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Chevron bought nearly 5% of Hess as a show of confidence that it will win the arbitration battle with Exxon Mobil that has delayed the Hess takeover for more than a year.

Chevron Corp. plans to cut its global workforce by 15% to 20% by next year, as part of efforts to reduce costs at the U.S. oil major.

Profits for Exxon Mobil and Chevron were slammed by slumping fuel margins as the prospect of U.S. tariffs on two major oil suppliers threatens to make the refining business even worse.

Exxon’s claim of right-of-first-refusal to Hess’ 30% stake in Guyana’s Stabroek block is “baseless” and “without merit,” CEO John Hess said at a Goldman Sachs Group Inc. conference Jan. 7.

Exxon Mobil will raise capital spending next year as its $60 billion purchase of Pioneer Natural Resources increases its oil production plans, threatening to worsen an expected crude glut.

Chevron plans to slow production growth in the biggest U.S. oil field next year in the most definitive sign yet that President-elect Donald Trump faces an uphill battle to ramp up energy output.

Exxon Mobil Corp. named Dan Ammann as head of its upstream oil and gas business, putting its low carbon president in charge of its most profitable division.

John Kerry, the Biden administration’s top climate diplomat, said the oil and gas industry must prove carbon capture can play a meaningful role lowering emissions.

Exxon Mobil forecasts global oil demand in 2050 will be the same — or slightly higher — than current levels, putting efforts to reach net-zero carbon emissions by midcentury well out of reach.

Occidental Petroleum Corp. raised its production and capital spending plans for this year after closing its $10.8 billion acquisition of CrownRock LP earlier this month.