Unionized workers at Chevron’s two major Australian LNG plants will begin progressively disruptive work stoppages on September 7, their unions said Monday. The Gorgon and Wheatstone export plants account for 5% to 10% of global liquified methane gas supply and European LNG prices jumped 10% in response to the news. Chevron’s broke its all-time profit record in 2022, pulling down 35.5 billion. Those profits reflect the oil and gas industry’s windfall from and exploitation of the Russian war in Ukraine. Oil majors (Exxon, Chevron, BP, Shell, Equinor, and TotalEnergies) more than doubled their total 2021 profits, pulling down $219 billion in 2022. (Reuters, Bloomberg $, BBC, CNN, Reuters, Wall Street Journal $)
