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Chevron kickstarts one of the largest carbon capture projects
Aug. 9, 2019
Source: Reuters

Chevron kickstarts one of the largest carbon capture projects

Chevron Corp yesterday informed about launching one of the world’s largest carbon capture and storage projects. The project involves infusing carbon dioxide into a deep reservoir under an island off Western Australia at Chevron’s Gorgon LNG project. Chevron said that approximately 3.4 to 4 million tonnes of CO2 will be buried every year after the facility reaches full capacity. Gases emitted from the Gorgon field contain at least 14% CO2.

Occidental concludes Anadarko’s acquisition
Aug. 9, 2019
Source: World Oil

Occidental concludes Anadarko’s acquisition

Occidental Petroleum yesterday concluded the $55 billion-acquisition of Anadarko Petroleum, with the assumption of Anadarko’s debt. Vicki Hollub, President and CEO at Occidental said, “With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders”.

Chevron sees 26.3% jump in Q2 profits
Aug. 3, 2019
Source: Reuters

Chevron sees 26.3% jump in Q2 profits

Supermajor Chevron, yesterday, registered a 26.3% hike in profits for the second quarter that ended June 30th. Chevron’s net income from the quarter jumped to $4.31 billion, from $3.41 billion a year earlier. Chevron benefitted from a $1 billion breakup fee received from Anadarko Petroleum. The termination fee brought in additional $720 million to the Chevron’s profit.

Chevron awards GOM equipment and services contract to Schlumberger
July 24, 2019
Source: World Oil

Chevron awards GOM equipment and services contract to Schlumberger

Schlumberger has been awarded a 20-year subsea equipment and services master contract by Chevron. This contract is for subsea development projects in the Gulf of Mexico. Innovative technologies will also be included in the OneSubsea custom catalog of equipment. “We look forward to continuing our technology collaboration with Chevron to optimize project efficiency and reduce cycle times in its future Gulf of Mexico subsea projects", said OneSubsea's President.

Chevron Lummus Global secures license and engineering award for Haldia Refinery
July 16, 2019

Chevron Lummus Global secures license and engineering award for Haldia Refinery

Chevron-McDermott joint venture, Chevron Lummus Global (CLG) has landed the license and engineering contracts for a Lubricants Base Oil plant at Haldia Refinery in India. CLG will deploy its proprietary ISODEWAXING and ISOFINISHING technologies at the 270 TMTPA plant. The newly-designed unit will process unconverted oil from an upstream hydrocracking unit to yield premium API Group III base oils.

Chevron asked to end oil spill into California canyon
July 15, 2019

Chevron asked to end oil spill into California canyon

Oil supermajor Chevron has been ordered by the California regulators to end the ongoing spill into the California canyon. The leak has been occurring on and off since May, at a location where Chevron infuses steam to obtain underground crude oil. California regulators have blamed Chevron of not doing enough to end the oil spill that put about 800,000 gallons of crude oil and water into a Kern County canyon.

Chevron Phillips and Qatar Petroleum sign a $8 billion deal
July 11, 2019

Chevron Phillips and Qatar Petroleum sign a $8 billion deal

Energy major Qatar Petroleum and Chevron Phillips Chemical have signed an agreement worth $8 billion. Both the companies have joined hands in order to develop a petrochemical plant along the U.S. Gulf Coast. These plants will help in keeping up with the demand of plastics, said Chief Executive and President of Chevron Phillips. This is the second deal in a row between the two companies in the last few weeks.

Chevron begins evacuating Gulf of Mexico oil platforms
July 10, 2019
Source: Reuters

Chevron begins evacuating Gulf of Mexico oil platforms

In lieu of the upcoming tropical storm in the Gulf of Mexico, oil supermajpr Chevron Corp began the shutdown and evacuation process at five of its production platforms in the region. The oil firm joined major oil companies in their preparation for the storm. A spokeswoman at Chevron said that they are also removing some non-essential workers at Jack/St. Malo.

Qatar Petroleum join hands with Chevron Phillips for petrochemical project
June 25, 2019
Source: Reuters

Qatar Petroleum join hands with Chevron Phillips for petrochemical project

State-run Qatar Petroleum has inked an agreement with Chevron Phillips Chemical to construct a new petrochemicals complex. The new petrochemical plant, which is expected to come online by 2025, will be developed in Ras Laffan Industrial City. While Chevron Phillips Chemical Co (a JV between Chevron Corp and Phillips 66) will possess a 30% interest in the complex, Qatar Petroleum will own the rest.

