Chevron Corporation

Chevron, Microsoft to Develop 2.7-GW Gas Power Plant in Texas

Chevron (CVX) said Monday that its subsidiary, Energy Forge One, has finalized an agreement with Microsoft (MSFT) to develop a 2.67-gigawatt natural gas-fired power plant in Texas to support data center operations for 20 years.Project Kilby will be co-located with a Microsoft-operated data center in West Texas. A final investment decision is likely by the end of this year, and first power by 2028, the company said.The project will use large turbines from GE Vernova (GEV) and will be equipped with additional capacity from Solar Turbines, a Caterpillar (CAT) subsidiary, according to the statement.Chevron also said it has collaborated with investment firm Engine No. 1 for the development of the project.Price: $173.80, Change: $+0.17, Percent Change: +0.10%

Sector Update: Energy Stocks Decline Premarket Monday

Energy stocks were declining premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.4% lower.The United States Oil Fund (USO) was down 1.8% and the United States Natural Gas Fund (UNG) was 1.1% higher.Front-month US West Texas Intermediate crude oil was 1.5% lower at $74.72 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 2.1% to $78.85 per barrel, and natural gas futures were up 1.3% at $3.27 per 1 million British Thermal Units.Chevron (CVX) said it has signed a 20-year agreement with Microsoft (MSFT) to supply natural gas-fired power for a planned West Texas data center campus. Chevron shares were up 0.6% pre-bell.Baker Hughes (BKR) and Chart Industries (GTLS) confirmed that they are in talks with the European Commission over "possible commitments" for the Commission's approval of the companies' acquisition transaction, Chart Industries said in a filing. Baker Hughes stock was 0.3% lower premarket.

Sector Update: Energy

Energy stocks were declining premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.3% lower.The United States Oil Fund (USO) was down 1.3% and the United States Natural Gas Fund (UNG) was 1.3% higher.Front-month US West Texas Intermediate crude oil was 1.4% lower at $74.80 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 2.3% to $78.72 per barrel, and natural gas futures were up 0.8% at $3.26 per 1 million British Thermal Units.Chevron (CVX) has signed a 20-year agreement with Microsoft (MSFT) to supply natural gas-fired power for a planned West Texas data center campus, Bloomberg reported. Chevron shares were up more than 1% pre-bell.

Update: Chevron Signs 20-Year Deal With Microsoft to Power Data Center in West Texas

(Updates with Chevron's statement in the headline and throughout.)Chevron (CVX) said Monday its Energy Forge One subsidiary has signed a 20-year power purchase agreement with Microsoft (MSFT) for a planned Microsoft-operated data center in West Texas.Under the agreement, Chevron and Engine No. 1 have been collaborating to develop a co-located natural gas facility known as Project Kilby, which is expected to deliver about 2.67 gigawatts of capacity in phases, primarily using GE Vernova (GEV) turbines and equipment from Caterpillar's (CAT) Solar Turbines unit, according to a statement.Chevron said it targets a final investment decision by the end of 2026, with first power delivery expected in 2028 and the project anticipated to deliver mid-teen returns.

Market Chatter: Chevron Signs 20-Year Power Deal With Microsoft for West Texas Data Center

Chevron (CVX) has signed a 20-year agreement with Microsoft (MSFT) to supply natural gas-fired power for a planned West Texas data center campus, Bloomberg reported Monday.The project, known as Project Kilby, is expected to begin supplying power in 2028 and eventually reach 2.67 gigawatts of capacity, according to the report.Chevron and Engine No. 1 plan to make a final investment decision later this year, Bloomberg reported, adding that the facility will use natural gas from the Permian Basin and operate independently of the power grid.Chevron and Microsoft did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Market Chatter: Chevron Signs 20-Year Deal With Microsoft to Power Texas Data Center

Chevron (CVX) has signed a 20-year agreement with Microsoft (MSFT) to provide power via natural gas for a proposed data center in West Texas, Bloomberg reported Monday.The plant, named Project Kilby, is expected to provide its first power by 2028 and will increase to 2.67 gigawatts over time, the report said, citing a Chevron statement.The companies didn't immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Chevron Signs 20-Year Deal With Microsoft to Power Texas Data Center, Bloomberg Reports

