year. Chevron Chief Financial Officer Pierre Breber said that despite concerns about an economic slowdown, the company continues to…

A floorhand operates a Chevron oil drilling rig near Taft, California.Chip Chipman | Bloomberg | Getty ImagesExxon and Chevron posted record profits during the second quarter of 2022 as high commodity prices boost operations, and as the oil giants keep their spending in check.Chevron reported earnings of $11.62 billion during the three-month period, up from $3.08 billion during the second quarter of 2021.Exxon, meantime, posted earnings of $17.9 billion during the second quarter of 2022, compared to $4.7 billion during…

A little more than one-third of S&P 500, or 175 companies, are scheduled to report earnings in the coming week, according to FactSet. The list includes 12 members of the Dow Jones Industrial Average. Google parent company Alphabet Inc. GOOG -5.81% and Facebook owner Meta Platforms Inc. META -7.59% also are expected to release earnings. Additional companies with quarterly updates on tap…

Protesters wave a Pride flag in front of the Supreme Court a day after the Court struck down Roe v. Wade.Photo: Roberto Schmidt/AFP (Getty Images)I hesitated to come out. It was 2020 when I finally, finally started to see my queerness through the clouds. The world was burning (still is), suffering through a global pandemic (still is), reeling from a societal upheaval (still is), and American fascism was gaining strength at a terrifying speed (I repeat myself). The fact that I was suddenly going to start dating girls…

The U.S. Department of the Interior is restarting sales oil and gas drilling leases on federal land this week for the first time since President Joe Biden took office—and after he promised on the campaign trail to end new federal fossil fuel leasing. Beginning Wednesday and Thursday, more than 140,000 acres of federal land in eight states will be on sale to the petroleum industry, according to a DOI press release.A huge majority of the new lease area is in Wyoming, where 131,771 acres are up for grabs, according to the…

Chevron is planning to sell its current headquarters in California and is offering to cover costs for some employees to relocate to Texas, the latest move by a large U.S. employer to reduce the size of its offices.The second-largest U.S. oil company said it would remain based in California, its home state for more than 140 years, but will be leaving its Chevron Park campus in San Ramon, Calif., its global headquarters for two decades. Chevronis planning to sell its current headquarters in California and is offering to…

WASHINGTON—President Biden is planning to call for a temporary suspension of the federal gasoline tax, according to people familiar with the matter.Mr. Biden and his advisers have been discussing the issue for months in the midst of increasing political pressure to take action to address record-high gas prices. The announcement is expected Wednesday, some of the people said. The White House said Mr. Biden would deliver remarks on gas prices at 2 p.m. Eastern Time, but didn’t provide any details on the speech. “President…

A rapid rise in American fuel exports this year has helped push gasoline prices to a record $5 a gallon and is pressuring U.S. prices of natural gas, which hit the highest levels in over a decade earlier this month.In recent months, companies and commodities traders have shipped more U.S. gasoline and diesel to Latin America and other foreign markets, reaping higher prices than the fuel could fetch domestically. They have also sent more liquefied natural gas, or LNG, to Europe after Russia’s invasion of Ukraine. The jumps…

Russia is still finding a home for much of its oil despite expanding sanctions, but its production likely will diminish following the departure of western oil companies, Chevron Corp. CVX 0.91% Chief Executive Mike Wirth said.In a meeting with Wall Street Journal reporters and editors this week, Mr. Wirth noted that many countries continued to buy crude from Russia, one of the world’s top oil producers along with the U.S. and Saudi Arabia.…