The Iran crisis has reshaped global energy markets, sending crude oil prices soaring and delivering massive profits to the world's biggest oil companies. As disruptions in the Strait of Hormuz pushed oil above $126 per barrel, energy giants including Saudi Aramco, ExxonMobil, Chevron, Shell, BP, and TotalEnergies reported record quarterly earnings.

Combined profits reached nearly $93 billion between April and June, while consumers worldwide struggled with soaring fuel and energy costs. The windfall has sparked political criticism and renewed calls for stronger taxes on excess profits and greater investment in clean energy.

Iran War Fuels Oil Profits: Energy Giants Earn $93 Billion in Just 3 Months

On Tuesday, shareholders of Hess Corporation approved the proposed $53 billion merger with Chevron Corporation, paving the way for the second-largest US oil corporation to acquire crucial assets and have a position in Exxon Mobil's enormous Guyana finds.<o:p></o:p>

The shareholder approval eliminates a significant barrier, but the transaction still requires regulatory approval and must resolve a protracted arbitration dispute with Exxon Mobil and CNOOC, Hess's Guyana partners. According to Frederic Boucher, a risk arbitrage analyst at Susquehanna Financial Group, regulatory clearance could be granted next month, which coincides with the Federal Trade Commission's (FTC) recent approval of Exxon's acquisition of Pioneer Natural Resources.<o:p></o:p>

The most important remaining hurdle is to resolve the lawsuit launched by Exxon and CNOOC, who claim first refusal on any sale of Hess's Guyana holdings. The purchase required a majority of the 308 million outstanding Hess shares to be approved, and preliminary results indicate support, though Hess has yet to release the vote total.<o:p></o:p>

This decision represents a big triumph for CEO John Hess, who has put his reputation and the heritage of his father's company at stake by pursuing this merger. The outcome alleviates demands from some shareholders seeking more compensation for the sale's delay. Exxon's arbitration proceedings could push the deal's closing date into 2025.<o:p></o:p>

"We are very pleased that the majority of our stockholders recognize the compelling value of this strategic transaction and look forward to the successful completion of our merger with Chevron," Hess stated in a statement.<o:p></o:p>

Following the decision, Hess stock jumped marginally to $152.05, while Chevron stock rose by less than 1 per cent to $159.04.<o:p></o:p>

"Assuming Chevron wins the arbitration against Exxon or reaches a settlement, the transaction will now proceed," said Mark Kelly, an analyst with MKP Advisors. The merger has substantial consequences for both companies. Chevron’s acquisition of the lucrative Guyana oilfields from Hess could help minimise geopolitical concerns linked with the TengizChevroil project in Kazakhstan, which predominantly delivers oil through Russia to the Black Sea.<o:p></o:p>

Additionally, this acquisition could counterbalance the cost overruns at Chevron's Australian liquefied natural gas (LNG) projects, which have been plagued by labour and operational concerns. Acquiring Hess' Guyana holdings would increase Chevron's oil and gas reserves while also providing a new growth path beyond its present activities in the United States and Central Asia, according to Morningstar analyst Allen Good.<o:p></o:p>

Hess shareholders will control approximately 15 per cent of the larger Chevron corporation and will be eligible to receive its dividend, which is four times more than Hess' present payout.<o:p></o:p>

The shareholder vote boosts Hess's negotiating stance with Exxon. While Exxon has expressed no interest in acquiring Hess as a whole, it has not ruled out the prospect of bidding for Hess' Guyana assets.<o:p></o:p>

"It's beneficial that Chevron cleared this hurdle amid uncertainty over the Guyana arbitration," said Good. "However, I don't think it will affect the outcome of Exxon's claim."<o:p></o:p>

A spokesperson for Chevron stated that the company intends to complete the FTC regulatory procedure in the coming weeks. "We are confident our position on the preemption right will be affirmed in arbitration," the organisation stated.<o:p></o:p>

Exxon is the sole producer in Guyana, with 45 per cent ownership in the Stabroek Block and CNOOC holding a 25 per cent interest. Both corporations claim first refusal on any sale of Hess's 30 per cent interest.<o:p></o:p>

Institutional Shareholder Services, a proxy consulting firm, had advised shareholders to abstain and encouraged Hess to offer incentives considering the deal's delays. According to sources familiar with the situation, John Hess spent the previous month lobbying significant shareholders for support, personally visiting, or calling more than 30 companies.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

On Tuesday, shareholders of Hess Corporation approved the proposed $53 billion merger with Chevron Corporation, paving the way for the second-largest US oil corporation to acquire crucial assets and have a position in Exxon Mobil's enormous Guyana finds.