Western Midstream Says Second Produced-Water Facility Starts Operations in Permian Basin

Western Midstream Partners (WES) said Wednesday that the second produced-water treatment pilot facility in its joint industry project has begun operations in Reeves County, Texas in the Permian Basin.The other members of the project include Chevron (CVX), ExxonMobil (XOM), ConocoPhillips (COP), and Devon Energy (DVN).The company said it expects the facility to receive 2,000 barrels per day of produced water and produce approximately 1,000 barrels per day of reclaimed freshwater."Through our multi-barrier treatment approach, we are transforming that stream into highly treated reclaimed freshwater suitable for industrial cooling and irrigation applications," Western Midstream CEO Oscar Brown said in a statement.

Update: US Equity Indexes Jump Following Weekend Agreement to End Iran War

(Updates with index moves and geopolitical developments from the first paragraph.)US equity indexes rose after the US and Iran reached a framework agreement to end the war in the Middle East, setting the stage for a reopening of the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.The Nasdaq Composite jumped 3% to 26,660.1, the S&P 500 jumped 1.9% to 7,574.4, and the Dow Jones Industrial Average advanced 1.4% to 51,921.7.Energy and consumer staples were among the decliners, while technology, communication services, and consumer discretionary led the gainers.Iran's Supreme National Security Council confirmed on Sunday that a memorandum of understanding had been reached, with military operations on all fronts set to cease immediately. No text of the MoU has been released, and the duo has offered conflicting accounts of what will follow a signing ceremony in Switzerland on Friday, CNN reported.The peace deal will end the US blockade of Iranian ports and reopen the Strait of Hormuz, according to multiple media reports. Iran's Foreign Ministry spokesman, Esmail Baghaei, said the ceasefire in Lebanon - one of Iran's preconditions for a negotiated settlement - has been observed in the memorandum of understanding, Al Jazeera reported.Crude oil futures slumped. Front-month global benchmark North Sea Brent slumped 5.5% to $80.22 per barrel, and US West Texas Intermediate sank 5.1% to $82.88 per barrel.

Update: US-Iran Peace Deal Announcement Lifts US Equity Futures Pre-Bell

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were higher pre-bell Monday as the US and Iran finally reached a long-awaited agreement to end the war, with President Donald Trump saying the Strait of Hormuz would reopen on Friday.Dow Jones Industrial Average futures were 0.9% higher, S&P 500 futures were up 1.2%, and Nasdaq futures were 2.1% higher.Iran's Supreme National Security Council had confirmed on Sunday that a memorandum of understanding had been finalized, with military operations on all fronts set to cease immediately."With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!" Trump said in a post on Truth Social.Shares of Space Exploration Technologies (SPCX), known as SpaceX, rose 5.3% in premarket activity after the company ended Friday with a market capitalization of more than $2 trillion in a record-setting initial public offering. Shares rose as much as 29% on Friday.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 4.9% at $83.03 per barrel and US West Texas Intermediate crude 5.6% lower at $80.16 per barrel.Investors also look forward to the Federal Reserve's rate decision, scheduled for Wednesday. Markets expect no rate moves by the central bank.The New York Federal Reserve's Empire State manufacturing index dropped to 5.7 in June from 19.6 in May, compared with expectations of a decrease to a reading of 13.5 in a survey compiled by Bloomberg.The May industrial production report, due at 9:15 am ET, is forecast to show a 0.3% gain following a 0.7% increase in the prior month. The June US housing market index, slated for 10 am ET, is expected at 37, unchanged from the prior month.In other world markets, Japan's Nikkei closed 5% higher, Hong Kong's Hang Seng ended 0.5% higher, and China's Shanghai Composite finished 1.6% higher. Meanwhile, the UK's FTSE 100 was flat, and Germany's DAX index was 1.4% higher in Europe's early afternoon session.In equities, Nvidia (NVDA) shares rose 1.4% after media reports that AI startup Firebird, which is supported by Nvidia, has signed a deal worth up to $10 billion with Kazakhstan to build data centers in the Central Asian country. Amazon (AMZN) stock was up 2.1% after the company said it has completed the issuance of approximately 13.97 billion Canadian dollars ($9.99 billion) in aggregate notes across multiple maturities as part of a registered debt offering. Advanced Micro Devices (AMD) shares were up 3.8% after Citi upgraded the stock to buy from neutral and raised its price target to $575 from $460.On the losing side, ExxonMobil (XOM), Chevron (CVX), and Shell (SHEL) saw their stocks drop after oil prices plunged on the announcement of the Middle East peace agreement. ExxonMobil shares fell 3.3%, Chevron stock was down 3%, and Shell shares were down 3.9%.

