Latest news with #ChevronCorp.
Mint
4 days ago
- Business
- Mint
Maduro Frees Americans and Welcomes Jailed Deportees Amid Swap
(Bloomberg) -- Leer en español Venezuela released 10 Americans as it prepares to receive a group of deportees freed from jail in El Salvador after an unexpected breakthrough in ongoing talks with the US. Secretary of State Marco Rubio said the formerly detained Americans were 'on their way to freedom' on Friday and thanked El Salvador's Nayib Bukele for his help to secure their release. Rubio also said Venezuelan political prisoners were released, without adding details. Roughly 250 Venezuelans, deported by the US to El Salvador in March, are set to arrive in Caracas later today, according to people familiar with the matter who asked not to be identified to avoid reprisals. Their return had been a long-standing demand of President Nicolás Maduro and his top officials. Bukele's government had publicly stated it had no legal jurisdiction over the deportees, effectively paving the way for Venezuelan and US negotiators to seal the deal. Venezuela's sovereign bonds rose across the curve, with notes maturing in 2034 gaining 0.5 cents on the dollar to trade at around 23 cents, the highest levels in almost two months, according to indicative pricing data compiled by Bloomberg. As part of the negotiations, seven children who had been separated from their parents amid deportations also arrived in Caracas on Friday. Maduro was shown welcoming the kids and their families at the presidential palace on state tv. Their return signals that conversations between Venezuela and the US have continued, even after President Donald Trump's administration banned Chevron Corp. from doing anything more than essential maintenance in the South American nation in late May. That cut off a major contributor to the country's economy, which in recent years supplied nearly a quarter of its oil output and brought a much-needed flow of dollars into its banking system. 'This operation is the result of months of negotiations with a tyrannical regime that had long refused to release one of its most valuable bargaining chips: its hostages,' Bukele said on X. The US has deported about 8,000 Venezuelans through direct repatriation flights this year. It also secured the release of seven American prisoners through swaps negotiated by Trump's special envoy Ric Grenell. Venezuela currently holds about 950 political prisoners, of which more than 80 have foreign nationality, according to Caracas-based human rights group Foro Penal. (Updates story to show Venezuela released Americans in exchange for deportees in El Salvador and children held in the US.) More stories like this are available on
Yahoo
09-07-2025
- Business
- Yahoo
Chevron Shifts From Local to Centralized Hubs to Cut Costs
(Bloomberg) -- Chevron Corp. is reducing local and regional business units in favor of a more centralized model to improve performance and cut as much as $3 billion of costs by 2026. Singer Akon's Failed Futuristic City in Senegal Ends Up a $1 Billion Resort Are Tourists Ruining Europe? How Locals Are Pushing Back Can Americans Just Stop Building New Highways? Denver City Hall Takes a Page From NASA Philadelphia Trash Piles Up as Garbage Workers' Strike Drags On A single offshore division will operate assets in the US Gulf, Nigeria, Angola and Eastern Mediterranean while shale assets in Texas, Colorado and Argentina will also be brought under one roof, Vice Chairman Mark Nelson said in an interview with Bloomberg Tuesday. Service centers in Manila and Buenos Aires are set to take on finance, human resources and information technology work that used to be done in multiple countries. Centralized engineering hubs are planned for Houston and Bengaluru, India. 'We're working so hard to simplify our structure, take some layers out so that we can execute faster,' Nelson said. 'Best practices are decided upon and applied across the system regardless of what continent they happen to sit on.' Low oil prices and an uncertain outlook for fossil fuels have led investors to demand more cash returns from the world's largest energy companies over the past few years, forcing executives to focus on reducing costs to help fund dividends and share buybacks. Even so, energy stocks now make up just 3.1% of the S&P 500 Index, less than half the weighting a decade ago, despite the US becoming the world's largest producer of oil and exporter of natural gas. Chevron has climbed 5.8% this year as of Wednesday midday trading, ahead of the S&P 500 Energy Index's 3.1% increase and the wider market. 'If we're going to continue to win and be an investment choice in the market, we have to just always be more effective and look for new ways and better ways to work,' Nelson said. The changes, which include the oil major's production and refining divisions, are part of a plan the oil giant announced in February to reduce its global workforce by as much as 20%, or 9,000 employees, by the end of next year. Structural cost savings between $2 billion and $3 billion could be enough to pay one of Chevron's quarterly dividends. Last month, Bloomberg News reported on several major changes at Chevron's trading division, which included promoting some traders and offering severance to others. 