Entering text into the input field will update the search result below

Chevron Corporation (CVX) CEO Michael Wirth on Q1 2020 Results - Earnings Call Transcript

May 01, 2020 6:01 PM ETChevron Corporation (CVX) Stock8 Comments
SA Transcripts profile picture
SA Transcripts

Chevron Corporation (NYSE:CVX) Q1 2020 Results Conference Call May 1, 2020 11:00 AM ET

Company Participants

Wayne Borduin - General Manager, Investor Relations

Michael Wirth - Chairman and Chief Executive Officer

Pierre Breber - Vice President and Chief Financial Officer

Conference Call Participants

Devin McDermott - Morgan Stanley

Neil Mehta - Goldman Sachs

Jeanine Wai - Barclays

Paul Cheng - Scotiabank

Paul Sankey - Mizuho Securities

Pavel Molchanov - Raymond James

Doug Terreson - Evercore ISI

Biraj Borkhataria - RBC Capital Markets

Sam Margolin - Wolfe Research

Brian Todd - Siemens Energy


Good morning. My name is Jonathan and I will be your conference facilitator today. Welcome to Chevron’s First Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded.

I wound now turn the conference call over to your host for today’s program, the General Manager of Investor Relations of Chevron Corporation, Mr. Wayne Borduin. Please go ahead.

Wayne Borduin

Thank you, Jonathan. Welcome to Chevron’s first quarter earnings conference call and webcast. Our Chairman and CEO, Mike Wirth, and CFO, Pierre Breber are on the call with me. We will refer to the slides that are available on Chevron’s website. Before we get started, please be reminded that this presentation contains estimates, projections and other Forward-Looking Statements. