The United Steelworkers union rejected a comprehensive contract offer from Marathon Petroleum in talks for a national pattern agreement for U.S. refinery and chemical plant workers, the union said on Wednesday night. The USW and Marathon, lead negotiators for energy companies, face a 12:01 a.m. deadline on Sunday to hammer out a new agreement to the current four-year contract. The Marathon proposal was "unanimously rejected" by the policy committee, which is made up of members from regions [Read more]
News
Exxon says it has the technology needed for Venezuela’s high-cost crude
Exxon Mobil CEO Darren Woods told analysts on Friday that the company has the technology that would be needed to produce higher cost barrels from Venezuela. While he had previously called the South American country "uninvestable" in remarks earlier this month at a White House meeting that later drew a rebuke from President Donald Trump, Woods said that he believed the U.S. administration is committed to making the changes needed to attract and secure investment. The company departed the country [Read more]
Chevron Reports Fourth Quarter 2025 Results
Reported earnings of $2.8 billion; adjusted earnings of $3.0 billion Cash flow from operations of $10.8 billion; adjusted free cash flow of $4.2 billion Increased 2025 worldwide and U.S. production by 12 and 16 percent to record levels Reserve replacement ratio of 158 percent in 2025 Announces a 4 percent increase in quarterly dividend to $1.78 per share HOUSTON--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) reported earnings of $2.8 billion ($1.39 per share - diluted) for [Read more]
Imperial announces fourth quarter 2025 financial and operating results
Quarterly net income of $492 million and quarterly net income excluding identified items1 of $968 million Cash flows from operating activities of $1,918 million Quarterly Upstream production of 444,000 gross oil-equivalent barrels per day, and the highest annual production in over 30 years of 438,000 gross oil-equivalent barrels per day Kearl quarterly production of 274,000 total gross oil-equivalent barrels per day (194,000 barrels Imperial's share), and annual total gross production [Read more]
ExxonMobil Announces 2025 Results
Generated industry-leading earnings of $28.8 billion and cash flow from operations of $52.0 billion1 Delivered EPS2 of $6.70, or $6.99 excluding identified items reflecting industry-leading CAGR of 21% since 20191 Highest annual Upstream production in more than 40 years and record refinery throughput3 supported industry-leading annual shareholder distributions of $37.2 billion1 Delivered 10 of 10 key projects4; adding $3 billion of earnings on a constant price and margin basis5 [Read more]
Imperial Oil raises quarterly dividend, reports Q4 profit down from year ago
CALGARY - Imperial Oil Ltd. raised its quarterly dividend by 20 per cent and reported its fourth-quarter profit fell compared with a year ago as it saw lower oil prices. The company says it will now pay a quarterly dividend of 87 cents per share, up from 72 cents per share. Imperial says it earned $492 million or $1.00 per diluted share for the final quarter of 2025 quarter compared with a profit of $1.23 billion or $2.37 per diluted share a year earlier. On an adjusted basis, Imperial [Read more]
Exxon beats Wall Street profit targets with help from higher production, refining
Exxon Mobil beat Wall Street targets in fourth-quarter earnings reported on Friday, with higher oil production in profitable Permian Basin and Guyana assets helping to boost the No. 1 U.S. oil producer's results. Adjusted earnings for the October to December quarter were $1.71 per share, beating a consensus estimate of $1.68 per share from analyst data compiled by LSEG. Shares declined 2% in premarket trading. Oil producer profits were under pressure throughout 2025 as an oversupplied [Read more]
Chevron beats Q4 profit estimate, eyes Venezuela investment opportunities
Chevron's fourth-quarter profits fell but came in ahead of estimates as it focused on cutting costs and making its operations more efficient to contend with lower crude prices throughout 2025. The only U.S. oil producer currently operating in Venezuela and now in the geopolitical spotlight after the U.S. capture and removal of former Venezuelan leader Nicolas Maduro this month, Chevron also said on Friday that it was evaluating more opportunities in the country. Chevron's adjusted earnings [Read more]
Oil needs an Iran supply shock, not tough talk, to break out of range: Bousso
Oil prices remain stuck in a narrow band even after soaring 15% in January, partly on fears of a fresh U.S. strike on Iran. Tough talk on either side is unlikely to push crude prices much higher, given today's well-supplied market. What would be needed is big-time action that results in a meaningful, sustained hit to the global supply-demand balance. This month so far, Brent crude futures have climbed above $70 a barrel, their highest since last July. That puts the global benchmark on track [Read more]
Canada, Australia LNG cargoes head to the Atlantic in rare move after Arctic storm
At least three liquefied natural gas (LNG) cargoes loaded in Australia and Canada are heading toward Europe and the Americas instead of their usual destination, Asia, after an Arctic storm curbed exports from the U.S., shiptracking data showed. The diversion of supply away from Asia could tighten supply and support spot LNG prices in the region. While much of the Northern Hemisphere saw colder-than-usual weather in the past week, an Arctic storm in the U.S. cut gas output and curbed LNG [Read more]
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