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Chevron to cut 20% workforce in cost-saving plan

Chevron plans to cut 15% to 20% of its workforce as part of a cost-reduction strategy, aiming to save $2 billion to $3 billion by the end of 2025. The layoffs will begin this year and are expected to be largely completed by 2026, according to Chevron on Wednesday. “We do not take these actions […]

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Chevron cuts low-carbon investments by 25%

Chevron plans to invest $1.5 billion in emission-reduction and alternative energy projects in 2025, a decrease from $2 billion this year. The company aims to focus on investments that align with its long-term strategy for energy transition. This reduction in low-carbon investments is more than twice the 11% overall cut to its budget announced on […]

Chevron pays stockholders $26bn
Business

Chevron pays stockholders $26bn

Chevron Corporation has announced a $26 billion return to investors for fiscal year 2023. This is true even if the business said that its reported earnings were lower than they were the previous year. The PUNCH reported Chairman and CEO of Chevron, Mike Wirth, was cited as saying, “In 2023, we returned more cash to […]

Chevron Nigeria appoints new chairman
Appointments

Chevron Nigeria appoints new chairman

Chevron Nigeria Limited has a new Chairman and Managing Director, Jim Swartz. This was announced in a statement on Wednesday by General Manager, Policy, Government, and Public Affairs Chevron Nigeria Limited, Esimaje Brikinn. Swartz, who was the Vice President of Capital Projects in Houston, Texas, prior to his appointment, was named Chairman and Managing Director of […]

Norway’s Equinor sells 20% share in Chevron Agbami field
Business

Norway’s Equinor sells 20% share in Chevron Agbami field

Equinor of Norway has completed the sale of its 20.21 percent interest in the Agbami oil field, which is operated by Chevron. The Punch reported that the Nigerian company Chappal Energies, owned by Equinor, announced on Wednesday that the company will purchase Equinor’s portion of the Agbami oil field for an undisclosed sum. Equinor Nigeria Energy Company’s […]

Chevron pays stockholders $26bn
Business

Chevron employees looming strike threatens global LNG supply

Workers at two huge liquefied natural gas plants in Australia controlled by US energy behemoth Chevron are poised to go on strike on 7 September, affecting approximately 5% of global LNG volumes and thereby driving up worldwide prices. This comes after weeks of negotiations over compensation and working conditions between Offshore Alliance members at Chevron’s Western […]

EXXONMOBIL-REFINERY
Business

ExxonMobil’s profit doubles in Q1 over high demand

ExxonMobil’s profits in the first quarter of 2023 doubled due to the increased demand for oil and gas and cost-cutting measures, resulting in a record $11.4bn profit despite falling oil prices and paying $200m in windfall taxes in Europe. BBC reported that the energy giant’s profits included a $3.4bn after-tax reduction to exit Russia. The […]

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