Chevron Corporation NYSE: CVX przemysł naftowy

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Why Chevron Had Such a Dismal Q2

When Chevron Corp. (NYSE: CVX) reported second-quarter results before markets opened Friday, the oil and gas supermajor posted an adjusted loss per share of $1.59 on total revenues of $13.5 billion. In the same period a year ago, the company reported adjusted earnings per share (EPS) of $1.77 on total revenues of $38.9 billion. Second-quarter results also compare to the consensus estimates for a loss per share of $0.92 and $22.1 billion in revenue.

On a GAAP basis, Chevron’s quarterly loss totaled $8.3 billion ($4.44 per share), compared to a year-ago profit of $4.3 billion ($2.27 per share). The GAAP loss included a charge of $1.8 billion related to the commodity price outlook, severance accruals of $780 million and a gain of $310 million on the sale of assets in Azerbaijan. Chevron also fully wrote down its entire $2.6 billion investment in Venezuela.

In the second quarter, impairments and write-offs totaled $5.7 billion. Currency exchange effects lowered earnings by $437 million.

The company said capital and exploratory spending totaled $3.3 billion in the quarter ($7.7 for the year to date). In the quarter, capex was 37% lower compared with the same period last year. Chevron said in April it expects total capital spending for the year of around $14 billion.

Worldwide net oil-equivalent production in the first quarter totaled 2.99 million barrels a day, down about 3.0% year over year. Net oil-equivalent production in the United States totaled 991,000 barrels a day, up by 93,000 barrels year over year. Average U.S. price realizations per barrel of oil dropped from $52 a year ago to $19. That is not a typo.

Internationally, liquids prices fell from $62 a barrel a year ago to $21 a barrel, and net oil-equivalent production fell by 189,000 barrels a day to 2.0 million barrels a day

CEO Michael Wirth noted that while demand and commodity prices have “shown signs of recovery,” neither is near pre-pandemic levels and Chevron expects “depressed” results in the third quarter.

The earnings announcement did not include guidance, but consensus estimates for the third quarter of 2020 call for an earnings per share loss of $0.08 on revenues of $24.6 billion. For the full year, analysts are estimating earnings per share of $0.24 on revenues of $102.9 billion. These estimates are almost certainly too optimistic.

Operating cash flow in the first half of the year totaled $4.8 billion, equal to Chevron’s dividend payments. At the end of the first quarter, the company said it expected to make its dividend payments from operating cash flow.

Crude prices have returned to around $40 a barrel and have traded in a narrow band around that price for about six weeks now. Barring another monumental collapse, Chevron’s third-quarter results should improve, although the company does not expect a return to pre-COVID-19 price levels.

Chevron’s shares traded down about 2.6% in Friday’s premarket, at $84.00 in a 52-week range of $51.60 to $125.27. The consensus 12-month price target was $100.71 before this morning’s report. Chevron’s dividend yield is 5.98% at an annualized rate of $5.16.

https://247wallst.com/energy-business/2 ... dismal-q2/

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Dow Jones Oil Giant Invests In This Holy Grail Of Green Energy

Dow Jones giant Chevron (CVX) is investing in a nuclear fusion startup as oil majors take stakes in cleaner energy amid public outcry.

https://www.investors.com/news/nuclear- ... t-chevron/

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Chevron Up as Bank of America Lifts Stock to Buy on Valuation

Chevron stock "has moved back to levels where the risk/reward is attractive,” a Bank of America analyst said, upgrading the stock to buy.
Chevron (CVX) - shares rose after Bank of America Securities upgraded the oil titan’s stock to buy from neutral, seeing the stock’s 39% drop this year as a buying opportunity.

His share-price target is $96.

Chevron stock "has moved back to levels where the risk/reward is attractive,” analyst Doug Leggate wrote in a commentary cited by CNBC.

He doesn’t expect investors to turn more bullish on the company until the hefty oil- inventory surplus shrinks.

U.S. petroleum stocks, excluding the Strategic Petroleum Reserve, totaled 1.4 billion barrels in the week ended Sept. 18, according to the Energy Information Administration. Energy demand has slumped since the coronavirus pandemic throttled businesses and consumer demand for fuel.

Chevron shares recently traded at $74.34, up 3.5%.

In July, Chevron agreed to buy oil driller Noble Energy (NBL) - Get Report for $5 billion in stock in what marks the biggest oil-patch tie-up since the coronavirus pandemic took hold. Including Noble's debt, the total enterprise value of the deal is $13 billion.