Energy Firms Set for Windfall as Hormuz Closure Tightens Oil Supplies, Moody's Says

The global energy sector is bracing for a sustained period of elevated earnings, as the closure of the Strait of Hormuz forces a revision of price expectations and profitability for the world's biggest oil and gas producers, Moody's Ratings strategists said in a Monday note.In a mid-year industry update, Moody's maintained the positive outlook it assigned to the global energy industry in April but said it now expects even stronger earnings growth this year, driven by higher oil prices.The ratings agency expects Brent crude to trade mostly between $90 per barrel and $110/bbl through much of 2026, with periods of sharp volatility, before easing toward $80/bbl in Q2 2027.The agency's base-case scenario assumes a sustained disruption to oil shipments through the Strait of Hormuz that gradually eases later in 2026.Global markets are projected to rely heavily on commercial inventories, strategic petroleum reserves and coordinated stock releases by the International Energy Agency until normal flows via the strategic waterway resume.Higher prices will support stronger earnings growth across most segments of the energy industry, Moody's said, while cautioning that prolonged price spikes or fuel rationing could eventually undermine economic activity and energy demand.Exploration and production companies are expected to be among the biggest beneficiaries of the tighter market.Moody's said crude producers in North and South America, particularly those with limited exposure to the Middle East, are positioned to capitalize on higher crude prices while maintaining disciplined spending plans.The agency said that US natural gas-focused producers should also benefit from stronger domestic gas prices, driven by growing liquefied natural gas exports, rising electricity demand and wider LNG price spreads resulting from disruptions in the Persian Gulf.Refiners are also projected to benefit from tighter product markets. Diesel and jet fuel margins have strengthened as inventories decline and supply chains remain constrained."Although crack spreads remain elevated, their durability is uncertain and the prospect of eventual demand destruction implies longer-term risks for earnings," strategists said.Though gasoline margins are projected to improve during the peak summer driving season, Moody's said that persistently high fuel prices could eventually curb demand."Gasoline margins should also benefit from stronger summer demand and refinery yield shifts toward diesel and jet fuel," according to the note.Moody's said refining profitability is likely to become more evident in Q2 earnings reports, particularly for operators with access to lower-cost crude supplies. US refiners retain advantages over competitors in Europe and Asia, supported by strategic reserve releases and relatively favorable access to feedstocks.The agency said integrated oil majors stand to gain from a combination of higher crude prices, stronger LNG markets and increased trading profits. Companies, including ExxonMobil (XOM), Chevron (CVX) and TotalEnergies (TTE), benefit from production growth outside the Persian Gulf, helping offset disruptions in the region.State-owned Gulf producers are projected to see lower output volumes, partially compensated by higher prices."Large Gulf-based national oil companies are likely to offset lower volumes with significantly higher prices, although production risks remain elevated until the conflict is resolved," according to the note.Moody's cited Saudi Aramco, which reported a 26% increase in Q1 profit from a year ago.However, the outlook is less favorable for oilfield services providers. Moody's said geopolitical tensions have increased operating, logistics and insurance costs, limiting earnings growth despite strong activity levels in some international markets.The agency said demand in the Middle East is projected to recover in late 2026 and 2027 once shipping routes open and investment activity resumes."East is likely to rebound in late 2026 and 2027 with revived activity following a reopening of the Strait of Hormuz," strategists said.Price: $89.54, Change: $+1.06, Percent Change: +1.20%

