News

Vitesse consummated the purchase of a stake in Chevron-operated oil and gas assets in the Denver-Julesburg Basin for $26 million.

Chevron’s CEO warns that the oil market is running out of options

Billionaire shale pioneer Harold Hamm’s Continental Resources Inc. reached a deal for an oil field in Venezuela as the Trump administration pushes US companies to revive the nation’s oil sector.

Billionaire shale pioneer Harold Hamm’s Continental Resources Inc. is set to announce a deal to invest in Venezuela as the Trump administration pushes US companies to revive the nation’s oil sector, according to a person familiar with the matter.

Stock Market Today: The Dow Jones index rises Wednesday ahead of a likely Fed rate hike and Warsh's comments. Intel and SK Hynix jump.

U.S. stocks fell ahead of the Federal Reserve’s rate decision as Treasury yields hit more multiyear highs amid signs of a prolonged oil shock.

Plus, 10-year Treasury yield briefly hits 2007 levels and the Senate deals a blow to crypto industry

Oil prices and bond yields continue to rise, and stocks continue to struggle, as the Fed gets together to talk about inflation and interest rates.

Why a Fed rate hike this week won't help the oil market supply crunch.

Stock Market Today: The Dow Jones index drops Tuesday as the 10-year Treasury yield reaches its highest level since 2007. Nvidia stock rises.

📣 “I wish I could tell you that I saw some reason why things would ease, but it’s difficult right now to see that happen.” —Chevron CEO Mike Wirth on oil prices elevated due to the prolonged closure of the Strait of Hormuz.

Trump officials say the oil-market disruption is temporary, but Chevron’s Mike Wirth and others warn global supplies are running low, with no respite in sight.

(Corrects the oil price percentage change in the sixth paragraph.) US equity futures were edging

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock

Balaji Krishnamurthy, President of Chevron in Australia, discusses the outlook for LNG supply and demand, and pricing levels, as energy disruptions continue on Middle East tensions. He speaks with Haslinda Amin, on the sidelines of Gastech in Bangkok, on "Bloomberg: The Asia Trade". Correct: video has been edited to fix the spelling of Bangkok in a segment.

Chevron CEO Mike Wirth says the global oil inventories and other market buffers that helped cap crude prices for months have “largely now played out.” U.S. oil prices vaulted above $100 a barrel earlier this week, as the U.S. and Iran escalated hostilities in the Strait of Hormuz waterway, the world’s most vital oil artery, before slipping to $98 a barrel Friday morning. For months, markets have largely defied predictions of an energy crisis that would send prices soaring as long as the Strait remained closed.

A crucial day for inflation and the U.S. economy is off to a bad start. Diesel prices have hit $6 a gallon for the first time in history and Brent crude oil prices are trading at around $105 a barrel—though they have fallen back from earlier highs of close to $110. Consumer price index data for August, due to be released at 8.30 a.m. Eastern time, will be closely watched by investors and by Federal Reserve officials.

ExxonMobil (NYSE:XOM) stock is climbing Wednesday afternoon, extending a strong year for U.S. oil majors. ExxonMobil shares are up 3% in the current session to $164.83, carrying a 40% year-to-date gain. WTI crude oil has done much of the heavy lifting, and today it’s up 3.29% over the past 24 hours to $96.09 per barrel. […]

Asian shares were mixed in cautious trading early Wednesday as investors watched for what might happen on interest rates and the war with Iran pushed oil prices higher. Japan's benchmark Nikkei 225 was nearly unchanged at 65,249.95, and South Korea's Kospi gained 1.2% to 7,041.10. The Shanghai Composite gained 0.2% to 3,949.89.

The energy industry has long opposed government intervention, and some executives are worried the U.S. is creating a giant with the ability to push them around.

Executives from Chevron Corp., GE Vernova Inc. and Eni SpA joined US Energy Secretary Chris Wright and acting Venezuelan President Delcy Rodríguez to unveil a wave of energy deals aimed at boosting crude production in the South American nation.

Chevron Corp. Chief Executive Officer Mike Wirth talks about the deal to invest $7 billion in Venezuela through a series of joint venture partnerships. It's part of the Trump administration's push to revive the country's oil industry. He speaks to Bloomberg's Tyler Kendall in Caracas.

US Energy Secretary Chris Wright discusses details of Venezuelan oil production and exports, deals signed with Chevron, ENI, and GE Vernova, and offers an update on the Strait of Hormuz. He speaks with Tyler Kendall in Caracas, Venezuela.

Chevron (NYSE:CVX) said Wednesday it had agreed updated terms for its joint ventures in Venezuela and plans to invest more than $7 billion in the country over the next five years. The company said the investment is intended to support an increase in production to approximately 600,000 barrels per day.

Chevron plans to more than double its oil production in Venezuela, investing $7 billion over the next five years. The company is making largest financial commitment so far in a US government-led push to revive the Latin American country's industry. Tyler Kendall reports on Bloomberg Television.

Investing.com -- Chevron said Wednesday it has reached updated terms with Venezuela for its joint ventures in the country and will invest more than $7 billion over the next five years, aiming to lift production to about 600,000 barrels per day.

Chevron is taking steps to more than double its production in Venezuela, planning to invest more than $7 billion in the country over the next five years.

Chevron has inked a deal to spend $7 billion in Venezuelan oil fields over the next five years. It adds two new undeveloped heavy oil fields to the company’s JV with state-run Petróleos de Venezuela. The expansion plan—a win for the Trump administration, which has prompted oil companies to invest there—will double Chevron’s output over five years to 600,000 barrels per day.

Sept 2 (Reuters) - Chevron said on Wednesday it had agreed with Venezuela on updated terms for its joint ventures in the country and plans to invest more than $7 billion over the next five years,

Oil giant Chevron is confirming that it will expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits. Chevron said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where the company has an established position. “Chevron’s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country’s deep resource potential and its ability to compete for investment within our portfolio for decades,” CEO Mike Wirth said in a prepared statement.