Chevron, A Dividend Champion In Trouble: What Is The Impact Of The Ecuadorian Judgment?
Caiman Valores • 52 Comments
Caiman Valores • 52 Comments
Fri, Apr. 29, 9:08 AM
- Chevron (NYSE:CVX) reports a loss of $1.45B in the upstream business during Q1. A gain of $735M on the downstream side provided some relief, although margins were lower than a year ago.
- The average U.S. sales price for crude oil and natural gas liquids was down 40% to $26/bbl during the quarter. The slide in natural gas prices was at 42% Y/Y.
- International sales prices were also sharply lower, 37% for crude oil/natural gas and 22% for natural gas.
- Operating and SG&A expenses were up 1%, despite the major tail-off in revenue.
- Chevron pulled back on capital and exploratory spending in Q1, with $6.5B spent compared to $8.6B last year.
- Previously: Chevron misses by $0.19, beats on revenue (April 29)
- CVX -1.0% premarket to $101.60.
Fri, Apr. 29, 8:31 AM
Thu, Apr. 28, 5:30 PM| Thu, Apr. 28, 5:30 PM | 3 Comments
Fri, Jan. 29, 8:58 AM
- Chevron (NYSE:CVX) -1.8% premarket after swinging to an unexpected Q4 loss of $0.31/share on revenues of $28B, down a third from $42B in the year-ago quarter, amid plunging crude oil prices.
- CVX says its Q4 average sales price of crude oil and natural gas liquids was $35/bbl, down from $66/bbl a year earlier.
- CVX’s upstream operations were hit hardest, as the segment lost $1.95B in Q4 after earning $432M a year ago, while profit in the downstream operations were nearly cut in half to $496M.
- CVX says Q4 production rose 4% Y/Y to 2.67M boe/day, while FY 2015 production added 2% Y/Y to 2.62M boe/day, which was within the company's guidance range for the year; CVX added ~1.02B boe proved reserves in 2015.
- "We're taking significant action to improve earnings and cash flow in this low price environment," Chairman/CEO John Watson says, as 2015 operating expenses and capital spending were reduced by $9B from 2014, with "similarly large reductions" anticipated in 2016; asset sales totaled $6B in 2015, with more sales planned for 2016 and 2017.
Fri, Jan. 29, 8:33 AM
- Chevron (NYSE:CVX): Q4 EPS of -$0.31 may not be comparable to consensus of $0.46.
- Revenue of $29.25B (-36.5% Y/Y) beats by $530M.
Thu, Jan. 28, 5:30 PM
Oct. 30, 2015, 8:47 AM
- Chevron (NYSE:CVX) moved up 1.1% premarket on a Q3 earnings report where profits contracted Y/Y but revenues beat expectations soundly and the company cut expenses.
- The upstream business eked out profit of $59M as international earnings of $662M mitigated a $603M loss in the U.S. Weaker market prices for both crude and natural gas affected results, though the company has cut operating and admin costs 7% Y/Y and is pursuing more cuts.
- Worldwide net oil-equivalent production was 2.54M barrels/day, down from the prior year's 2.57M.
- Downstream earnings of $2.21B were up sharply from a year-ago $1.39B.
- Cash flow from operations was $14.9B for the first nine months, down from a year-ago $25B. Capital and exploratory expenditures were $25.3B, down from a year-ago $29B. The company expects 2016 capital/exploratory expenditures at $25B-$28B, down about 25%.
- Webcast to come at 11 a.m. ET.
Oct. 30, 2015, 8:32 AM
- Chevron (NYSE:CVX): Q3 EPS of $1.09 beats by $0.33.
- Revenue of $34.3B (-37.3% Y/Y) beats by $4.54B.
- Shares +0.2% PM.
Oct. 29, 2015, 5:30 PM| Oct. 29, 2015, 5:30 PM | 19 Comments
Jul. 31, 2015, 3:26 PM
- ConocoPhillips (NYSE:COP) is down 3.3%, a day after posting a Q2 earnings beat where it cut capex but continued to expand production.
- Meanwhile, debate on this oil major rages around the safety of its sizable dividend (declared at $0.74 quarterly this month).
