Chevron records highest quarterly profit in six years, beating analyst estimates

Sen. Martin Heinrich will introduce a bill to end U.S. tax breaks for oil and gas companies producing overseas, according to his office. The proposal would treat overseas fossil fuel profits like other foreign income, close related foreign tax credit provisions, and tighten rules on misclassified payments. It follows Trump criticism of major producers’ profits during the Iran-driven oil price rise; Chevron and Exxon reported large Q2 gains.

The article says Arab and Muslim states accused Israel of violating a U.S.-mediated Gaza ceasefire, citing continued strikes, aid shortfalls, and Israeli claims that Hamas has not disarmed. It also covers Iraq-Turkey pipeline volumes, Petrobras’ offshore Colombia gas discovery, and Exxon’s Kashagan expansion proposal. It reports earnings for Phillips 66, Chevron, ExxonMobil, and Occidental.

Reuters reports Caspian Pipeline Consortium (CPC) resumed Black Sea exports briefly after July 30 attacks, but shipowners again pulled back due to safety concerns. CPC suspended loading repeatedly this week and was closed again Aug 5, despite some tankers completing loading. Higher tanker charter rates and war-risk insurance were cited, with Kazakhstan production down in July.

Carvolix (formerly Affluent Medical) said it secured up to EUR 30 million of structured debt financing with Claret Capital Partners, including EUR 10 million drawn immediately. The deal includes senior secured convertible bonds, senior secured amortised bonds, and warrants, with dilution capped at 8.6% if fully drawn. Funds support commercialization and development of Tavipilot and other products, with runway estimated to February 2027 after Tranche A.

Chevron asked the U.S. Fifth Circuit to move a Plaquemines Parish coastal-damage lawsuit into federal court and nullify a $744.6 million state jury verdict. Chevron argues a 2024 U.S. Supreme Court decision requires federal jurisdiction because wartime federal contracts were involved. Louisiana says the ruling only met one threshold and Chevron waived removal by fully litigating in state court.

Associated Press reports that U.S. and Iran fighting disrupted oil shipments through the Strait of Hormuz, tightening global supply and pushing Brent crude above $100 and up to $126. Exxon Mobil’s Q2 profit doubled to $14.53B on $116.02B revenue, and Chevron’s nearly quadrupled to $12.07B on $70.06B revenue. Congress proposes windfall profit taxes.