On Tuesday, shareholders of Hess Corporation approved the proposed $53 billion merger with Chevron Corporation, paving the way for the second-largest US oil corporation to acquire crucial assets and have a position in Exxon Mobil's enormous Guyana finds. The shareholder approval eliminates a significant barrier, but the transaction still requires regulatory approval and must resolve a protracted arbitration dispute with Exxon Mobil and CNOOC, Hess's Guyana partners. According to Frederic Boucher, a risk arbitrage analyst at Susquehanna Financial Group, regulatory clearance could be granted next month, which coincides with the Federal Trade Commission's (FTC) recent approval of Exxon's acquisition of Pioneer Natural Resources. The most important remaining hurdle is to resolve the lawsuit launched by Exxon and CNOOC, who claim first refusal on any sale of Hess's Guyana holdings. The purchase required a majority of the 308 million outstanding Hess shares to be approved, and preliminary results indicate support, though Hess has yet to release the vote total. This decision represents a big triumph for CEO John Hess, who has put his reputation and the heritage of his father's company at stake by pursuing this merger. The outcome alleviates demands from some shareholders seeking more compensation for the sale's delay. Exxon's arbitration proceedings could push the deal's closing date into 2025. "We are very pleased that the majority of our stockholders recognize the compelling value of this strategic transaction and look forward to the successful completion of our merger with Chevron," Hess stated in a statement. Following the decision, Hess stock jumped marginally to $152.05, while Chevron stock rose by less than 1 per cent to $159.04. "Assuming Chevron wins the arbitration against Exxon or reaches a settlement, the transaction will now proceed," said Mark Kelly, an analyst with MKP Advisors. The merger has substantial consequences for both companies. Chevron’s acquisition of the lucrative Guyana oilfields from Hess could help minimise geopolitical concerns linked with the TengizChevroil project in Kazakhstan, which predominantly delivers oil through Russia to the Black Sea. Additionally, this acquisition could counterbalance the cost overruns at Chevron's Australian liquefied natural gas (LNG) projects, which have been plagued by labour and operational concerns. Acquiring Hess' Guyana holdings would increase Chevron's oil and gas reserves while also providing a new growth path beyond its present activities in the United States and Central Asia, according to Morningstar analyst Allen Good. Hess shareholders will control approximately 15 per cent of the larger Chevron corporation and will be eligible to receive its dividend, which is four times more than Hess' present payout. The shareholder vote boosts Hess's negotiating stance with Exxon. While Exxon has expressed no interest in acquiring Hess as a whole, it has not ruled out the prospect of bidding for Hess' Guyana assets. "It's beneficial that Chevron cleared this hurdle amid uncertainty over the Guyana arbitration," said Good. "However, I don't think it will affect the outcome of Exxon's claim." A spokesperson for Chevron stated that the company intends to complete the FTC regulatory procedure in the coming weeks. "We are confident our position on the preemption right will be affirmed in arbitration," the organisation stated. Exxon is the sole producer in Guyana, with 45 per cent ownership in the Stabroek Block and CNOOC holding a 25 per cent interest. Both corporations claim first refusal on any sale of Hess's 30 per cent interest. Institutional Shareholder Services, a proxy consulting firm, had advised shareholders to abstain and encouraged Hess to offer incentives considering the deal's delays. According to sources familiar with the situation, John Hess spent the previous month lobbying significant shareholders for support, personally visiting, or calling more than 30 companies. (With inputs from Reuters)

Hess shareholders approve $53 billion merger with Chevron

Chevron announced plans on Thursday to sell its remaining oil and gas assets in the UK North Sea, marking the end of its more than 55-year presence in the region. <o:p></o:p>

This move comes as the US energy giant prepares for a $53 billion acquisition of Hess, which includes plans for $10 billion to $15 billion in global asset sales.<o:p></o:p>

The divestment will be part of a broader trend of major oil companies retreating from the ageing British basin, once a pioneering region for deepwater production since the 1970s. <o:p></o:p>

Chevron's North Sea holdings include a 19.4 per cent stake in the BP-operated Clair oilfield, the largest in the region with a production capacity of 120,000 barrels per day. <o:p></o:p>

BP is considering a third development phase, Clair South, which is one of the last major untapped fields in the North Sea.<o:p></o:p>

Chevron's departure from the North Sea basin reflects a decline in UK oil and gas production, which has dropped from a peak of around 4.5 million barrels of oil equivalent per day (boed) in the late 1990s to approximately 1.2 million boed in 2023. <o:p></o:p>

The company also plans to sell its marginal interests in the Sullom Voe oil terminal and its stakes in the Ninian and SIRGE pipeline systems connected to the hub.<o:p></o:p>

Industry sources estimate that the sale could generate up to $1 billion, excluding tax benefits. <o:p></o:p>

The formal sales process is expected to begin in June. <o:p></o:p>

However, this divestment will not affect the operations of Chevron's international headquarters in London or its technology centre in Aberdeen.<o:p></o:p>

Chevron’s exit is part of a strategic review of its global portfolio aimed at focusing on its most profitable assets, as emphasised by CEO Mike Wirth. <o:p></o:p>

The company has been gradually reducing its North Sea presence, having sold its stake in the Rosebank field to Equinor in 2018 and many of its North Sea assets to Ithaca Energy in 2019. <o:p></o:p>

Other oil majors like Exxon Mobil, ConocoPhillips, and Shell have also sold assets in the region since the 2000s.<o:p></o:p>

David Moseley, an analyst at consultancy Welligence, noted, "Chevron continues the trend that has seen the North American majors seek to exit the UK." <o:p></o:p>

He suggested that potential buyers could include independent companies looking to expand their operations.<o:p></o:p>

The planned sale is not influenced by the UK government's 35 per cent windfall tax on North Sea producers, which was imposed following the surge in energy prices in 2022. <o:p></o:p>

Chevron emphasised that the decision is part of its ongoing strategy to maintain capital discipline in both traditional and new energy sectors, regularly reviewing its global portfolio to ensure assets remain strategic and competitive for future investments.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Chevron announced plans on Thursday to sell its remaining oil and gas assets in the UK North Sea, marking the end of its more than 55-year presence in the region.

