Exxon, Chevron Beat Profit Estimates on War-Driven Oil Rally
Exxon Mobil Corp. and Chevron Corp. posted stronger-than-expected earnings for the first quarter as higher oil and natural gas prices outweighed production outages from the Iran war.
By Kevin Crowley (Bloomberg) Chevron Corp. is postponing the full return of employees to its headquarters in San Ramon, California, and its largest office in Houston due to the rapid spread of the Covid-19 delta variant.
The oil giant had planned a return to San Ramon in September but is now “monitoring regional case rates for improvement to determine a new return date,” it said in an emailed statement.
In Houston, a full return to office “is not expected to occur before October,” Chevron said. Previously, the company had been targeting a full return in September.
About a third of Chevron’s workforce continues to be on-site at its service stations, oil fields, refineries, ships and offshore platforms around the world. For office workers, the company is planning to adopt a hybrid model that includes two remote work days a week.
However, the model will incorporate business needs.
“Hybrid work arrangements will be adopted based on what makes sense for the company, each work team, local business unit or facility,” Chevron said in a statement last month.
This article contains reporting from Bloomberg, published under license.
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