Spain's Repsol YPF became the latest oil company to post fat profits from soaring crude prices, reporting Tuesday that first-quarter profits jumped 37 percent.

The vice president and general counsel of oil company Chevron Corp. exercised options for 103,333 shares of common stock, according to a Securities and Exchange Commission filing Friday.

Following is a summary of top stories in the energy sector Monday afternoon.

At this huge oil field in southwest Iran, one building stands out among the pumps and maze of pipelines: On its roof in giant letters, big enough for satellites or pilots to see, are the words: "We can do it."

Chevron Corp. said about 1,100 employees were eligible for severance payments at the end of the first quarter, after the nation's second largest oil company eliminated the positions as part of a restructuring and reorganization plan.

Pointing at a slew of job cuts, Chevron Corp <CVX.N> said in a regulatory filing that about 1,100 employees were eligible for severance payments, after it implemented a restructuring plan in 2007.

NEW YORK (Reuters) - Pointing at a slew of job cuts, Chevron Corp <CVX.N> said in a regulatory filing that about 1,100 employees were eligible for severance payments, after it implemented a restructuring plan in 2007.

Major oil companies' multimillion-dollar payment to 153 public water systems to cleanse wells of a potentially carcinogenic gasoline additive could grow if more tainted wells are discovered over the next 30 years.

Russia and Kazakhstan have agreed to double the capacity of a Caspian region pipeline that should help open up Central Asian oil fields to Western markets.

French oil company Total SA said Wednesday its first-quarter net profit jumped 18 percent amid record-high energy prices.

Gasoline inventories rose unexpectedly last week while crude-oil stockpiles gained more than expected, according to government data published Wednesday.

Two Oklahoma City energy companies and two in Tulsa are on the latest Fortune list of the 500 largest companies.

The government on Tuesday again raised its short-term price forecasts for crude oil and gasoline — trends that are expected to tamp down demand.

More than a thousand prominent African-American leaders, executives, entertainers and activists will head to Tanzania for a summit with their African counterparts to help raise living standards on the world's poorest continent.

Science Applications International Corp., a technology applications company, said Monday it signed a new five-year contract with Chevron U.S.A. Inc. worth $150 million.