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Chevron Corp's first-quarter profit fell 29% compared with the same period a year ago as gains from oil and gas prices were undercut by weaker refining margins, production losses and the impact of an asset sale that benefited results last year.

Oil companies are generally enjoying a recovery in energy prices, up at least a third this year, after the pandemic hammered demand at the start of 2020. Chevron and its peers slashed spending, paving the way for several firms to post sharply better results.


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BP’s profit more than tripled to $2.6 billion in the first quarter thanks to stronger oil prices and bumper revenue from natural gas trading, paving the way for the energy company to start buying back its shares.

The jump in profits from a year earlier comes as BP says it expects oil demand to recover in 2021 due to strong growth in the United States and China as COVID-19 vaccination programs accelerate.


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The top executive for oilfield services firm Halliburton Co earned roughly $10 million more in 2020 than the prior year, despite pledges from the company to reduce executive pay as the coronavirus pandemic crushed the oil industry.

Jeff Miller earned a total of $22.3 million in 2020, versus $12.8 million the previous year. His compensation is 293 times that of the median compensation for his employees.


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Energy group BP said on Tuesday it expects to have hit its $35 billion net debt target in the first quarter of this year, sooner than expected and paving the way for it to deliver on its promise of buying back shares.

“This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter,” Chief Executive Bernard Looney said in a statement.


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Oil hovered near $70 a barrel on Friday, supported by production cuts by major oil producers and optimism about a demand recovery in the second half of the year.

Benchmark Brent rose 3 cents, or 0.04%, to $69.66 a barrel by 1058 GMT while U.S. West Texas Intermediate crude was at $66.03 a barrel, up 1 cent, or 0.02%. Both recovered from losses earlier in the session during Asian trade.


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Chevron Corp said on Tuesday it would keep project spending muted at around $14 billion through mid-decade and raised its climate goals, even as it took a different tack from major rivals by keeping its oil and gas production growing.

Falling energy demand due to pandemic lockdowns sent the industry into a tailspin in 2020 and led Chevron to a $5.54 billion annual loss, its first since 2016.


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Chevron Corp said on Friday it would buy the shares of Noble Midstream Partners LP it does not already own in an all-stock deal that values the pipeline operator at $1.32 billion, a month after making a slightly smaller offer.

Noble Midstream’s unitholders will get 0.1393 Chevron shares for each unit held under the new agreement, Chevron said.