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Exxon Mobil, Chevron, Shell, BP and TotalEnergies will likely grow output 4.7% in 2026. The increases appear designed to capitalize on an expected oil price upturn in the latter half of 2026.

The Trump administration is considering canceling about $12 billion in energy projects, including funding for hydrogen ventures backed by U.S. oil majors, according to a list seen by Bloomberg.

Chevron Corp.’s El Segundo refinery in Los Angeles County has extinguished a fire that broke out the night of Oct. 2 and shut multiple units.

Chevron, ConocoPhillips and BP are among major oil companies that announced thousands of job cuts in recent months as crude prices fell this year in response to increased supplies from OPEC.

Chevron is cutting about 650 Hess jobs after completing its $53 billion takeover last month, but exploration is one area likely to be spared.

The CPChem cuts primarily involve corporate roles including information technology, supply chain management and logistics rather than chemical plants, according to people familiar with the matter.

Oil prices slumped as OPEC+ ramped up production.

John Hess plans to buy back his family’s iconic toy truck business next year from Chevron after the oil giant bought his company this month.

The reductions were handed down on July 18 and take effect Sept. 26, according to a filing with the Texas Workforce Commission on July 23.

Chevron has scored a critical ruling in Paris that has given it the go-ahead for a $53 billion acquisition of Hess and access to one of the biggest oil finds of the decade.