@CollinEatonHC

Writing about the U.S. oil majors at The Wall Street Journal.

 Houston, TX
wsj.com/news/author/collin-eaton
Joined August 2013
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153Media
An Oil-Patch Brawl Over a $53 Billion Megadeal Entwines the Legacies of Three CEOs, w/ ⁦@benmorenne⁩ wsj.com/business/energy-oil/…

 An Oil-Patch Brawl Over a $53 Billion Megadeal Entwines the Legacies of Three CEOs

The leaders of Exxon Mobil, Chevron and Hess are duking it out over a generational oil discovery in Guyana.

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Some analysts say the outages could get worse if the US-Iran conflict heats up again post midterms, as signs suggest. “It doesn’t look good in the Gulf. There could be decreased output and longer outages depending on the level of damages.” ⛽️ Data: Industrial Info Resources.
Collin Eaton@CollinEatonHCOct 26
The WSJ made maps 👀 of the Russian refineries that Ukraine has taken out with drones (59% capacity) and the refineries Iran and the Houthis have attacked in the Middle East, or that are still jammed up post-Hormuz. Globally, 12% of capacity is offline. wsj.com/business/energy-oil/…

These Maps Show Why It’s So Hard to Recover the World’s Lost Fuel Supplies

President Trump is grasping for ways to lower fuel prices ahead of the midterms, but refinery attacks have limited his options.

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The WSJ made maps 👀 of the Russian refineries that Ukraine has taken out with drones (59% capacity) and the refineries Iran and the Houthis have attacked in the Middle East, or that are still jammed up post-Hormuz. Globally, 12% of capacity is offline. wsj.com/business/energy-oil/…

These Maps Show Why It’s So Hard to Recover the World’s Lost Fuel Supplies

President Trump is grasping for ways to lower fuel prices ahead of the midterms, but refinery attacks have limited his options.

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Vera Bergengruen
@VeraMBergenSep 21
New: At a sprawling waterfront mansion, a group of wealthy Cuban-Americans has spent months hatching detailed plans for a country that doesn’t yet exist. With @Jose_deCordoba, our deep dive on Miami's feverish day-after planning for post-communist Cuba wsj.com/world/americas/cuba-…

The Backroom Meetings in Miami Where Cuba’s Future Is Being Plotted

Cuban-Americans are drafting detailed plans fueled by Trump’s promises—even as the regime hangs on.

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Vera Bergengruen
@VeraMBergenAug 31
New via @CollinEatonHC: The Venezuelan oil company run by businessman Alejandro Betancourt (and now backed by Trump) plans to dispatch more than 50 drilling rigs over the next few years, a massive rollout meant to turbocharge VZ's anemic crude production. wsj.com/business/energy-oil/…

Exclusive | Trump’s Venezuelan Oil Company Plans Massive Drilling Push

The company led by Alejandro Betancourt plans to dispatch more than 50 drilling rigs to turbocharge the country’s anemic crude production.

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A $100 billion price tag sounds like a lot until you do the math: 65 billion (barrels) times roughly the current oil price is $5.395 trillion.
Vera Bergengruen
@VeraMBergenAug 30
NEW: Trump spent months declaring Maduro's ouster secured Venezuela's oil for America. When US oil companies resisted investing, his administration devised an extraordinary solution to turn his vision into reality: make the U.S. government itself an investor through the Pentagon. We have the details.
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Vera Bergengruen
@VeraMBergenAug 30
Trump and Delcy Rodríguez agreed to the outlines of the deal on a phone call a few days ago. The deal caps months of secretive negotiations and frequent trips to Caracas by U.S. officials and negotiators. With @DrewFitzGerald @CollinEatonHC @WSJForero wsj.com/business/energy-oil/…

Exclusive | Inside Trump’s Plan to Give the Pentagon a Stake in Venezuela’s Oil Riches

The deal capped months of secretive negotiations to give the U.S. rights to the some of the world’s largest proven oil reserves.

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The Wall Street Journal
@WSJAug 28
Exclusive: Chevron and other U.S. energy companies are nearing deals to invest billions of dollars in Venezuela’s oil fields on.wsj.com/4xqmvSp

Exclusive | Chevron, Other U.S. Firms Near Deal to Invest Billions in Venezuelan Oil Fields

The U.S. oil major is close to an agreement to add two heavy-oil fields to its portfolio in Venezuela. Halliburton is also in talks.