Chevron announced plans on Thursday to sell its remaining oil and gas assets in the UK North Sea, marking the end of its more than 55-year presence in the region. This move comes as the US energy giant prepares for a $53 billion acquisition of Hess, which includes plans for $10 billion to $15 billion in global asset sales. The divestment will be part of a broader trend of major oil companies retreating from the ageing British basin, once a pioneering region for deepwater production since the 1970s. Chevron's North Sea holdings include a 19.4 per cent stake in the BP-operated Clair oilfield, the largest in the region with a production capacity of 120,000 barrels per day. BP is considering a third development phase, Clair South, which is one of the last major untapped fields in the North Sea. Chevron's departure from the North Sea basin reflects a decline in UK oil and gas production, which has dropped from a peak of around 4.5 million barrels of oil equivalent per day (boed) in the late 1990s to approximately 1.2 million boed in 2023. The company also plans to sell its marginal interests in the Sullom Voe oil terminal and its stakes in the Ninian and SIRGE pipeline systems connected to the hub. Industry sources estimate that the sale could generate up to $1 billion, excluding tax benefits. The formal sales process is expected to begin in June. However, this divestment will not affect the operations of Chevron's international headquarters in London or its technology centre in Aberdeen. Chevron’s exit is part of a strategic review of its global portfolio aimed at focusing on its most profitable assets, as emphasised by CEO Mike Wirth. The company has been gradually reducing its North Sea presence, having sold its stake in the Rosebank field to Equinor in 2018 and many of its North Sea assets to Ithaca Energy in 2019. Other oil majors like Exxon Mobil, ConocoPhillips, and Shell have also sold assets in the region since the 2000s. David Moseley, an analyst at consultancy Welligence, noted, "Chevron continues the trend that has seen the North American majors seek to exit the UK." He suggested that potential buyers could include independent companies looking to expand their operations. The planned sale is not influenced by the UK government's 35 per cent windfall tax on North Sea producers, which was imposed following the surge in energy prices in 2022. Chevron emphasised that the decision is part of its ongoing strategy to maintain capital discipline in both traditional and new energy sectors, regularly reviewing its global portfolio to ensure assets remain strategic and competitive for future investments. (With inputs from Reuters)

Chevron to exit North Sea after over half a century. Here’s why

Chevron corporation has announced a $53 billion all-stock deal to acquire its smaller rival, Hess corporation. This all-stock transaction marks a pivotal moment, intensifying the rivalry between chevron and Exxon Mobil. The acquisition is designed to bolster Chevron's presence in key areas, namely US Shale and the oil-rich region of Guyana.

Chevron acquires rival Hess Corp for $53 billion

US oil giant Chevron said on Monday (Oct 23) that it agreed to buy its competitor Hess Corp for $53 billion in stock. According to a report by the news agency Reuters, this is the second proposed mega-merger among the biggest American oil players following Exxon Mobil's bid for $60 billion for Pioneer Natural Resources earlier this month.&nbsp;

The report said that the deal signals Chevron's plans to continue boosting investments in fossil fuels as the oil demand remains strong and big producers use acquisitions to replenish their inventory after years of under-investment.&nbsp;

Chevron has offered 1.025 of its shares for each Hess share held, or $171 per share, implying a premium of about 4.9% to the stock's last close.

Reuters reported on Monday that Chevron's shares were trading 3% lower premarket. RBC analysts said that they were surprised by the deal's timing and expected the company to bide its time after Exxon's deal for Pioneer.

Hess Corp's chairperson John Hess is expected to join Chevron's board of directors once the deal closes in the first half of 2024. The combined venture is expected to grow production and free cash flow faster and for longer than Chevron's current five-year guidance.&nbsp;

The (Chevron) deal has raised the competition between Chevron, the number 2 oil and gas producer behind Exxon, putting it in direct competition with its biggest rival to develop drilling in Guyana.

Guyana, a country in South America, has become a major oil producer in the region following huge discoveries in recent years. Exxon and partners Hess and China's CNOOC are the only active producers in the country.&nbsp;

(With inputs from agencies) 
 
 
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US oil giant Chevron said on Monday (Oct 23) that it agreed to buy its competitor Hess Corp for $53 billion in stock. According to a report by the news agency Reuters, this is the second proposed mega-merger among the biggest American oil players following Exxon Mobil's bid for $60 billion for Pioneer Natural Resources earlier this month.