Buying Houston-based Noble, which has both U.S. and international operations, complements Chevron’s presence in the oil-rich deposits of the DJ Basin of Colorado and Permian Basin, which spans West Texas and New Mexico. It also gives the San Ramon, Calif., oil giant assets in the eastern Mediterranean and West Africa.

Chevron posted a wider-than-expected loss for the second quarter and warned oil demand won't return to pre-pandemic levels until at least year-end.

Chevron said its adjusted loss was $1.59 a share, wider than the 92 cents a share Wall Street consensus forecast. Revenue fell 55.5% to $16 billion, missing analysts' estimates of a $22.1 billion tally.

https://www.thestreet.com/investing/che ... -valuation

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Chevron posts profit on deep cost cuts, improved oil prices
CommoditiesOct 30, 2020 08:56AM ET

HOUSTON (Reuters) - Chevron Corp (N:CVX) on Friday posted a surprise third-quarter profit as oil prices recovered from spring lows and spending cuts benefited operating results.

Chevron and its peers have slashed spending budgets this year on plummeting demand and crude oil prices that remain about 40% below where they began the year. Royal Dutch Shell Plc (L:RDSa) and BP Plc (L:BP) also posted higher-than-expected quarterly results after deep expense cuts this year.

The second-largest U.S. oil producer reported earnings of $201 million, or 11 cents per share, excluding one-time items. That compared with a profit of $2.9 billion, or $1.55 per share, a year earlier.

Wall Street analysts had expected a loss of 27 cents for the quarter, according to Refinitiv IBES data.

Shares rose a fraction in premarket trading to $68.97.

Chief Financial Officer Pierre Breber said it was too soon to say the worst of the pandemic-related decline in oil demand was over.

The outlook for energy consumption "depends on when the world - this country and other countries - get control of the pandemic and those activities resume. We don't know when that's going to be," Breber said.

Chevron is near the end of a year-long restructuring of its operations to reflect a prolonged period of low prices, Breber said. The effort will reduce its workforce by up to 15% of its 45,000 person staff.

Despite lower volumes, it posted modest operating profit in oil and gas production and refining by cutting expenses 12% and spending on new projects by 48%, excluding acquisitions, both from year-ago levels.

That helped offset cheaper fuel. While its oil sold last quarter for 63% more than in the second quarter, it was still well below the $47 a barrel price received a year ago.

"The world's economy continues to operate below pre-pandemic levels, impacting demand for our products which are closely linked to economic activity," Chief Executive Officer Michael Wirth said in a statement.

In the top U.S. oil field, the Permian Basin shale field, Chevron expects output to dip to around 550,000 barrels of oil and gas per day, from 565,000 barrels per day this quarter, Breber said. It is likely to keep production there flat until the global economy recovers.

"The world doesn't need more supply," Breber said.

Chevron's oil and gas production in the third quarter was down 7%, compared with a year earlier, reflecting asset sales, curtailment due to low prices and contract agreements. Refining volumes recovered from a sharp second-quarter drop, while remaining below year-ago levels.

The company continues to give priority to its shareholder dividend even as cash flow from operations fell 57% from a year ago and turned negative in the third quarter.

"Chevron generated enough cash flow to cover its capital spending and had only a modest deficit after funding its dividend," Edward Jones analyst Jennifer Rowland said.

"The company's strong balance sheet and liquidity position supports its dividend during this difficult period. We view the company as a defensive holding in a challenging industry."

https://www.investing.com/news/commodit ... es-2337139

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EPS / Forecast
-0.01 / 0.0926

Revenue / Forecast
25.25B / 25.97B

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Chevron chce wykupić operatora rurociągów Noble

Amerykański koncern energetyczny zaoferował dokupienie brakujących udziałów operatora rurociągów Noble Midstream Partners, aby przejąć pełną kontrolę nad firmą. Wartość transakcji ma sięgnąć 422 mln USD.

Chevron aktualnie jest większościowym właścicielem Noble Midstream z 62-procentowym udziałem, a jednocześnie największym klientem firmy. Teraz chce stać się właścicielem 100 proc. jej udziałów.

https://www.pb.pl/chevron-chce-wykupic- ... le-1107571

[slayer74]

Nowy nabytek w portfelu Warrena Buffetta
Chevron. Ropa drożeje, a wraz z nią akcje spółki.

