Chevron news stories on Newser

Exxon Discovers Huge Oil Field in the Gulf

Tim Karan — Wed, 08 Jun 2011 17:09:29 CDT

Exxon announced the discovery of two oil wells and a natural gas deposit in the deep water of the Gulf of Mexico that could collectively contain 700 million barrels. Two of the finds had been made in 2009 and 2010, but the company waited until today to unveil the amount...

In Mideast Desert, a Risky, Costly Hunt for Heavy Crude

Kevin Spak — Tue, 24 May 2011 10:10:12 CDT

Saudi Arabia and Kuwait have embarked on a risky, expensive hunt for heavy crude—and that might be a bad sign for global oil supplies. For decades these countries have fueled the world with its easy-to-drill light oil supply, but now those reserves are drying up, one Middle East energy...

How Much Tax Does Big Oil Actually Pay?

Matt Cantor — Thu, 12 May 2011 10:00:00 CDT

If you ask Exxon Mobil, the firm will say last year’s taxes exceeded US income—but a Washington think tank will tell you the big oil company didn’t pay a cent the year before that. “It all depends on how you count,” writes Steven Mufson in the Washington Post . Exxon...

Walmart Rules Fortune 500 List

John Johnson — Thu, 05 May 2011 13:10:10 CDT

Turns out, last year was a pretty good one for US businesses. Total revenue for Fortune 500 companies jumped 10.5% to $10.8 trillion, while profits surged 81%. "We've rarely seen such a stark gulf between the fortunes of the 500 and those of ordinary Americans," write the editors...

Feds: Big Oil Not Using the Leases They Have

Kevin Spak — Wed, 30 Mar 2011 09:37:53 CDT

With oil companies and Republicans criticizing the Obama administration for being too slow to issue new offshore drilling permits in the wake of the Deepwater Horizon disaster, the Interior Department hit back with a report yesterday revealing that the industry isn’t using the majority of the leases it already has....

Chevron Appeals Massive Amazon Pollution Fine

Mary Papenfuss — Mon, 14 Mar 2011 01:42:00 CDT

Chevron has launched an appeal challenging a whopping $9.5 billion penalty for polluting much of Ecuador's Amazon region. Company attorneys are accusing lawyers and supporters of the indigenous groups who brought the suit against Chevron of "corrupting" the trial, and claims that the finding against the corporation is filled...

Chevron Fined $8B for Ecuador Pollution

Mon, 14 Feb 2011 16:25:34 CST

An Ecuadorean judge ruled today that Chevron was responsible for oil contamination in a wide swath of Ecuador's northern jungle and fined it at least $8 billion, the plaintiffs' lead attorney says. Chevron said it would appeal and called the ruling "illegitimate and unenforceable" in a news release. The plaintiffs'...

Oil Giants (Minus BP) Create Spill Response System

Nick McMaster — Wed, 21 Jul 2010 16:46:09 CDT

Four oil giants are teaming up to create an early-response system to contain disasters like the Deepwater Horizon spill. Exxon, Chevron, Royal Dutch Shell, and ConocoPhillips are committing an initial $1 billion to create the nonprofit Marine Well Containment Co., though maintaining the "strike force" will cost more over time....

Oil Giants All Have Same Lame Spill Plan: Dems

Kevin Spak — Tue, 15 Jun 2010 13:20:39 CDT

Lord help us if there’s another deepwater spill, because the big oil companies all have a pretty much identical response plan to BP, congressional Democrats complained today, grilling executives from Chevron, Exxon, Shell, BP, and Conoco Phillips. All the companies hired the same third party to draft their plans, the...