US oil giant Chevron said on Monday (Oct 23) that it agreed to buy its competitor Hess Corp for $53 billion in stock. According to a report by the news agency Reuters, this is the second proposed mega-merger among the biggest American oil players following Exxon Mobil's bid for $60 billion for Pioneer Natural Resources earlier this month. The report said that the deal signals Chevron's plans to continue boosting investments in fossil fuels as the oil demand remains strong and big producers use acquisitions to replenish their inventory after years of under-investment. Chevron has offered 1.025 of its shares for each Hess share held, or $171 per share, implying a premium of about 4.9% to the stock's last close. Reuters reported on Monday that Chevron's shares were trading 3% lower premarket. RBC analysts said that they were surprised by the deal's timing and expected the company to bide its time after Exxon's deal for Pioneer. Hess Corp's chairperson John Hess is expected to join Chevron's board of directors once the deal closes in the first half of 2024. The combined venture is expected to grow production and free cash flow faster and for longer than Chevron's current five-year guidance. The (Chevron) deal has raised the competition between Chevron, the number 2 oil and gas producer behind Exxon, putting it in direct competition with its biggest rival to develop drilling in Guyana. Guyana, a country in South America, has become a major oil producer in the region following huge discoveries in recent years. Exxon and partners Hess and China's CNOOC are the only active producers in the country. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Chevron to buy competitor Hess Corp for $53 billion

Chevron corporation has decided to buy PDC energy in a $6.3 billion stock deal. With this deal, Chevron aims to supercharge its position in the US shale market.

Chevron's $6.3 billion bet | World Business Watch

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In a decisive move to seize opportunities in the energy landscape, Chevron Corporation has announced its agreement to acquire Denver-based oil and gas producer PDC Energy Inc. for a staggering $6.3 billion. Chevron intends to expand its presence in the U.S. shale market, reinforce its position, and drive sustainable growth.

The acquisition will see Chevron paying $72 per share, representing a premium of approximately 14 percent based on the 10-day average closing prices as of May 19. Through this move, Chevron is set to increase its production by just under 10 percent and significantly expand its holdings in the lucrative Colorado and West Texas shale basins.

CEO Mike Wirth emphasized the importance of this acquisition, stating, "PDC's attractive and complementary assets strengthen Chevron's position in key US production basins." He further added, "This transaction is accretive to all important financial measures and enhances Chevron's objective to safely deliver higher returns and lower carbon."

The market's response to the acquisition has been positive, with PDC shares surging by up to 8.5 percent before regular trading commenced in New York. Chevron shares experienced a slight dip of 0.7 percent, reflecting the market's anticipation of the deal's potential impact on the oil giant's future prospects.

By integrating PDC Energy's assets, Chevron aims to double its drilling portfolio in the DJ Basin, expanding it to over 600,000 acres and nearly tripling production in the region to 400,000 barrels per day. With this move, the DJ Basin is poised to become one of Chevron's top-tier assets globally.

In addition to the DJ Basin, PDC Energy's assets in proximity to Chevron's vast position in the Permian Basin of West Texas and New Mexico further strengthen Chevron's portfolio. Although these assets are relatively small and not materially impactful on production, they offer strategic value for Chevron's long-term growth plans.

An Industry Brimming with Mergers

Chevron's acquisition of PDC Energy underscores the current trend of mergers and acquisitions within the oil and gas industry as companies seek to capitalize on record profits and consolidate their positions. The Permian Basin, one of the most productive shale plays in the United States, has become a focal point for companies looking to expand their drilling sites and secure future reserves.

To facilitate the deal's successful completion, Chevron plans to increase its capital expenditure budget by $1 billion annually. Additionally, the company anticipates cost savings of approximately $400 million once the transaction is finalized by the end of this year, subject to regulatory and PDC shareholder approval. This strategic move is expected to enhance Chevron's financial performance, boosting its annual free cash flow by approximately $1 billion.

With a new global spending range of $14 billion to $16 billion annually through 2027, Chevron's acquisition of PDC Energy sets the stage for an exciting future brimming with potential for growth and innovation.

Inputs From Bloomberg)) 
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In a decisive move to seize opportunities in the energy landscape, Chevron Corporation has announced its agreement to acquire Denver-based oil and gas producer PDC Energy Inc.

