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Energy John Watson

  • NEW YORK— As drivers, shippers and airlines continue to enjoy lower fuel prices, the oil industry is responding to much lower profits with sharp cuts in spending and employment that are hurting economic growth. For instance, Exxon Mobil said Friday it cut spending by $1.54 billion in the second quarter, while Chevron announced it is laying off 1,500 workers.

  • July 31- Weak oil prices shriveled quarterly profit at Exxon Mobil Corp and Chevron Corp on Friday, compelling both companies to rethink operations and plan for what many expect to be a sustained period of cheap crude. Evan Calio, an analyst with Morgan Stanley, said on Exxon's earnings conference call that the oil giant appeared to be less vocal than its peers...

  • **Q2 profit drops 90 pct $571 million, or 30 cents a share. **Chief Executive John Watson says working to slash costs by renegotiating supply contracts. **Excluding one-time items, Chevron earned 97 cents per share vs average analyst estimate of $1.16 per share.

  • Several, including Chevron and Exxon Mobil, have announced plans to trim their spending and cut back on drilling. Also Friday, Exxon Mobil Corp. said its profit dropped by half in the second quarter on sharply lower oil and gas prices around the world. The San Ramon, California, company reported second-quarter earnings of $571 million, or 30 cents per share,...

  • May 1- Oil and natural gas producer Chevron Corp reported a 43 percent drop in quarterly profit on Friday, though results beat analysts' expectations as cost cuts and robust refining margins helped offset the impact of tumbling oil prices. The reliance on refining operations mirrored results at large, integrated rivals Exxon Mobil Corp and Royal Dutch Shell, as...

  • UPDATE 1-Shell CEO's total pay soars to $25.7 mln Thursday, 12 Mar 2015 | 8:09 AM ET

    LONDON, March 12- Royal Dutch Shell Chief Executive Ben van Beurden will earn a total 24.2 million euros for 2014, making him one of the highest-earning FTSE 100 bosses despite last year's sharp fall in oil prices. His 2014 compensation, when calculated in British pounds, places him as the second-highest-paid senior executive on the FTSE 100 share index after...

  • NEW YORK, March 10- Chevron Corp boosted its asset sales plans by 50 percent to $15 billion by 2017 and trimmed spending to generate more cash as the second-largest U.S. oil company reaffirmed plans to raise production 20 percent despite a plunge in crude prices. "We're quite sober about prices in 2015," Chief Executive John Watson said at the company's annual...

  • LONDON, Feb 5- Big oil companies had a poor record of finding and producing oil and gas last year, according to figures out in the past week- and big cuts in spending in response to falling crude prices could undermine their plans to turn that around. Four of the world's six biggest oil firms by market value- Royal Dutch Shell, Chevron, BP and ConocoPhillips- released...

  • *Profit ex-items $2.55/ share, misses $2.83 analysts' view. Increasing output from the wellhead is a struggle for many big oil companies, including Exxon Mobil Corp and Royal Dutch Shell.

  • *Profit of $2.55/ share before items miss analysts' view of $2.83. Nov 2- Chevron Corp posted much lower-than-expected quarterly earnings on Friday as maintenance exacerbated a steady decline in oil and natural gas production and as a huge fire at one of the company's California plants hit the refining business.

  • Nov 2- Chevron Corp posted a 33 percent drop in quarterly earnings as maintenance exacerbated a steady decline in output from oil and natural gas wells over the past year and as a huge fire at one of the company's California plants hit the refining business.