US Gasoline Cracks Fall Below 5-Year Average Despite Refiner Rally, TPH Says

US gasoline cracks dropped $6 per barrel to $18/bbl last week after inventory data showed a surprise 3.4 million-barrel build compared with expectations for a 2.5 million-barrel draw, TPH Energy Research said Monday.Falling below the seasonal five-year average, gasoline margins weakened while US diesel cracks slipped $1 to $40 per barrel following a 1.5 million-barrel inventory increase versus expectations for a 2 million-barrel decline.Posting the sharpest regional decline, Midwest 3-2-1 cracks fell $15/bbl, while gasoline cracks in Northwest Europe and Singapore dropped $3/bbl and $5/bbl, respectively.Diesel margins in Northwest Europe and Singapore increased $5/bbl and $3/bbl, respectively, while the Brent-WTI differential narrowed to $2/bbl from $3/bbl.Alaska North Slope crude widened its premium to Brent by $2/bbl and traded at a $12/bbl premium, bucking the broader trend of narrowing crude differentials.Among recent industry developments, Russia's 160,000-barrel-per-day Tyumen refinery suffered a fire, while Dangote outlined plans to expand refining capacity from 700,000 b/d to 750,000 b/d over the next 30 months.Separately, over 300 vessels reportedly contacted Iran about transiting the Strait of Hormuz, while Chevron's (CVX) California refineries received Strategic Petroleum Reserve barrels, according to TPH.Despite softer refining margins and weak inventory data, refiner equities gained 3.5% during the week and outperformed the S&P 500's 2.6% decline, TPH said.Delek (DK) led the group with an 8.5% advance as investor interest increased ahead of expected 2025 Small Refinery Exemption decisions, which TPH estimates could amount to about 23% of the company's market capitalization.On the valuation front, refiners traded at 6.0x next-12-month consensus EV/EBITDA, below the sector's three-year average multiple of 6.5x, TPH said.Price: $48.85, Change: $+0.57, Percent Change: +1.18%

Libya Pushes Ahead With Refinery Restart as Energy Sector Gains Momentum, Kpler Says

Libya's plan to restart the 220,000-barrel-per-day Ras Lanuf refinery could curb fuel imports and reduce crude shipments to Europe, Kpler said in a note on Wednesday.After reaching an agreement with its Emirati partner in mid-May, Libya's National Oil, also known as NOC, took full ownership of Ras Lanuf, ending a years-long dispute and clearing the way for refurbishment work, Kpler said.Kpler expects Libya's oil production to hold near 1.35 million b/d to 1.4 million b/d through 2027, although the firm believes the refinery is more likely to return during the second half of 2027 than within the timeline suggested by the NOC.Libya's energy sector gained momentum this year as TotalEnergies (TTE) and ConocoPhillips (COP) extended the Waha Oil concession through 2050 in January, followed by the country's first licensing round in 17 years in February, Kpler said.Repsol-led groups, MOL, the Eni-QatarEnergy partnership, Chevron (CVX) and Aiteo secured the licenses, while joint projects with Eni (E), Repsol and Sonatrach resulted in three new hydrocarbon discoveries in April, Kpler said.Libya currently refines about 100,000 b/d, with Zawiya accounting for most of that volume, while Marsa El Brega processes about 9,000 b/d, Sarir handles 10,000 b/d and Tobruk contributes roughly 20,000 b/d, Kpler estimates.Libya consumes as much as 250,000 b/d of transport fuels, including 90,000 b/d to 100,000 b/d of gasoline and 140,000 b/d to 150,000 b/d of diesel, Kpler data show.To meet that demand, Libya imports over 150,000 b/d of refined products, sourcing gasoline mainly from Italy, the Netherlands, Belgium and Spain, while diesel supplies largely come from Italy and Turkey.If Ras Lanuf resumes operations, Libya could replace a large share of those imports with domestic production.The refinery would use Amna, Sarir and Mesla crude grades, which currently account for 270,000 b/d to 300,000 b/d of exports, potentially forcing buyers in Italy and the UK to find alternative supplies, Kpler said.Price: $89.62, Change: $+0.22, Percent Change: +0.25%