In a decisive move to seize opportunities in the energy landscape, Chevron Corporation has announced its agreement to acquire Denver-based oil and gas producer PDC Energy Inc. for a staggering $6.3 billion. Chevron intends to expand its presence in the U.S. shale market, reinforce its position, and drive sustainable growth. The acquisition will see Chevron paying $72 per share, representing a premium of approximately 14 percent based on the 10-day average closing prices as of May 19. Through this move, Chevron is set to increase its production by just under 10 percent and significantly expand its holdings in the lucrative Colorado and West Texas shale basins. CEO Mike Wirth emphasized the importance of this acquisition, stating, "PDC's attractive and complementary assets strengthen Chevron's position in key US production basins." He further added, "This transaction is accretive to all important financial measures and enhances Chevron's objective to safely deliver higher returns and lower carbon." The market's response to the acquisition has been positive, with PDC shares surging by up to 8.5 percent before regular trading commenced in New York. Chevron shares experienced a slight dip of 0.7 percent, reflecting the market's anticipation of the deal's potential impact on the oil giant's future prospects. By integrating PDC Energy's assets, Chevron aims to double its drilling portfolio in the DJ Basin, expanding it to over 600,000 acres and nearly tripling production in the region to 400,000 barrels per day. With this move, the DJ Basin is poised to become one of Chevron's top-tier assets globally. In addition to the DJ Basin, PDC Energy's assets in proximity to Chevron's vast position in the Permian Basin of West Texas and New Mexico further strengthen Chevron's portfolio. Although these assets are relatively small and not materially impactful on production, they offer strategic value for Chevron's long-term growth plans. An Industry Brimming with Mergers Chevron's acquisition of PDC Energy underscores the current trend of mergers and acquisitions within the oil and gas industry as companies seek to capitalize on record profits and consolidate their positions. The Permian Basin, one of the most productive shale plays in the United States, has become a focal point for companies looking to expand their drilling sites and secure future reserves. To facilitate the deal's successful completion, Chevron plans to increase its capital expenditure budget by $1 billion annually. Additionally, the company anticipates cost savings of approximately $400 million once the transaction is finalized by the end of this year, subject to regulatory and PDC shareholder approval. This strategic move is expected to enhance Chevron's financial performance, boosting its annual free cash flow by approximately $1 billion. With a new global spending range of $14 billion to $16 billion annually through 2027, Chevron's acquisition of PDC Energy sets the stage for an exciting future brimming with potential for growth and innovation. Inputs From Bloomberg))

Chevron's Big Bet: Mega Deal with PDC Energy for $6.3 Billion

The United States on Saturday eased some Venezuelan oil-related sanctions as company Chevron has been allowed to resume some activity in Venezuela.&nbsp;

Certain oil sanctions were eased by the Biden administration to support the negotiations that recently started between President Nicolás Maduro's government and its opposition.&nbsp;

After more than a yearlong hiatus, crucial talks between the Maduro government and the "Unitary Platform" resumed in Mexico City on Saturday as both sides announced a humanitarian agreement on education, health and other social issues.&nbsp;

The Treasury Department said it would allow Chevron to resume limited oil extraction operations in Venezuela. This comes after years of sanctions aimed at restricting oil and gas profits that have reportedly flowed to Maduro's government.&nbsp;

Previously, the California-based Chevron and other US companies were given permission again by the Treasury Department to do the basic upkeep of wells it operates jointly with state-run oil giant PDVSA.&nbsp;

As per the new policies, instead of providing profits to PDVSA, the profits from the sale of energy would be directed to paying down debt owed to Chevron.&nbsp;

A senior administration official said of the talks in Mexico that "we join the international community in welcoming the resumption of negotiations." The official further noted that the accord marked "important steps in the right direction" in Venezuela.&nbsp;

As quoted by the news agencies, Democratic Sen Bob Menendez of New Jersey, chairman of the Senate Foreign Relations Committee, said in a statement: "If Maduro again tries to use these negotiations to buy time to further consolidate his criminal dictatorship, the United States and our international partners must snap back the full force of our sanctions that brought his regime to the negotiating table in the first place."&nbsp;

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The United States on Saturday eased some Venezuelan oil-related sanctions as company Chevron has been allowed to resume some activity in Venezuela. Certain oil sanctions were eased by the Biden administration to support the negotiations that recently started between President Nicolás Maduro's government and its opposition.

The United States on Saturday eased some Venezuelan oil-related sanctions as company Chevron has been allowed to resume some activity in Venezuela. Certain oil sanctions were eased by the Biden administration to support the negotiations that recently started between President Nicolás Maduro's government and its opposition. After more than a yearlong hiatus, crucial talks between the Maduro government and the "Unitary Platform" resumed in Mexico City on Saturday as both sides announced a humanitarian agreement on education, health and other social issues. The Treasury Department said it would allow Chevron to resume limited oil extraction operations in Venezuela. This comes after years of sanctions aimed at restricting oil and gas profits that have reportedly flowed to Maduro's government. Previously, the California-based Chevron and other US companies were given permission again by the Treasury Department to do the basic upkeep of wells it operates jointly with state-run oil giant PDVSA. As per the new policies, instead of providing profits to PDVSA, the profits from the sale of energy would be directed to paying down debt owed to Chevron. A senior administration official said of the talks in Mexico that "we join the international community in welcoming the resumption of negotiations." The official further noted that the accord marked "important steps in the right direction" in Venezuela. As quoted by the news agencies, Democratic Sen Bob Menendez of New Jersey, chairman of the Senate Foreign Relations Committee, said in a statement: "If Maduro again tries to use these negotiations to buy time to further consolidate his criminal dictatorship, the United States and our international partners must snap back the full force of our sanctions that brought his regime to the negotiating table in the first place." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Chevron to resume 'limited' energy production in Venezuela after years of sanctions

Russian scientists sounded the alarm on Wednesday over a huge oil slick in the Black Sea, with the World Wildlife Fund saying at least 100 tonnes of oil have leaked off the city of Novorossiysk.

