Schumer and other Senate Democrats call for a federal probe of huge oil deals by Exxon and Chevron
Senate Majority Leader Chuck Schumer and other Democratic senators are urging federal regulators to investigate multibillion-dollar acquisitions by oil giants ExxonMobil and Chevron, saying the deals could lead to higher prices at the gas pump.
Jury returns $63M verdict after finding Chevron covered up toxic pit on California land
A California jury has returned a $63 million verdict against Chevron after finding the oil giant covered up a toxic chemical pit on land purchased by a man who built a house on it and was later diagnosed with a blood cancer.
Cyprus: Plant to process Israeli gas for export an option
Cyprusโ energy minister says a pipeline conveying Israeli natural gas to the island nation where it would be liquefied for export by ship is an option the government is weighing on how to get east Mediterranean gas to Europe and elsewhere amid the energy crisis prompted by Russiaโs war in Ukraine.
Venezuela's gov, opponents resume talks; US eases sanction
Venezuelaโs government and its opposition have agreed to create a U.N.-managed fund to finance health, food and education programs for the poor, while the Biden administration eased some oil sanctions on the country in an effort to boost the newly restarted talks between the sides.
Biden, Chevron chief trade sharp words over gas prices
In a pointed back and forth, the head of Chevron has complained that President Joe Biden has vilified energy firms at a time when gasoline prices are at near record levels and the president responded that the oil company CEO was being โmildly sensitive.โ.
Buffett's firm reveals new investments in Verizon, Chevron
Buffetts company made major new investments in Verizon and Chevron and again trimmed its huge stake in Apple while making several other adjustments to its stock portfolio in 2020. โ Warren Buffett's company made major new investments in Verizon and Chevron and again trimmed its huge stake in Apple while making several other adjustments to its stock portfolio last year. Berkshire Hathaway Inc. said in regulatory filings Tuesday that it bought $8.6 billion worth of Verizon stock and picked up $4.1 billion worth of Chevron shares over the last six months of 2020. AdIn addition to those large new investments, Berkshire also revealed a new stake in professional services firm Marsh & McLennan that's worth roughly $499 million. In addition to the three new investments, Berkshire also added to its relatively new holdings in drugmakers Bristol Myers Squibb, Abbvie and Merck.
Hit by pandemic, oil giants Exxon, BP post huge 2020 losses
Oil giants Exxon and BP have reported staggering losses for 2020 as the pandemic crushed energy demand and caused oil prices to tumble. (AP Photo/Alastair Grant, File)DALLAS โ Oil giants Exxon and BP reported staggering losses for 2020 on Tuesday as the pandemic crushed energy demand and undercut oil prices. Exxon Mobil Corp. reported the largest losses in its history โ nearly $20.1 billion for the fourth quarter, including more than $19 billion to write down the value of company assets. BP PLC posted a profit of $825 million in the fourth quarter but still lost $18.1 billion in 2020. However, the company is still bringing new oil and gas projects into operation.
Texas unemployment rate rises to 8.1% in November
Credit: Jordan Vonderhaar for The Texas TribuneLearn more about how to navigate Texasโ unemployment system in our guide for jobless Texans. The unemployment rate in Texas rose to 8.1% in November, the U.S. Labor Department said Friday. Thatโs an increase from the stateโs October rate of 6.9% as Texas, whose businesses have been battered by the coronavirus pandemic, experienced another surge in infections. The state's unemployment rate for November is the latest indicator that the economic recovery in Texas will be slow and staggered. Distribution of a COVID-19 vaccine could impact the unemployment rate in the coming months โ though, as Gov.
751,000 seek US jobless benefits as virus hobbles economy
Eight months after the pandemic flattened the economy, weekly jobless claims still point to a stream of layoffs. Thursdayโs report from the Labor Department said the number of people who are continuing to receive traditional unemployment benefits declined to 7.3 million. The job market has been under pressure since the virus paralyzed the economy and has regained barely half the 22 million jobs that were lost to the pandemic in early spring. All told, the Labor Department said 21.5 million people are receiving some form of unemployment benefits, though the figure may be inflated by double-counting by states. Without additional federal aid, millions of unemployed Americans likely will lose all their jobless benefits in coming weeks and months, probably forcing them to scale back their spending.
Losses mount for oil companies as pandemic grips economy
NEW YORK โ Exxon Mobil reported its third consecutive quarter of losses as the global pandemic curtailed travel and crippled global economic activity. The string of losses and what by almost all counts will be a money-losing year is new territory for Exxon Mobil, which has not posted an annual loss since Exxon and Mobil merged in 1999. Already struggling with weak prices from oversupply, the pandemic has intensified the pain for oil and gas companies. Exxon has begun slashing costs to offset falling energy demand, and that means jobs. Oil demand is expected to fall 8% globally this year, according to the International Energy Agency.
Chevron acquires Noble for $5 billion in all-stock deal
NEW YORK Chevron will take over Noble Energy for $5 billion in the first big deal announced since the coronavirus pandemic shook the energy sector. Chevron, based in San Ramon, California, has been shopping for assets since last year and with crude prices down more than 30% this year, it jumped Monday with it's all-stock offering. Based on Chevrons closing price on Friday, Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share. The total enterprise value of the deal, including debt, is $13 billion. Noble is based in Houston, Texas.