Around the 7th of November, when a sheen of oil first appeared on the sea in the vicinity of a Chevron appraisal well in the deep-water Frade field of the coast of Brazil about 230 miles from Rio de Janeiro's famous beaches, the company claimed the occurrence was due to natural seepage. Now, the company is admitting that actually, it isn't natural, and that the company is indeed the one to blame.
As expected, a Democratic bill that would have put an end to the multi-billion-dollar annual tax subsidies for oil companies Chevron, Shell, BP, ConocoPhillips and Exxon Mobil failed to overcome a Republican filibuster on Tuesday evening. The heavily partisan 52-in-favor, 48-against vote fell eight shy of the 60 required to bring the bill to the floor.
As expected, a Democratic bill that would have put an end to the multi-billion-dollar annual tax subsidies for oil companies Chevron, Shell, BP, ConocoPhillips and Exxon Mobil failed to overcome a Republican filibuster on Tuesday evening. The heavily partisan 52-in-favor, 48-against vote, fell eight shy of the 60 required to bring the bill to the floor.
Chevron, America's third largest company, may be asked to pay up to $27 billion in damages in a lawsuit arising from oil-drilling related pollution in an Ecuadorian portion of the Amazon rain forest. The damage is the result of 23 years of oil extraction by Texaco, which Chevron bought in 2001, and Petroecuador, the national oil company. A suit was first filed in 1993 in a federal court in New York and, for nine years, the oil company fought for the trial to be held in Ecuador. In a textbook exa
Electric cars have been with us since the very beginning of the automobile age and from that time until now, its most important component has been the battery. It stores energy chemically until it is needed to create the electricity that powers a vehicle's motor. There have been different types of batteries over the years but none have had the practicality or popularity of the very first rechargeable one, the lead-acid battery.
Another year, another record profit statement from Exxon Mobil, the world's largest publicly traded oil company. The specific mind-numbingly large figure is $45.2 billion, which translates to $8.69 per share. While this figure handily beats the previous record of $40.6 billion that had been set by Exxon Mobil in 2007, these huge profits were recorded mostly in the second and third quarters of 2008 when fuel prices were at record levels in much of the world. Fourth quarter earnings fell by 27%, t
var digg_url = 'http://digg.com/environment/Chevron_subsidiary_cancels_contract_for_hybrid_batteries'; Plans for Mercedes to release the ML 450 hybrid in 2009 may very well be canceled. The maker of the nickel metal hydride (NiMH) batteries that was to provide the energy storage component for the SUV, Cobasys, seems to be refusing to begin production of the essential part. It appears the company's parent firms, Chevron (who just posted a $5.98 billion 2nd quarter profit) and Energy Conversion
While the issue of the nine-thousand recalled batteries from Cobasys remains a bit murky, General Motors may be inclined to just purchase the troubled battery-maker altogether. While we're not entirely sure that another money-losing operation is exactly what GM needs right about now, we can be sure that GM needs those nickel metal hydride batteries for its current range of mild hybrids. Right now, Cobasys is co-owned by Chevron and Energy Conversion Devices, though the two companies have been bi
Chevron, one of the largest oil companies in the world, will double the amount of money it spends in search of more oil. Over the next five years, Chevron will spend about $20 billion in Africa alone, which is thirty percent more than it spent in the previous five years. Peter Robertson, vice chairman of Chevron, says of oil, "The world is saying it needs it." That's a hard point to argue against these days. Despite the fact that much of the world is concerned with global climate change and
According to Helen Clark, Chevron Corp.'s manager of corporate brand and reputation, roughly 10 percent of Americans "hate us and our industry and there's nothing we can do to change their minds." The reason, according to Peter Beutel, president of oil commodities consultant Cameron Hanover, is because most consumers don't understand the industry because they only know about volatile gasoline prices and news reports about big oil's record profits.
Chevron and Weyerhaeuser are teaming up to try and commercialize cellulosic biofuel production. They will be investigating a variety of non-food cellulosic feedstocks such as wood chips for conversion to fuels. Weyerhaeuser is a forest products company that produces lumber and engineered wood products (that's particle board, chip board, plywood etc.) which means they have plenty of access to scrap wood materials from their milling operations. Chevron of course wants to develop a product to event
Just a day after announcing that they would be supplying nickel metal hydride batteries for the upcoming Chevy Malibu hybrid, Cobasys is now up for sale. Cobasys is jointly owned by Energy Conversion Devices and Chevron Technology Ventures. Cobasys also has a partnership with A123 to develop lithium ion battery packs for the Saturn Vue plug-in hybrid program. The owners have hired investment bankers to examine the possibilities for sale, new investment or public offering. If Cobasys-A123 gets th
Oil giant Chevron has invested in a new 20-million gallon per year / 75.7 million litre per year soybean oil biodiesel production plant in Galveston, Texas. Plans are already underway however to increase production initially to 60 million gallons and then 110 million gallons over the next year.
The nation's No. 2 oil producer Chevron had a "disappointing" 4th quarter, earning only $3.77 billion dollars in the closing months of 2006. You may be thinking that $3.77 billion can't be all that bad, but No. 1 oil producer ExxonMobil ended the same quarter with $10.25 billion in profits, nearly tripling its closest rival. Chevron's profit drop of 9% was expected by analysts after total revenue fell from $47.75 billion to $53.79 billion during the same period in 2005. In fact, Chevron actually
A handful of you have spoken out about the details and implications of Chevron and Devon's huge oil field discovery in the Gulf of Mexico. To add to the discussion, here's an article on the matter that Energy Bulletin posted which was written by Randy Kirk, a senior financial analyst at an investment firm in San Francisco.