Exxon, Chevron Brace for Tough Times Ahead

Chevron's Jack/St. Malo platform in the U.S. Gulf of Mexico. Photo: Crowley

  By Joe Carroll and Dan Murtaugh (Bloomberg) -- Exxon Mobil Corp. and Chevron Corp., the biggest U.S. energy producers, hunkered down for a prolonged stretch of weak prices after posting their worst quarterly performances in several years. Exxon reported its lowest profit since 2009 as crude prices fell twice as fast as the world’s largest crude producer by … [Read more...]

Chevron Hunts for Answers on Billion Dollar Rig Fail

Big Foot, world’s deepest Extended Tension Leg Platform (ETLP), being transported by the Dockwise vessel Mighty Servant 1 from Geoje (South Korea) to Corpus Christi (USA).

(Bloomberg) An equipment failure that’s delayed Chevron Corp.’s $5.1 billion Big Foot deepwater oil project will reduce the company’s production by less than 25,000 barrels a day in 2017, the company said. More than a week after some of the production platform’s mooring cables sank below the surface of the Gulf of Mexico, Chevron continues to assess the damage … [Read more...]

Statoil Renegotiates for the Discoverer Americas as Transocean’s Deepwater Asgard Arrives in the GoM

Transocean drilling deepwater asgard

In Transocean's latest fleet update summary released this afternoon, their 6th generation drill ship Discoverer Americas will be officially heading back to the Gulf of Mexico this summer after her contract was renegotiated with Statoil.  Its current day rate, while operating off the coast of Tanzania is $735,000 per day, however in May, her new rate has been reduced to $611,000 … [Read more...]

Signet and Crowley Tugs Get Big Foot Underway from Corpus Christi [IMAGES]

big foot platform chevron tow

In a joint effort last night by Crowley and Signet Maritime, 8 tugs hooked up to Chevron's Big Foot semi-submersible production platform in Corpus Christi to safely maneuver the rig outbound through the channel on its way to the Walker Ridge Area of the Gulf of Mexico. This included six tractor tugs owned by Signet and two of Crowley's Ocean-class tugs.  Chevron spokesperson … [Read more...]

Chevron Tightens Belt as $40 Billion Makeover Sweeps Oil Sector

jack st. malo

By Joe Carroll (Bloomberg) -- Chevron Corp. halted share buybacks, slowed work on new projects and announced the biggest spending cut in more than a decade as oil explorers around the world curtail ambitions to cope with free-falling oil prices. Chevron lowered its 2015 capital-spending target by 13 percent to $35 billion and halted stock repurchases that absorbed $5 … [Read more...]