After it emerged that the slick was much larger than initially reported, investigators launched a pollution probe and the General Prosecutor's Office said officials were studying the coast between the resort town of Anapa and Novorossiysk.

The area is home to some of the country's best beaches popular with Russian tourists.

A leak occurred at a sea terminal near the southern port city at the weekend as the Greek-flagged Minerva Symphony was loading oil.

On Monday, the Caspian Pipeline Consortium (CPC), which controls the terminal, said the spill was contained, estimating that oil had spread over 200 square metres (2,150 square feet) and involved around 12 cubic metres (423 cubic feet) of oil.

By early Sunday, "the situation was back to normal" and posed no threat to either the local population or wildlife, said the consortium.

CPC's shareholders include Russia's Rosneft, US oil giant Chevron and Italy's Eni.

The WWF and Russian scientists said the oil slick was much more serious than initially reported and could harm the environment.

The conservation group said it had launched its own surveillance and found the slick had covered an area of 94 square kilometres by Sunday.

Greenpeace, which said it was asking for more information from officials, claimed the polluted area could be 400,000 bigger than initially reported.

Dolphinarium sounds alarm&nbsp;

The WWF estimated that at least 100 tonnes of oil -- "and most likely even more" -- had been released into the Black Sea.

"Despite the prompt involvement of rescue teams, the oil spread over a colossal area," the WWF said on Facebook, adding that marine wildlife could be affected.

Aleksei Knizhnikov, head of the responsible industry programme at WWF Russia, said the slick was drifting north, having already reached Abrau-Dyurso -- famed for its wine-making industry -- and might later reach the Utrish Nature Reserve.

"We can say that there is no objective information about the scale of the spill on the part of regulatory authorities," he told AFP.

The Space Research Institute of the Russian Academy of Sciences said it was also monitoring the pollution and citing data from satellite images said that the oil had spread over an area of nearly 80 square kilometres.

"On August 8, the oil slick spread from the shore into the open sea over a distance of 19 kilometres," the institute said in a statement.

Victoria Glushchenko of Greenpeace Russia said in a statement that if the estimates of the space research institute were correct, "this spill will threaten fish, birds and marine ecosystems in the area".

"In addition, the health of people, including tourists, who will find themselves in the pollution zone, is at risk," she added.

Staff at a dolphinarium outside the resort town of Anapa said they had seen oil slicks on the surface and were working to protect their marine mammals.

"As soon as you put your hand in the water, the skin gets covered in a greasy film," the dolphinarium said on Instagram.

On Wednesday afternoon, Russian authorities said they were looking into the situation.

The head of the environment watchdog Rosprirodnadzor Svetlana Radionova said she was personally in charge of the case.

The general director of the consortium, Nikolai Gorban, reported to Energy Minister Nikolai Shulginov about the spill clean-up and containment work.

"The minister stressed the need to verify information on the volume of the oil spill," the energy ministry said.

In January, jailed Kremlin critic Alexei Navalny released an investigation alleging that oligarchs had built an opulent Black Sea palace for President Vladimir Putin. Putin has denied owning the mansion, which is south of Novorossiysk.

Russian scientists sounded the alarm on Wednesday over a huge oil slick in the Black Sea, with the World Wildlife Fund saying at least 100 tonnes of oil have leaked off the city of Novorossiysk.

Russian scientists sounded the alarm on Wednesday over a huge oil slick in the Black Sea, with the World Wildlife Fund saying at least 100 tonnes of oil have leaked off the city of Novorossiysk. After it emerged that the slick was much larger than initially reported, investigators launched a pollution probe and the General Prosecutor's Office said officials were studying the coast between the resort town of Anapa and Novorossiysk. The area is home to some of the country's best beaches popular with Russian tourists. A leak occurred at a sea terminal near the southern port city at the weekend as the Greek-flagged Minerva Symphony was loading oil. On Monday, the Caspian Pipeline Consortium (CPC), which controls the terminal, said the spill was contained, estimating that oil had spread over 200 square metres (2,150 square feet) and involved around 12 cubic metres (423 cubic feet) of oil. By early Sunday, "the situation was back to normal" and posed no threat to either the local population or wildlife, said the consortium. CPC's shareholders include Russia's Rosneft, US oil giant Chevron and Italy's Eni. The WWF and Russian scientists said the oil slick was much more serious than initially reported and could harm the environment. The conservation group said it had launched its own surveillance and found the slick had covered an area of 94 square kilometres by Sunday. Greenpeace, which said it was asking for more information from officials, claimed the polluted area could be 400,000 bigger than initially reported. Dolphinarium sounds alarm The WWF estimated that at least 100 tonnes of oil -- "and most likely even more" -- had been released into the Black Sea. "Despite the prompt involvement of rescue teams, the oil spread over a colossal area," the WWF said on Facebook, adding that marine wildlife could be affected. Aleksei Knizhnikov, head of the responsible industry programme at WWF Russia, said the slick was drifting north, having already reached Abrau-Dyurso -- famed for its wine-making industry -- and might later reach the Utrish Nature Reserve. "We can say that there is no objective information about the scale of the spill on the part of regulatory authorities," he told AFP. The Space Research Institute of the Russian Academy of Sciences said it was also monitoring the pollution and citing data from satellite images said that the oil had spread over an area of nearly 80 square kilometres. "On August 8, the oil slick spread from the shore into the open sea over a distance of 19 kilometres," the institute said in a statement. Victoria Glushchenko of Greenpeace Russia said in a statement that if the estimates of the space research institute were correct, "this spill will threaten fish, birds and marine ecosystems in the area". "In addition, the health of people, including tourists, who will find themselves in the pollution zone, is at risk," she added. Staff at a dolphinarium outside the resort town of Anapa said they had seen oil slicks on the surface and were working to protect their marine mammals. "As soon as you put your hand in the water, the skin gets covered in a greasy film," the dolphinarium said on Instagram. On Wednesday afternoon, Russian authorities said they were looking into the situation. The head of the environment watchdog Rosprirodnadzor Svetlana Radionova said she was personally in charge of the case. The general director of the consortium, Nikolai Gorban, reported to Energy Minister Nikolai Shulginov about the spill clean-up and containment work. "The minister stressed the need to verify information on the volume of the oil spill," the energy ministry said. In January, jailed Kremlin critic Alexei Navalny released an investigation alleging that oligarchs had built an opulent Black Sea palace for President Vladimir Putin. Putin has denied owning the mansion, which is south of Novorossiysk.