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Josh Young
@JoshYoungJul 16
What an odd, interesting thing for the EIA to highlight today: "What are tank bottoms?"
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Michael R. Gordon
@mgordonwsjJun 15
Oil Executives Are Sounding the Alarm Over Dwindling Stockpiles @CollinEatonHC and @benmorenne wsj.com/business/energy-oil/…

Oil Executives Are Sounding the Alarm Over Dwindling Stockpiles

The world is guzzling so much oil from commercial and strategic inventories that they risk falling below their minimum operating levels.

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Jonathan Cheng
@JChengWSJJan 18
U.S. Blockade Shuts Off China, Cuba From Venezuelan Oil—Only U.S.-bound tankers of crude have left the country since the arrest of Nicolás Maduro, a report says @CollinEatonHC @paulvieira wsj.com/world/americas/us-ve… wsj.com/world/americas/us-ve…

U.S. Blockade Shuts Off China, Cuba From Venezuelan Oil

Only U.S.-bound tankers of crude have left the oil-exporting country since the arrest of Nicolás Maduro, a new report says.

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The Wall Street Journal
@WSJJan 9
President Trump pressed executives from nearly two dozen oil companies to plant flags in Venezuela. But executives stopped short of making pledges to quickly invest. on.wsj.com/4jvckFQ

Trump Presses Oil Executives to Invest in Venezuela—but Gets Lukewarm Reception

Exxon’s CEO says the South American country is currently “uninvestable” and plans to send a technical team to assess the situation.

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Exxon Mobil has held secret talks with Rosneft, the Russian oil giant run by a close Putin ally, about returning to the Sakhalin project if given the green light as part of a Ukraine peace deal. @josephttwallace @CostasParis @learyreports @CollinEatonHC wsj.com/business/energy-oil/…

Exclusive | Exxon Held Secret Talks With Rosneft About Going Back to Russia

Resuming business in Russia would mark a dramatic rapprochement after Exxon’s messy breakup with Moscow when Putin attacked Ukraine in 2022

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Chevron prevailed in clash with Exxon over one of the world’s most coveted oil projects wsj.com/business/energy-oil/…

Chevron Closes Megadeal for Hess After Winning Exxon Arbitration

Arbitrators cleared the way for the long-delayed $53 billion acquisition after Exxon tried to pre-empt the deal.

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Oil executives want President Trump to use trade talks to quash Europe’s flagship climate rules wsj.com/business/energy-oil/…

Exclusive | Trump Goes to Bat for Big Oil on Climate Rules in EU Trade Talks

The administration is targeting key EU greenhouse-gas regulations in trade negotiations with Europe.

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Oil executives have won President Trump’s support in their effort to quash Europe’s flagship environment rules wsj.com/business/energy-oil/…

Exclusive | Trump Goes to Bat for Big Oil on Climate Rules in EU Trade Talks

The administration is targeting key EU greenhouse-gas regulations in trade negotiations with Europe.

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Shell is holding early stage talks to acquire rival BP in what would be the largest oil deal in a generation wsj.com/business/energy-oil/…

Exclusive | Shell in Early Talks to Acquire Rival BP

A deal would be a landmark combination of two supermajor oil companies. Shell issued a formal stock exchange denial of takeover talks.

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For context, that’s greater than the value of Chevron, the second largest US oil company.
Collin Eaton@CollinEatonHC1 May 2025
All told, the US oil industry has lost over $280 billion in market cap since the tariff blitz in early April. On a percentage basis, their aggregate loss has outpaced every other major sector. wsj.com/business/energy-oil/… via @WSJ

How the U.S. Oil Industry Has Taken a Beating Under Trump, in Charts

The president’s pledge to usher in an era of American energy dominance collides with his policies.

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All told, the US oil industry has lost over $280 billion in market cap since the tariff blitz in early April. On a percentage basis, their aggregate loss has outpaced every other major sector. wsj.com/business/energy-oil/… via @WSJ

How the U.S. Oil Industry Has Taken a Beating Under Trump, in Charts

The president’s pledge to usher in an era of American energy dominance collides with his policies.

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Replying to @EIAgov
@EIAgov made quite an interesting shift in its projections for US #crude #oil output in its latest AEO. US crude now peaks @ 14mn b/d in '27 before shifting into decline, falling below 11.3mn b/d in '50. Prior, peak of 13.3mn b/d hit in '28, followed by sustained plateau.
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Free trade fueled the U.S.’s rise as an oil-and-gas hegemon. President Trump’s America First era is set to force a painful readjustment. wsj.com/business/energy-oil/… via @WSJ @benmorenne

Trump Promised a Golden Age for Oil and Gas, but Tariffs Undermine His Pledge

Fractured trade relations and a potential global recession are poised to reduce international sales and domestic output of fossil fuels.

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