Market Chatter: Energy Producers in Venezuela Need to Provide Own Electricity

Energy companies seeking to develop oil and natural gas projects in Venezuela will be required to provide their own electricity generation under proposed regulations aimed at insulating operations from the country's chronically unreliable power grid, Bloomberg reported on Tuesday.Draft regulations for Venezuela's new hydrocarbons law reportedly require companies operating in oil and gas regions to be self-sufficient in power generation and could also permit private firms to supply electricity directly to energy projects, Bloomberg said, citing a copy of the draft circulated in mid-May.The measures mark a significant shift from past policy, effectively requiring new projects to operate independently of the national grid to avoid adding strain to an electricity system weakened by years of underinvestment and maintenance failures.The push gained momentum following the US removal of former President Nicolas Maduro in January, the subsequent easing of US sanctions, and the installation of a new government led by former Vice President Delcy Rodriguez. The political changes have triggered renewed investor interest in the oil and gas sector.The proposed regulations are designed to protect Venezuela's fragile electricity network, where frequent outages disrupt daily life and hinder petroleum production.Oil extraction relies heavily on electric motors that are highly sensitive to fluctuations in grid frequency. When irregularities occur, motors automatically shut down, forcing operators to restart wells either remotely or manually and resulting in production losses.Over 95% of Chevron's (CVX) wells in the Orinoco region depend on the national grid, while fewer than 5% are powered by generators, Bloomberg said.Chevron and the Venezuelan Information Ministry did not immediately respond to' requests for comment.Venezuela relies primarily on hydroelectric generation, supplemented by plants fueled by natural gas and fuel oil.Hydroelectric facilities are currently operating at about 60% of capacity, while thermoelectric plants are producing only 20% of their potential output, Bloomberg said, citing Miguel Lara, an adviser to foreign energy companies and former head of Venezuela's power planning agency.Lara reportedly said 35 power outages were recorded between January and April and estimated the country faces an electricity deficit of between 2,000 and 3,000 megawatts.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2%.The Philadelphia Oil Service Sector Index increased 0.9%, and the Dow Jones US Utilities Index fell 2.7%.In sector news, Iran's reported threats to halt the indirect peace talks with Washington sent crude oil prices higher. Iranian negotiators will stop exchanging messages with the US through intermediaries, and Tehran will fully close the Strait of Hormuz in retaliation against ongoing ceasefire violations, CNBC reported, citing Iran's state-affiliated news outlet Tasnim on Monday. The report, in a translated post on the social media site Telegram, homed in on Israel's military operations in Lebanon against the Iran-backed militia Hezbollah, CNBC reported.Front-month West Texas Intermediate jumped 5.5% to $92.14 a barrel, and the global benchmark Brent crude contract climbed 4.2% to $94.97 a barrel. Henry Hub natural gas futures fell 3.6% to $3.17 per 1 million BTU.In corporate news, Kazakhstan has restored its oil production to 290,000 metric tons a day following an accident that caused production losses at its largest oilfield, Tengiz, led by Chevron (CVX), Reuters reported, citing the country's Energy Minister Erlan Akkenzhenov. Chevron shares were up 2%.BP (BP) is selling a 5% stake in the Browse liquefied natural gas project in Western Australia to GS Energy, leaving it with a 39.33% interest in the project, news outlets reported. BP shares added 2.5%.Equinor (EQNR) recommended that the company's corporate assembly elect Jarle Roth as new chair of the board, the company said. Equinor shares climbed up 3.5%.Devon Energy (DVN) shares rose 4%. Reuters reported Friday that Devon received an $8 billion offer from Stone Ridge Asset Management for its Marcellus shale assets in Pennsylvania.

Sector Update: Energy

Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2%.The Philadelphia Oil Service Sector Index increased 0.9%, and the Dow Jones US Utilities Index fell 2.7%.Front-month West Texas Intermediate jumped 5.5% to $92.14 a barrel, and the global benchmark Brent crude contract climbed 4.2% to $94.97 a barrel. Henry Hub natural gas futures fell 3.6% to $3.17 per 1 million BTU.In corporate news, Kazakhstan has restored its oil production to 290,000 metric tons a day following an accident that caused production losses at its largest oilfield, Tengiz, led by Chevron (CVX), Reuters reported, citing the country's Energy Minister Erlan Akkenzhenov. Chevron shares were up 2.3%.

