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.
LAGOS, Nigeria, February 17, 2012 – Chevron Nigeria Limited (CNL) has begun the process of drilling a relief well to seal the Funiwa 1A natural gas well. The relief well is being drilled to extinguish a fire that began Jan. 16 at the original well, approximately six miles (10 km) off the coast of Nigeria. No oil was spilled or has flowed from this natural gas well.
CNL drilling plans will enable the cementing and abandonment of the Funiwa 1A well. The relief well is being drilled by the Transocean Baltic rig with approvals from Nigerian authorities.
Additional updates on the incident are available at http://www.chevron.com/ksendeavor/.
Updated: April 21, 2023 (Originally published February 18, 2012)
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