'These are hard decisions for us to make,' Nelson said. 'We don't take them lightly.' He declined to comment on whether the number of US employees would decrease as a result of the growth of global service centers in Asia and Latin America. Exxon Mobil Corp. and Shell Plc have or are undergoing similar corporate restructuring and have moved some functions to lower-cost regions. Until this year, Chevron ran decentralized global operations with powerful country managers leading large divisions with the ability to adapt to local business conditions. But the company has changed significantly in recent years with the acquisitions of PDC Energy Inc. and Noble Energy Inc. in the US and the completion of major projects such as the expansion of the Tengiz oil field in Kazakhstan. Chevron now wants to speed up execution and use more technology while keeping its 'local strength,' Nelson said. Clay Neff took charge of Chevron's upstream division on July 1, and Andy Walz continued in his role as head of downstream, midstream and chemicals. Upstream will have five divisions: shale and tight led by Bruce Niemeyer; offshore headed by Brent Gros; base and emerging assets led by Javier La Rosa, exploration led by Liz Schwarze and Australia headed by Balaji Krishnamurthy. Chevron plans to reduce the number of business units in the upstream division to between three and five from about 18 to 20 a few years ago, according to Nelson. The simplified model will optimize drill rig schedules globally rather than regionally and will enable innovations developed in one operations to be rolled out to others quickly, without having to go through layers of management, he added. 'When you standardize and centralize work, it gives you greater opportunity to apply technology,' he said. Artificial intelligence is already having an impact on Chevron's downstream operations. At its El Segundo refinery in California, employees are using AI to run mathematical models that determine the optimal mix of petroleum products to maximize revenue. 'It doesn't take a day to run it,' Nelson said. 'It takes seconds to run your linear program to figure out what's the best product to make, where's the best place to sell it.' (Updates with names of divisional leaders in 12th paragraph.) Will Trade War Make South India the Next Manufacturing Hub? 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate 'Telecom Is the New Tequila': Behind the Celebrity Wireless Boom SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
02-07-2025
- Business
- Business Insider
Libya eyes oil revival as Chevron, TotalEnergies, others vie in first tender since 2011 war
Chevron Corp. and TotalEnergies SE are among 37 global energy firms vying for exploration rights in Libya's first energy tender as the North African nation seeks to restore its battered oil sector and attract foreign investment. Chevron Corp. and TotalEnergies SE are among 37 firms competing for Libya's energy exploration rights. Libya seeks to rejuvenate its oil sector post-2011 conflict and attract foreign investment. The tender marks Libya's first since 2007, aiming for increased oil output to 2 million barrels daily by 2030. Chevron Corp. and TotalEnergies SE are among 37 global energy firms vying for exploration rights in Libya's first energy tender since the 2011 conflict, as the North African nation seeks to restore its battered oil sector and attract foreign investment. Other interested parties include Eni SpA and ExxonMobil, according to National Oil Corporation (NOC) Chairman Massoud Seliman, who spoke in an interview from the capital, Tripoli. In April, Business Insider Africa reported that after more than a decade of turmoil, Libya is once again drawing the attention of international oil majors, with Turkey also eyeing a stake in the action. The OPEC member, which holds Africa's largest proven oil reserves, last conducted an oil exploration tender in 2007, before the 2011 uprising that toppled longtime ruler Muammar Qaddafi and plunged the country into prolonged instability. A return of foreign bidders would mark a major turning point for Libya's energy sector, which has struggled to recover amid deep political fragmentation, Blomberg reported. Libya targets output surge Libya aims to raise daily oil production to 2 million barrels by the end of the decade, surpassing the 1.75 million barrels per day achieved during Muammar Qaddafi's rule in 2006. Current output stands at approximately 1.4 million barrels a day. Under the new tender framework, successful companies will shoulder the initial costs of exploration, including seismic surveys, but will be allowed to recover their investments if they strike commercially viable hydrocarbon reserves. Libya's National Oil Corporation (NOC) is awaiting approval for a $3 billion development budget aimed at boosting the country's oil production to 1.6 million barrels per day within a year, according to Chairman Massoud Seliman. A portion of the proposed budget will be directed toward expanding operations at key joint ventures, including Akakus Oil Operations, which manages the Sharara field, Libya's largest.