Market Chatter: Chevron-led Tengiz Oilfield Restores Oil Production

Kazakhstan has restored its oil production to 290,000 metric tons per day following an accident that caused production losses at its largest oilfield, Tengiz, led by Chevron (CVX), Reuters reported Monday, citing energy minister Erlan Akkenzhenov.Chevron's venture Tengizchevroil said Friday that part of the oilfield had experienced "minor operational disruption" on May 28 and output was being restored, according to the report.Tengizchevroil said Monday its oil production was "close to normal operating rates," the report added.Chevron did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $186.39, Change: $+3.92, Percent Change: +2.15%

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Friday afternoon, with the NYSE Energy Sector Index down 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.2%.The Philadelphia Oil Service Sector Index was decreasing 0.7%, and the Dow Jones US Utilities Index was down 0.7%.In sector news, President Donald Trump said Friday on Truth Social that he is meeting now in the Situation Room to make a final determination on the memorandum of understanding between the US and Iran. The ceasefire would need to include reopening the Strait of Hormuz and dismantling Tehran's capacity to make a nuclear weapon, the president has said previously.Front-month West Texas Intermediate crude oil fell 1.5% to $87.60 a barrel, and the global benchmark Brent crude contract dropped 1.8% to $92.05 a barrel. Henry Hub natural gas futures climbed 5% to $3.04 per 1 million BTU.In corporate news, Chevron's (CVX) oil production at its Tengiz field in Kazakhstan dropped significantly on Tuesday after an accident, Reuters reported Friday, citing industry sources. Output fell to between 5,000 and 10,000 metric tons on Tuesday from typically 125,000 tons a day, according to the report. Chevron shares were shedding 0.4%.ReNew Energy Global (RNW) has received a non-binding proposal from Canada Pension Plan Investment Board and ReNew's CEO Sumant Sinha to buy shares not already owned by the consortium for $6.75 each in cash, the company said Friday. ReNew shares rose 2.1%.Exxon Mobil (XOM) is projecting oil prices to shoot up once again in the coming weeks when inventories reach record low levels, the company's senior vice president Neil Chapman said Thursday, according to a FactSet transcript. Exxon shares were down 0.9%.Sempra (SRE) is being urged by activist investor Voss Capital to spin off its Oncor electricity unit, Reuters reported. Voss Capital, which owns less than 1% of Sempra, has argued that a newly independent Oncor Electric Delivery Co. would become the highest-growth public transmission utility in the US and could be worth up to $78 billion by the end of 2028, the report said. Sempra shares were down 1.3%.

Sector Update: Energy Stocks Retreat Friday Afternoon

Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index down 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.9%.The Philadelphia Oil Service Sector Index was decreasing 0.7%, and the Dow Jones US Utilities Index was down 0.6%.In sector news, the US and Iran have agreed to a memorandum of understanding to extend a ceasefire between the countries and begin talks on Tehran's nuclear program, Axios reported Thursday. However, Trump is yet to sign off on the deal, according to the report. In a social media post Friday morning, Trump said he was heading to the White House Situation Room "to make a final determination," as he announced an end to the naval blockade against Iran.Front-month West Texas Intermediate crude oil fell 2% to $87.14 a barrel, and the global benchmark Brent crude contract dropped 1.9% to $91.93 a barrel. Henry Hub natural gas futures climbed 5% to $3.04 per 1 million BTU.In corporate news, Exxon Mobil (XOM) is projecting oil prices to shoot up once again in the coming weeks when inventories reach record low levels, the company's senior vice president Neil Chapman said Thursday, according to a FactSet transcript. Exxon shares were down 0.8%.Chevron's (CVX) oil production at its Tengiz field in Kazakhstan dropped significantly on Tuesday after an accident, Reuters reported Friday, citing industry sources. Output fell to between 5,000 and 10,000 metric tons on Tuesday from typically 125,000 tons a day, according to the report. Chevron shares were shedding 0.5%.ReNew Energy Global (RNW) has received a non-binding proposal from Canada Pension Plan Investment Board and ReNew's CEO Sumant Sinha to buy shares not already owned by the consortium for $6.75 each in cash, the company said Friday. ReNew shares rose 2.3%.