Russian scientists sound alarm over 'colossal' Black Sea oil slick

Investors rejected the responses of US oil giants to climate change Wednesday, installing activist board members at ExxonMobil and directing Chevron to deepen emissions cuts.&nbsp;

The dual decisions at the two biggest US oil giants' annual meetings are clear evidence that addressing climate change has moved from being an environmentalist cause to one championed by mainstream investors.

At ExxonMobil, two board nominees from activist group Engine No. 1 won enough votes to secure board seats. Shareholders also backed a proposal requiring a report on the oil giant's lobbying activities on climate change.&nbsp;

At Chevron, a majority of investors approved an activist proposal calling on the company to reduce "scope 3" emissions, which encompass energy products.

Earlier in the day, a Dutch court ordered oil giant Shell to slash its greenhouse gas emissions by a net of 45 percent by the end of 2030 following a challenge launched by environmental group Friends of the Earth.

"Today's Exxon vote sends the unmistakable signal that climate action is a financial imperative," said Fred Krupp, president of Environmental Defense Fund.&nbsp;

"Now Exxon's board has an important responsibility to help the company transform its approach to the climate crisis and energy transition."

Counting continues

Engine No. 1's Gregory Goff and Kaisa Hietala secured enough votes to join ExxonMobil's board, along with Chief Executive Darren Woods and seven other incumbent directors who were reelected, said ExxonMobil corporate secretary Stephen Littleton.

A third Engine No. 1 nominee, Alexander Karsner, was still in contention for a board seat, along with four incumbent board members. Engine No. 1's fourth nominee, Anders Runevad, was not elected, ExxonMobil said.

The final outcome is "too close too call," pending further counting of votes, ExxonMobil said in a statement following the meeting.

In an unusual move, ExxonMobil halted the meeting for an hour after the shareholder proposals were presented.&nbsp;

Engine No. 1 released a statement during the pause blasting the interruption as part of the company's "last-ditch attempt to entrench (the) board and preserve the status quo."

After the results were announced, Woods congratulated the Engine No. 1 candidates and pledged to work with them to meet shareholder expectations.&nbsp;

The company had launched a lobbying offensive to re-elect its incumbent board, arguing it was taking meaningful action to address climate change.

Those steps were announced after Engine No. 1 launched its campaign in late 2020, making Wednesday's election contest unpredictable.

"We've heard from shareholders about their desire to catalyze further progress at ExxonMobil and we are well prepared to deliver," Woods said after the vote.

'Change is coming'

Engine No. 1's Charlie Penner expressed uncertainty about the vote during remarks at the outset of the meeting.

"No matter what the outcome of this vote, change is coming," said Penner, who noted ExxonMobil "cannot easily walk away from" its promises made after the insurgent campaign launched.

The oil company in January established a new "low carbon solutions" business to commercialize carbon capture technology and announced two new board members in March in a move intended to signal openness to change.

Earlier this week, it pledged to appoint two more board members in the next 12 months, one with energy industry experience and one with climate experience.

ExxonMobil has faced battles at annual meetings over climate change for decades, with shareholders pushing resolutions to make it take stronger action.

Oil majors worldwide are under intensifying pressure to develop more aggressive policies on climate change and embrace renewable energy. &nbsp;

Critics had characterized ExxonMobil's carbon capture plan as a public relations-driven rebranding of existing initiatives that requires significant new laws to become widespread and economically viable.

European rivals such as BP, Royal Dutch Shell and Total have undertaken renewable investments and pledged to attain net-zero carbon emissions by 2050.