Miami Herald
25-06-2025
- Politics
- Miami Herald
Israel and Iran both claim wins as Trump-brokered truce holds
A fragile ceasefire between Israel and Iran that the U.S. brokered after 12 days of fighting appeared to be holding on Wednesday, with both sides claiming victory in the war. After U.S. President Donald Trump's expletive-laced message condemning early violations, the two Middle Eastern nations said they would honor the truce provided their counterpart did the same. No missile launches have been reported since then. Overnight, the Israeli military said it had identified two drones approaching, most likely from Iran, and they were intercepted before entering the country's territory. It remains to be seen if the pause in hostilities turns into a lasting peace between the regional arch-rivals. If it does hold, it would mark the end of an unprecedented conflict that saw Israel and Iran exchange missile volleys that caused hundreds of fatalities. In the frenetic period since June 13 - when Israel started the war with a strike on Iranian atomic and military facilities - several Iranian military leaders and scientists were killed, the U.S. joined Israel with strikes on Iran's nuclear sites and Tehran targeted a U.S. base in Qatar. Israeli Prime Minister Benjamin Netanyahu said an historic victory had been achieved and the threat posed by Iran's nuclear and ballistic programs had been eliminated, in a broadcast message. Iranian President Masoud Pezeshkian also claimed victory, saying Israel had failed to achieve its goals, while conceding that the loss of Iranian lives and the damage done to nuclear and civilian infrastructure represent 'great wounds to our homeland.' Israel began to return to a sense of normality after Iranian missile barrages drove millions of residents into bomb shelters and shuttered schools, businesses and the airport. Traffic intensified, students returned to classes for their final week before summer break, and restaurants and other places of work were springing to life. Tel Aviv's beaches began to fill up and the U.S. embassy said it would reopen. Airspace disruptions in the Middle East were resolved. Flights returned to the skies and operations at airports in Doha and Dubai - some of the busiest hubs in the world - resumed. Dozens of Gulf-bound flights on several commercial airlines had been diverted to safer airports on Monday, after Iran's strike left thousands of passengers stranded in Qatar. If the ceasefire holds and skies over large swaths of the Middle East remain open, it could bring relief from aviation disruption that has forced airlines to cancel flights, change schedules, and reroute planes around the conflict zone, complicating their operations and forcing them to spend more on jet fuel. Adding to the sense of relief, Israel said it's preparing to resume operations at its biggest natural gas field in the next few hours, setting the stage for higher exports to Egypt. The Chevron Corp.-operated field was shuttered on June 13 as a precautionary measure following the exchange of fire between Israel and Iran. The status of Iran's underground uranium-enrichment facilities is a key question. Trump disputed a report by the Pentagon that found the airstrikes on Iran had only a limited impact on its nuclear program. 'The nuclear sites in Iran are completely destroyed,' Trump said on Truth Social in response to an intelligence report leaked Tuesday saying it seems unlikely and that core components, including centrifuges, were destroyed. A recent satellite image of the Natanz nuclear site, taken on Tuesday, shows the beginning of reconstruction efforts, Iran's state-run TV said in a Telegram post. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Bloomberg
29-05-2025
- Business
- Bloomberg
Exxon to Operate Guyana ‘Business as Usual' If It Loses Chevron-Hess Arbitration
Exxon Mobil Corp. said it will be 'business as usual' in its massive Guyana oil field if it loses its arbitration case against Chevron Corp. and Hess Corp. Exxon remains confident it will prevail in the case over the field's ownership at the International Chamber of Commerce, Neil Chapman, senior vice president, said at the Bernstein Strategic Decisions Conference in New York on Thursday. But there will be 'no change for us' if Exxon loses, he said.
