, Jan 30 (Reuters) – Chevron Corp,
the second-largest U.S. oil producer, reported a
higher-than-expected quarterly profit on Friday as sales of
chemicals, lubricants and other refined products helped offset
plunging crude prices.
That drop in crude prices, about 60 percent since June, has
eroded margins across the oil industry and forced scores of
companies to slash spending budgets. Royal Dutch Shell,
a so-called international oil company like Chevron, said on
Thursday it would cut its spending over the next three years by
, Jan 29 (Reuters) – Occidental Petroleum
Corp Chief Executive Stephen Chazen quipped on Thursday
that his larger rival Chevron Corp was too poor to buy
the No. 4 U.S oil producer, but the offhand remark sent Oxy’s
stock up anyway.
During a conference call to discuss the company’s
fourth-quarter results, an analyst asked Chazen if his company
was on the market.
, Jan 29 (Reuters) – ConocoPhillips
and Occidental Petroleum Corp on Thursday
slashed exploration spending plans for this year, as the third-
and fourth-largest U.S. oil companies attempt to cope with a
steep slide in crude prices.
The cuts follow similar steps by rival Hess Corp
earlier this week while Royal Dutch Shell, Europe’s
largest oil company, said on Thursday it would reduce its
spending the next three years by $15 billion.