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.
October 28, 2011 |
Chevron Corp. reported its biggest quarterly profit in three years, outperforming other major oil companies, as rising crude prices and proceeds from the sale of a refinery made up for a slump in production. Third-quarter net income more than doubled to $7.83 billion, or $3.92 a share, from $3.77 billion, or $1.87, a year earlier, the San Ramon, Calif., company said in a statement Friday. Chevron was expected to report per-share profit of $3.47, based on the average of 19 analysts' estimates compiled by Bloomberg.
October 1, 2011 |
Chevron Corp. on Monday will unveil a solar oil field project that has been hit by cost overruns and delays but serves as a showcase for the technology of Chevron-backed solar thermal company BrightSource Energy. Chevron, the second-largest U.S. oil company, said Friday that three of its executives would attend the launch of the "demonstration project" in Coalinga, which is designed to use solar power to create steam to inject into wells to improve the flow of heavy oil. The 65-acre project consists of 7,600 mirrors focusing sunlight on a 327-foot tower.
June 23, 2011
Most attention on cycling in L.A. comes from a city-planning or activist perspective. But there's room for an old-fashioned race as well, and the Chevron Manhattan Beach Grand Prix will draw more than 1,000 cyclists to its notoriously difficult race course. No unicycles or comically large front tires here, just pure speed and agility. Live Oak Park, Manhattan Beach. 7 a.m.-2 p.m. Sun. Free to watch, entry fees vary. Mbgp.com.
May 17, 2011
Children who labor Re " Where coal mining is often child's work ," May 15 The harrowing article and pictures depicting child miners in India who are paid a pittance for body-racking labor and doomed to an early death show the inevitable result of unrestricted corporations coupled with an impotent labor force. Those who would destroy labor unions and denigrate workers' rights — while fighting for unfettered corporate excesses earned on the backs of cheap labor — should look to the reality of children worked to death for the sake of higher profits.
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.
April 30, 2011 |
LAGO AGRIO, Ecuador — Donald Moncayo walks to the edge of a flat grassy field that once held two large pits that brimmed with a stew of water and crude from an oil-drilling operation. He lifts a heavy auger above his head and prepares to plunge it into the ground. "They always show you the shirt, the coat and the tie," he said of the area, called Sacha 53, which is now pastureland and spindly trees. "They never show you the tumor underneath the shirt. " For almost a decade, celebrities, journalists and shareholders have tromped through Ecuador's jungles on competing excursions that have become a routine part of what could be the world's most expensive environmental case.
February 14, 2011 |
A court in Ecuador's Amazon jungle ordered Chevron Corp. to pay more than $8 billion in damages Monday in a closely watched environmental suit. But the U.S. oil company vowed to appeal, meaning the long-running case dating from drilling in the South American nation during the 1970s and 1980s could last for years more. The case, which activists portray as a fight for justice against rich polluters but Chevron says has more to do with opportunism, has triggered related legal action in U.S. courts and international arbitration.
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.
December 10, 2010 |
It's not quite the Gulf Coast, but Salt Lake City has developed a persistent problem with oil spills. The federal Department of Transportation ordered Chevron this week to temporarily close a pipeline running through the city after the second spill there in six months. The first incident happened in June while the BP spill was gushing thousands of gallons of crude into the Gulf of Mexico. The Salt Lake City pipeline, which carries oil from a western Colorado terminal to a Utah refinery, leaked, sending 800 gallons into the Jordan River.