Home Investing News Chevron reviews court decision that blocked Gulf of Mexico lease sale

Chevron reviews court decision that blocked Gulf of Mexico lease sale

by

Please try another search

More

Commodities1 hour ago (Jan 28, 2022 12:46PM ET)

(C) Reuters. FILE PHOTO: The logo of Chevron Corp is seen in its booth at Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai

By Sabrina Valle

HOUSTON (Reuters) – Chevron Corp (NYSE:CVX) is reviewing a federal judge decision that invalidated the results of an oil and gas lease sale in the Gulf of Mexico on Thursday, saying the Biden administration failed to properly account for the auction’s climate change impact.

“We’re disappointed because these lease sales have been conducted successfully in the Gulf of Mexico for decades now,” chief executive officer Michael Wirth said on Friday on an analyst call following the company’s fourth quarter financial results.

Chevron is one of the largest leaseholders in the Gulf of Mexico, with more than 240 licenses.

The decision has cast uncertainty over the future of the U.S. federal offshore drilling program, which has been a big source of public revenue for decades but also drawn the ire of activists concerned about its impact on the environment and contribution to global warming.

Chevron’s Gulf of Mexico assets contribute to the energy security of the U.S., Wirth said. He declined to comment further on the company’s legal response.

“Frankly, (those are) some of the lowest carbon intensity barrels that we produce,” the CEO said. “So we hope this is resolved in a manner that allows continued development and investment in the United States energy economy.”

Chevron reviews court decision that blocked Gulf of Mexico lease sale

Oil hits over 7-year high on political risks, supply crunch By Reuters – Jan 28, 2022

By Swati Verma BENGALURU (Reuters) – Oil prices extended gains to their highest levels in over seven years on Friday as ongoing global political turmoil fanned concerns over tight…

Fuel demand rebound powers Phillips 66 profit beat By Reuters – Jan 28, 2022

(Reuters) -Phillips 66 posted quarterly earnings that powered past Wall Street estimates on Friday, as the U.S. refiner capitalized on mounting demand for fuel due to a loosening…

Union Pacific to buy 10 battery locomotives from Caterpillar By Reuters – Jan 28, 2022

By Bianca Flowers (Reuters) – Union Pacific Corp (NYSE:UNP) plans to buy 10 battery locomotives from Caterpillar Inc (NYSE:CAT), Caterpillar’s CFO Andrew Bonfield said in an…

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Our Apps

Follow us

Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Related News