Amerykański gigant energetyczny znalazł się na celowniku jednego z najpopularniejszych inwestorów świata. Może to oznaczać, że wyrocznia z Omaha widzi dobre perspektywy dla spółki. Dodatkowym atutem z pewnością jest regularnie wypłacana dywidenda.

Chevron to amerykański gigant z branży ropy i gazu. Ubiegły rok nie był dla spółki udany ze względu na niskie ceny surowców energetycznych. Jednak w ostatnim czasie cena ropy wzrosła powyżej 60 USD za baryłkę i perspektywy dla Chevrona są lepsze.
...
https://www.parkiet.com/Zagraniczna-Spo ... fetta.html

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Amerykański koncern energetyczny dokupi brakujący, 38-procentowy pakiet akcji w spółce Noble Midstream Partners będącej operatorem rurociągów i przejmie nad nią pełną kontrolę

https://www.pb.pl/chevron-przejmuje-nob ... am-1110248

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Drugi pod względem wielkości amerykański koncern paliwowy, Chevron potwierdził, że zamierza w tym roku zmniejszyć nakłady kapitałowe i zaoszczędzić więcej gotówki. Kusi inwestorów większym otwarciem na ekologię, donosi Reuters.

https://www.pb.pl/chevron-stawia-na-eko ... ci-1110539

[slayer74]

#Chevron hikes dividend by 3.9 percent. $CVX

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Chevron może utrzymać działalność w Wenezueli

https://www.pb.pl/chevron-moze-utrzymac ... li-1118279

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Latest Release
Jul 30, 2021

EPS / Forecast
1.71 / 1.58

Revenue / Forecast
37.6B / 36.09B

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Latest Release
Oct 29, 2021

EPS / Forecast
2.96 / 2.2

Revenue / Forecast
44.71B / 39.97B

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Latest Release
Apr 29, 2022

EPS / Forecast
3.36 / 3.4

Revenue / Forecast
54.37B / 51.14B

Zysk amerykańskiego koncernu naftowego Chevron wzrósł w pierwszym kwartale czterokrotnie w porównaniu z analogicznym okresem ubiegłego roku. To zasługa wzrostu cen ropy naftowej na światowych rynkach, pisze Reuters.

https://www.pb.pl/kwartalny-zysk-chevro ... ie-1149141

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Chevron says world's largest carbon capture project has 'a ways to go' to meet goals

MELBOURNE (Reuters) - Chevron Corp (NYSE:CVX)'s Gorgon carbon capture and storage (CCS) project in Australia is working at only half its capacity nearly three years after starting up and the company has no timeframe for delivering on targets it has so far failed to meet, a senior executive said.

The world's largest CCS project, which started up three years late, is being closely watched by the gas industry globally as carbon capture and storage is seen as essential for producers to meet net zero emissions targets by 2050.

Gorgon CCS had originally been slated to be fully operational by last year when the project faced its first five-year rolling assessment. Instead, it was forced to buy carbon credits for falling short of goals for burying emissions from the Gorgon liquefied natural gas (LNG) plant.

The project was designed to bury 4 million tonnes of carbon dioxide (CO2) annually but only managed 2.1 million tonnes last year.

"We've still got a ways to go to meet the commitment to what we have the injection system designed for," Chevron Australia's director of operations, Kory Judd, told Reuters in an interview ahead of the Australian Petroleum Production and Exploration Conference.

"What we're doing is trying to learn our way through how you inject CO2 into the reservoirs, how do they respond, then how do you do that reliably and how do you do that and get to the point to meeting the commitments that you've got."

The CO2 injection systems are working reliably, he said.

"It's just getting it to scale that we're working on."

Judd said the company would continue to work with the Western Australian government to offer offsets to make up for any shortfall assessed each year.

He did not say how much Chevron had spent on the 5 million greenhouse gas offsets surrendered on behalf of the Gorgon partners, which include fellow majors Exxon Mobil Corp (NYSE:XOM) and Shell (LON:RDSa).

Australian Carbon Credit Units soared to a high of A$57 a tonne in January when Chevron was buying offsets. At those prices, the offsets would cost more than A$250 million but not all the offsets were bought on the Australian market.

Despite the challenges faced by the A$3 billion ($2 billion) project off the coast of Western Australia, Chevron is looking for other CCS opportunities in Australia and elsewhere. In Southeast Asia alone BP plc (LON:BP), Indonesia's Pertamina and Malaysia's Petronas are working on CCS plans.

"There's no way you can get to the 2050 aspirations any place in the world without CCS being a component of it," Judd said.