Chevron hopes to get relief from US sanctions
June 3, 2019
Source: World Oil

Chevron hopes to get relief from US sanctions

Chevron Corp. is seeking relief from the U.S. for continuing doing business in the oil-rich nation Venezuela. The US President has been pushing for regime change in Venezuela owing to sham elections last year. Oil sanctions are being deployed as the main tool for uprooting an autocrat in Venezuela. According to the sources, Chevron expects the extension of the waivers set to expire on July 27.

Chevron's move signals a big shift in the industry
May 21, 2019
Source: World Oil

Chevron's move signals a big shift in the industry

Energy major Chevron Corp. has taken a big step towards the electric car business. It will be offering electric car charging ports at some of its gasoline stations in California. Back in November, Chevron invested in ChargePoint Inc. which is one of the biggest electric vehicle charging network. GM of Chevron said, "We are always exploring how to evolve our offering, helping improve the consumer experience".

Chevron draws back from Anadarko takeover battle
May 10, 2019
Source: Reuters

Chevron draws back from Anadarko takeover battle

In a major turn of events, supermajor Chevron pulled back from the takeover battle for Anadarko, yesterday. Occidental, which received $10 billion in financial assistance from Berkshire Hathaway, has emerged victorious in one of the largest takeover contests in the oil and gas industry. Chevron received a $1 billion breakup fee from Occidental Petroleum, to be utilized in a $5 billion share repurchase program.

Total drops new bomb in Chevron-Anadarko-Occidental battle
May 6, 2019
Source: CNBC

Total drops new bomb in Chevron-Anadarko-Occidental battle

Supermajor, Total yesterday inked an $8.8 billion asset purchase deal with Occidental, and dropped a new bombshell in the ongoing Chevron-Anadarko-Occidental battle. If Occidental wins the bid, then the binding agreement will require the firm to sell Anadarko Petroleum’s oil and gas assets in Africa. Post divestment, Occidental will gain ownership to the Western Midstream Partners and Anadarko’s acreages in U.S. shale basins, the Gulf of Mexico and South America.

PDVSA to install generators for Chevron oilfields
May 4, 2019
Source: Reuters

PDVSA to install generators for Chevron oilfields

A storm of blackout in Venezuela paralyzed its crude production. After this, the OPEC nation has decided to make the crude prodcution "independent" of national grid. For this, PDVSA will install 20 generators for the the crude project partly owned by Chevron. The company informed that the generators will have a total capacity of 50 megawatts and would “increase the stability of (electricity) service for the extraction of daily barrels”.

Chevron concludes acquisition of Petrobras’ Pasadena refinery
May 2, 2019
Source: Reuters

Chevron concludes acquisition of Petrobras’ Pasadena refinery

In a statement released yesterday, supermajor Chevron informed about concluding the purchase of 112,229-barrel-per-day Pasadena refinery from Petrobras in $350 million. Additionally, Chevron has also acquired Petrobras’ subsidiary, PRSI which operates the refinery and owns PRSI Trading, a trader of crude and refined products. Chevron and Petrobras agreed in January for the sale, but the transfer of the refinery ownership was kept on hold last month.

Chevron concludes acquisition of Petrobras’ Pasadena refinery
May 2, 2019
Source: Reuters

Chevron concludes acquisition of Petrobras’ Pasadena refinery

In a statement released yesterday, supermajor Chevron informed about concluding the purchase of 112,229-barrel-per-day Pasadena refinery from Petrobras in $350 million. Additionally, Chevron has also acquired Petrobras’ subsidiary, PRSI which operates the refinery and owns PRSI Trading, a trader of crude and refined products. Chevron and Petrobras agreed in January for the sale, but the transfer of the refinery ownership was kept on hold last month.

Warren Buffet throws in $10 billion to help Occidental acquire Anadarko
May 1, 2019
Source: Reuters

Warren Buffet throws in $10 billion to help Occidental acquire Anadarko

In an interesting turn of events on Tuesday, Warren Buffett-owned Berkshire Hathaway backed Occidental’s $38 billion-bid for Anadarko. Berkshire commitment of $10 billion aid will greatly boost Occidental’s chances of securing a win in one of the biggest oil-industry takeover battles. However, the help comes at the cost of 100,000 preferred shares and a warrant to buy upto 80 million shares of Occidental at $62.50 apiece in a private offering.

Berkshire's intervention results in a 'dead' bid for Chevron
May 1, 2019
Source: World Oil

Berkshire's intervention results in a 'dead' bid for Chevron

According to the Chicago's investment firm Harris Associates, after Berkshire's $10 billion support to Occidental, Chevron no longer stands a chance to buy Anadarko. “I think at this point you would consider Chevron’s bid dead”, said chief investment officer at Harris. Buffet's firm decided to back Occidental a day after Anadarko agreed for the negotiations with Occidental.

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