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Chevron Corp. said it would spend $4 billion to develop its Big Foot project in the Gulf of Mexico, even as tougher rules and higher costs loom for deepwater operators.
Chevron, the second-largest U.S. oil company behind Exxon Mobil, has continued to invest in the Gulf of Mexico even as uncertainty over costs and the U.S. government’s new safety regulations linger after the BP Plc oil spill. Get the full story »
Chevron will buy natural gas producer Atlas Energy Inc., marking the major oil company’s first foray into the rich gas fields in the eastern part of the U.S. Chevron will pay with both cash and stock, the companies said Tuesday. Including debt of about $1.1 billion, the deal is worth $4.3 billion.
U.S. stocks could see big swings to the downside next week on any remotely “bad” news since volatility indexes are at levels considered too low.
The Chicago Board of Options Exchange Volatility Index, a gauge widely used to measure investors’ anxiety levels, fell 2.54 percent on Friday to close at 18.78, its lowest level since April. The VIX, which rose to near 50 in May, has been around or under 20 for the past two weeks. Investors also will face a blizzard of earnings, which many analysts believe will continue to support the rally that began early this month. But any disappointments in either earnings or outlooks could, of course, trigger a sharp sell-off. Get the full story »
Chevron Corp., the second-largest U.S. oil company, reported a three-fold jump in quarterly profit on rising oil output, higher energy prices and buoyant margins at its refineries, topping Wall Street forecasts.
The results follow the strong earnings reports from the world’s largest oil companies, including ExxonMobil Corp. and Royal Dutch Shell Plc Thursday. Get the full story »