- Credit Suisse finds the dividend safe: "ConocoPhillips outlined how they could cover their dividend with unchanged 2017 production at a $60/bbl Brent price. This is impressive." Considering capex of $11B this year, "the project cycle helps."
- Meanwhile, JPMorgan thinks the dividend can't stick around in the long run: "While management did a good job of highlighting the incremental levers available to pull, our caution remains that the strategy of increasing the mix of short cycle production with high decline rates will make it more difficult to cover the sacrosanct dividend in the out years when productivity slows."
- Conoco's yield is now a point higher than closest peer Chevron, at 5.7%, but "without the same downstream cushion and more than twice the leverage."
- Today: XOM -4.6%, and CVX -5.3%, after earnings reports this morning.
- Previously: Exxon Mobil off 1.8% premarket after lowest profit since 2009 (Jul. 31 2015)
- Previously: Chevron -1.8% as earnings tumble, paced by $2.2B upstream loss (Jul. 31 2015)
Jul. 31, 2015, 9:01 AM
- Chevron (NYSE:CVX) is off 1.8% premarket after profits slid in a "weak" Q2 pressed by oil and gas writedowns amid the continuing crude supply glut.
- Earnings of $571M were down from a year-ago $5.7B. Sales and other operating revenues were $36.8B, down from a year-ago $55.6B.
- The upstream business swung to a net loss of $2.22B from a year-ago $5.26B. "Our Upstream businesses were particularly hard hit, as lower prices reduced revenues and triggered impairments and other charges," said CEO John Watson. Net oil-equivalent production was 2.6M barrels/day, up from last year's 2.55M, in part due to project ramp-ups in the U.S., Bangladesh and Argentina.
- Meanwhile, downstream earnings were $2.96B, up from 2014's $721M, boosted by improved margins.
- A heavier oil mix than competitors means that crude declines of the past two months are hitting cash flow hard. Cash flow from operations was $9.5B, down from a year-ago $16.3B.
- Earlier this week, the company said it was targeting $1B in cost reductions by cutting 1,500 jobs.
- Webcast to come at 11 a.m. ET.
Jul. 31, 2015, 8:33 AM
- Chevron (NYSE:CVX): Q2 EPS of $0.30 may not be comparable to consensus of $1.16.
- Revenue of $40.4B (-30.3% Y/Y) beats by $9.49B.
Jul. 30, 2015, 5:30 PM
May 1, 2015, 9:19 AM
- Chevron (NYSE:CVX) -0.2% premarket after reporting Q1 earnings that fell sharply from a year ago but much less than expected, as strength in the refining segment helped offset lower crude oil prices.
- CVX’s profits are better insulated than most oil producers because it also makes money from refining the fuel into gasoline and diesel; during Q1, downstream earnings, which include refining, doubled Y/Y to $1.42B from $710M.
- Meanwhile, Q1 earnings from E&P, or the upstream segment, fell to $1.56B from $4.31B a year earlier; U.S. upstream operations lost $460M compared to earnings of $912M in the year-ago quarter.
- CVX says it produced 2.68M bbl/day of oil in Q1, up 4% Y/Y, with the increase coming primarily from higher activity in the U.S., Bangladesh and Argentina.
- CVX's average sales price per barrel of crude oil and natural gas liquids was $43 in Q1, down from $91 a year ago, and the average sales price of natural gas was $2.27/Mcf vs. $4.77 in last year's Q1.
- CVX continued cutting costs during the quarter, reducing operating expenses by 9%; Q1 capex declined to $8.6B from $9.4B a year ago.
May 1, 2015, 8:36 AM
- Chevron (NYSE:CVX): Q1 EPS of $1.37 beats by $0.58.
- Revenue of $34.56B (-35.1% Y/Y) beats by $10.19B.
- Shares +0.78% PM.
Chevron Corp. is an integrated energy company, which provides administrative, financial, management and technology support to U.S. and international subsidiaries that engage in fully integrated petroleum operations, chemicals operations, mining operations, power generation and energy services.... More
Sector: Basic Materials
Industry: Major Integrated Oil & Gas
Country: United States
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