Chevron

The two largest oil companies in the US are shedding thousands of employees and contractors to cope with a steep decline in demand.

Describing it as a “bolt-on” acquisition, the Marcellus Shale producer EQT expects the deal will boost its gas production by 10%.

Chevron is initiating its layoffs of up to 15% of its global workforce of 45,000 first announced in late May by asking employees to reapply for positions. It closed its $4.1-billion acquisition of Noble Energy this week in which it gained 2,200 employees.

The sale of Chevron’s interest in the IDD project is part of its cost-cutting measures.

Zap Energy will use Chevron’s investment to develop its technology, a next-generation modular nuclear reactor with an aim toward cost-effective, flexible, and commercially scalable fusion.

A volatile market, and a shift to more remote operations during the global pandemic has been a catalyst for demand for mIQroTech’s leak-detection technology

Shell and Chevron lead the pack in a slew of Q2 losses with $18.1 billion and $8.3 billion, respectively. ExxonMobil, ConocoPhillips, Royal Dutch Shell, Petrobras, and Repsol also posted losses. The tally of these global majors’ losses in a single quarter tops $30 billion.

Repair work on the Gorgon LNG plant’s propane heat exchangers is underway. Planned maintenance on the Gorgon Train 2 was expected to end in July.

Chevron strengthens its North American position with assets in the Permian, DJ, and Eagle Ford basins and offshore in Israel and West Africa.

Chevron Technology Ventures President Barbara Burger discusses the adoption and integration of new technologies.