January 27, 2012 |
There are still many billions of dollars to be made in the old oil patch, even with the world far more focused on alternative and renewable sources of energy. But the business of refining that oil into various fuels is still a hard way to make a buck. That's one of the lessons investors might draw from Chevron Corp.'s fourth-quarter earnings report, released Friday. The San Ramon, Calif.-based oil giant raked in a net profit of $5.12 billion, or $2.58 a share. But losses in its refinery business during the period meant its profit fell below both its 2010 fourth-quarter performance and Wall Street expectations.
May 12, 2011 |
It's easy to get cheesed about high gas prices when oil companies are raking in billions of dollars in profit. Chevron, for one, wants you to know that it's thinking the same. "Oil companies should put their profits to good use," the company declares in recent newspaper ads. And in response to that laudable sentiment, Chevron's chief financial officer, Patricia Yarrington, says, "We agree. " The ads go on to say that "California's economy needs energy to grow. And we're providing it. Reinvesting over $7 billion into the state over the past 5 years.
October 31, 2006
Re "Oil at any cost," editorial, Oct. 27 Curious that The Times blames China for snaking Third World oil resources out from under our own predatory companies. The Times should expose Chevron, which helped General Motors kill electric cars and shows $5 billion in after-tax profits per quarter. Chevron refineries pass off to the public the healthcare costs of their nocturnal flaring emissions. Chevron should be forced to pay for parks, cleanups and other benefits for breathers downwind of its noxious oil refineries, and it should be billed at unsubsidized rates for the huge amounts of potable water, electric and natural gas supplies those refineries consume.
September 11, 2009
Re "Chevron's legal fireworks," Editorial, Sept. 5 When a company comes into possession of evidence suggesting a crime, it is expected to turn over that evidence to law enforcement officials. Chevron did this when it obtained and verified videos of political party operatives and the sitting judge discussing the ongoing trial against Chevron in Ecuador, and did so publicly to ensure transparency. The evidence on the videotapes is difficult to dispute. Were such conduct to occur in the U.S., The Times would respond with outrage, and justifiably so. But for some reason, your editorial condemns Chevron for advising authorities of this corruption.
CALIFORNIA | LOCAL
February 15, 2012 |
A few months after he was hired as El Segundo's city manager, Doug Willmore learned that his efforts to force Chevron, the town's oldest employer, to pay higher taxes had made him some enemies. He found a note on his car reminding him this was a Chevron town. "Beat it," the note concluded. Last week, a divided City Council took that advice and fired him, less than 10 months after appointing him to the job. Willmore said that the council gave no reason for his dismissal but that he felt the council had fired him "in retaliation about Chevron.
April 5, 2012 |
Chevron Corp. and Transocean Ltd. are being sued for $22 billion in environmental damages in Brazil, double the initial claims, after a federal prosecutor filed a lawsuit over a second oil spill off the nation's coast. Chevron committed "a series of errors" that led to the March spill at the Frade project, the federal prosecutors' office said. Prosecutor Eduardo Santos de Oliveira is also seeking to halt operations at the project and block the San Ramon, Calif., oil giant from transferring profits from Brazil.
January 31, 2013 |
SACRAMENTO - California safety officials ordered Chevron Corp. to pay a record-high fine of nearly $1 million for safety violations that led to a massive fire last summer at a refinery in the San Francisco Bay Area. After the Aug. 6 explosion at Chevron's facility in Richmond, Calif., an emergency telephone network advised tens of thousands of people in that city to stay indoors behind closed doors and windows to avoid breathing potentially dangerous sulfuric acid and nitrogen dioxide fumes.
November 21, 2011 |
California oil giant Chevron Corp. promised to fully clean up a spill off Brazil's coast, taking responsibility for an accident that has become a major test for one of the world's fastest-growing oil frontiers. The leak from the undersea well, owned in partnership with Brazil's state-controlled Petrobras and a Japanese consortium, has been plugged, said George Buck, the chief executive of Chevron's local subsidiary. The residual oil flow from undersea rock is now "more than 10 barrels" but "less than hundreds of barrels" per day, he said.
December 10, 2010 |
Chevron Corp. said Thursday that it would increase spending on exploration to drive production growth in 2011, but that it would devote fewer resources to the part of its business that makes, transports and sells gasoline, diesel and other products. Total capital spending for the San Ramon, Calif.-based company next year will be $26 billion, about 20% more than for this year, Chevron said. The increase will be going "upstream," or into exploration and production of oil and natural gas. More than $17 billion of that amount will be spent overseas, the company said.
July 28, 2012 |
Oil prices crashed in the second quarter, and Chevron Corp. still made $26 a barrel. Take just about any business in which the value of a company's primary product suddenly falls and it could be time to panic. Then there is the oil patch, where billions of dollars in profits are possible even after a collapse in crude prices. Several large oil companies have posted sharp declines in second-quarter profits this week because of lower oil and natural gas prices during the three-month period.