CVX

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…

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…

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…

The Dow is beating the broader market to a degree not seen in nearly a century.The Dow Jones Industrial Average is down 5.3% this year, which isn’t normally a cause for celebration. But that performance looks downright golden compared with the broad S&P 500, which is off 15%, and the tech-heavy Nasdaq Composite, which has dropped 27%. The Dow’s year-to-date advantage over the S&P 500 is the biggest since 1933. The Dow’s lead over the Nasdaq at this point in the year is the widest since 2000. Of the three indexes,…

The oil giant will have to partner with an authoritarian regime accused of crimes ranging from human-rights violations to sprawling corruption to state-sponsored narcotics trafficking. Newsletter Sign-up WSJ Climate & Energy A weekly must-read of news, analysis and exclusive data…

The Biden administration made a significant shift in its Venezuela policy when it allowed Chevron Corp. CVX -0.29% to pump oil in the South American country again, but the decision will yield little increase to the world’s oil production in the short-term.The U.S. company will have to contend with myriad technical issues at Venezuela’s aging oil fields and a complicated network of remaining U.S. sanctions that must be altered to ensure more of the country’s oil reaches…

WASHINGTON—The U.S. said it would allow Chevron Corp. CVX -0.29% to resume pumping oil from its Venezuelan oil fields after President Nicolás Maduro’s government and an opposition coalition agreed to implement an estimated $3 billion humanitarian relief program and continue dialogue in Mexico City on efforts to hold free and fair elections.Following the Norwegian-brokered agreement signed in Mexico City, the Biden administration granted a license to Chevron that allows…

The U.S. is poised to grant a license to Chevron Corp. CVX -0.89% to pump oil in Venezuela, a policy shift that signals the easing of yearslong sanctions and could open the door for other oil companies to do business there.The U.S. oil company would regain partial control of its oil-production and maintenance activities in dilapidated Venezuelan oil fields it has retained stakes in through joint ventures with the state-run oil company Petróleos de Venezuela SA It…

Despite an extended streak of strong profits, shale companies are slowing their oil-field activity, keeping U.S. oil production roughly flat and offering little relief for tight global markets.What was expected to be a banner year for U.S. oil production has failed to materialize as creeping inflation-related costs, supply-chain snarls and disappointing well performance for some companies have coalesced to limit domestic output, executives and analysts said. Global oil prices averaged about $100 a barrel in the third…

Chevron Corp. CVX 0.46% banked its second-highest profit ever in the third quarter, down slightly from its record haul in the prior period, as it benefited from high energy prices and increased production. The second-largest U.S. oil company after Exxon Mobil Corp. said Friday it collected $11.2 billion in profit during the quarter, up 84% from the year-earlier period and down just 3% from its all-time highest take-home in the second…