The International Energy Agency (IEA) earlier this month said all future fossil fuel projects should be scrapped if the world is to reach net-zero carbon emissions by 2050 and stand any chance of limiting warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit).&nbsp;

The IEA report goes well beyond existing policies adopted by the United States and other governments.&nbsp;

US President Joe Biden's administration, for example, has endorsed renewable energy investment, but has not supported an immediate phase-out of new fossil fuel investment.

Both ExxonMobil and Chevron have insisted on the need for continued investment in oil and gas development while announcing new environmental initiatives in recent months.&nbsp;

Woods called the recent IEA analysis a "helpful" contribution, saying reducing emissions is a "complex problem and a challenging one" that will require new technology and government policies.

Shares of ExxonMobil rose 1.2 percent to close at $58.94, while Chevron added 0.2 percent at $104.12.

Investors rejected the responses of US oil giants to climate change Wednesday, installing activist board members at ExxonMobil and directing Chevron to deepen emissions cuts.

Investors rejected the responses of US oil giants to climate change Wednesday, installing activist board members at ExxonMobil and directing Chevron to deepen emissions cuts. The dual decisions at the two biggest US oil giants' annual meetings are clear evidence that addressing climate change has moved from being an environmentalist cause to one championed by mainstream investors. At ExxonMobil, two board nominees from activist group Engine No. 1 won enough votes to secure board seats. Shareholders also backed a proposal requiring a report on the oil giant's lobbying activities on climate change. At Chevron, a majority of investors approved an activist proposal calling on the company to reduce "scope 3" emissions, which encompass energy products. Earlier in the day, a Dutch court ordered oil giant Shell to slash its greenhouse gas emissions by a net of 45 percent by the end of 2030 following a challenge launched by environmental group Friends of the Earth. "Today's Exxon vote sends the unmistakable signal that climate action is a financial imperative," said Fred Krupp, president of Environmental Defense Fund. "Now Exxon's board has an important responsibility to help the company transform its approach to the climate crisis and energy transition." Counting continues Engine No. 1's Gregory Goff and Kaisa Hietala secured enough votes to join ExxonMobil's board, along with Chief Executive Darren Woods and seven other incumbent directors who were reelected, said ExxonMobil corporate secretary Stephen Littleton. A third Engine No. 1 nominee, Alexander Karsner, was still in contention for a board seat, along with four incumbent board members. Engine No. 1's fourth nominee, Anders Runevad, was not elected, ExxonMobil said. The final outcome is "too close too call," pending further counting of votes, ExxonMobil said in a statement following the meeting. In an unusual move, ExxonMobil halted the meeting for an hour after the shareholder proposals were presented. Engine No. 1 released a statement during the pause blasting the interruption as part of the company's "last-ditch attempt to entrench (the) board and preserve the status quo." After the results were announced, Woods congratulated the Engine No. 1 candidates and pledged to work with them to meet shareholder expectations. The company had launched a lobbying offensive to re-elect its incumbent board, arguing it was taking meaningful action to address climate change. Those steps were announced after Engine No. 1 launched its campaign in late 2020, making Wednesday's election contest unpredictable. "We've heard from shareholders about their desire to catalyze further progress at ExxonMobil and we are well prepared to deliver," Woods said after the vote. 'Change is coming' Engine No. 1's Charlie Penner expressed uncertainty about the vote during remarks at the outset of the meeting. "No matter what the outcome of this vote, change is coming," said Penner, who noted ExxonMobil "cannot easily walk away from" its promises made after the insurgent campaign launched. The oil company in January established a new "low carbon solutions" business to commercialize carbon capture technology and announced two new board members in March in a move intended to signal openness to change. Earlier this week, it pledged to appoint two more board members in the next 12 months, one with energy industry experience and one with climate experience. ExxonMobil has faced battles at annual meetings over climate change for decades, with shareholders pushing resolutions to make it take stronger action. Oil majors worldwide are under intensifying pressure to develop more aggressive policies on climate change and embrace renewable energy. Critics had characterized ExxonMobil's carbon capture plan as a public relations-driven rebranding of existing initiatives that requires significant new laws to become widespread and economically viable. European rivals such as BP, Royal Dutch Shell and Total have undertaken renewable investments and pledged to attain net-zero carbon emissions by 2050. The International Energy Agency (IEA) earlier this month said all future fossil fuel projects should be scrapped if the world is to reach net-zero carbon emissions by 2050 and stand any chance of limiting warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit). The IEA report goes well beyond existing policies adopted by the United States and other governments. US President Joe Biden's administration, for example, has endorsed renewable energy investment, but has not supported an immediate phase-out of new fossil fuel investment. Both ExxonMobil and Chevron have insisted on the need for continued investment in oil and gas development while announcing new environmental initiatives in recent months. Woods called the recent IEA analysis a "helpful" contribution, saying reducing emissions is a "complex problem and a challenging one" that will require new technology and government policies. Shares of ExxonMobil rose 1.2 percent to close at $58.94, while Chevron added 0.2 percent at $104.12.

ExxonMobil, Chevron investors vote for more action on climate change

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