Company
Chevron is an American multinational energy company and one of the world's largest oil and gas producers, spanning exploration, refining, and petrochemicals.
Brent crude was $108.51 a barrel at 7:45 a.m. Eastern on 16 October, up $1.84 in a day and about $47 above a year ago, Fortune reported. Its price page adds that pump prices often lag crude on the way down, so relief reaches fuel bills late.
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Chevron CEO Mike Wirth says the inventories and emergency reserves that absorbed the Iran war shock are drained. The IEA expects diesel to stay tight well into 2027, so a budget that assumes early relief runs against both.
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Hurricane Isaias shut in almost two-thirds of U.S. Gulf oil output by Thursday night, Heatmap reported, up from about a quarter that morning in NBC's count. For fuel buyers the storm's refinery risk runs for days, inside a refining shortage GasBuddy's Patrick De Haan puts at three to six months.
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Brent crude rose more than 5% to over $105 a barrel Thursday as President Trump weighed renewed large-scale strikes on Iran. For operators, the decision sets how far costs climb from here, since diesel and freight had been rising for months before it.
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Chevron will make CFO Eimear Bonner president of oil, products and gas on Jan. 1, 2027, handing the finance job to new-energies chief Jeff Gustavson. The move gives Bonner the core business while Chevron declines to say whether it is picking a successor to CEO Mike Wirth.
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Microsoft says ecological landscaping, already used at more than 20 data center sites, is now standard on every new US project. Public Citizen's Texas director says no amount of it makes a gas plant a good neighbor, and points to Microsoft's 20-year Chevron power deal.
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Chevron says Gov. Greg Abbott's moratorium on new data center permits could delay the investment decision on its nearly 3-gigawatt Kilby project until 2027. For one of the largest new US data center projects, the date now depends mainly on a state permit.
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The August 28 concession hands 17 fields and an estimated 65 billion barrels of reserves to NABEP, whose current output is about 200,000 barrels a day against a target of roughly 500,000 by the end of 2028.
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Carlyle agreed to pay $22 billion for Lukoil's overseas assets in January 2026. OFAC's licences since then cover negotiation and maintenance through October 22, and Romania's Petrotel refinery went into insolvency.
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EOG's chairman says Abu Dhabi rock looks like the Eagle Ford and the first wells are beating expectations. The constraint on everyone copying him is a generation of engineers who have never drilled a dry hole.
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The memorandum signed at Miraflores Palace on September 19 follows deals BP, Eni, Repsol and Chevron struck with the new government this year. Venezuela still pumps under a million barrels a day against about three million in the late 1990s.
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Caracas puts the bill above $100 billion for reserves the White House says more than double America's, a stock claim with no schedule attached while the only new barrels come from Chevron tuning old wells.
Perspective Coverage
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Fred Ehrsam's Primavera holds a production-sharing contract with PDVSA in the Orinoco Belt, where Rystad Energy expects significant new output only around 2035 and calls execution, not geology, the binding constraint.
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The national average reached $4.15 on Friday, above the 2012 Labor Day record of $3.82 but below May's $4.56 peak. For planning, the numbers that bite are August's $4.09 average and the $2.36 gap between states.
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U.S. diesel futures hit their highest since 2022 and the crack spread topped $106 a barrel. Against $90.33 crude, that puts 54 cents of every wholesale dollar in the refining step. That margin is priced in months. A plant is priced in years.
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The Office of Strategic Capital was chartered in 2022 to lend against critical technology. Its loan authority has since reached $200bn, and the price of its new 35% oil stake is described only as no cost to the taxpayer.
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Washington's cut of the new Venezuelan oil venture arrives without Washington writing a cheque. The arithmetic leaves private capital about 52 cents of every dollar of market-priced output, before anyone establishes who owned the fields.
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The doomsday scenarios never arrived, and because nothing broke, Asia's importers are funding new routes and new suppliers out of capital budgets rather than waiting out a spike they could have hedged. Halving Hormuz still has an if attached.
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Wood Mackenzie puts the 2026 industry windfall at $495 billion above pre-war expectations. Two of the three bills in Congress tax the Brent price rather than profit, which changes the shape of the trade.
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Venezuela's new petroleum minister pitched 916 exploration opportunities and 192 trillion cubic feet of gas. The names on paper so far are Hunt Oil and SLB.
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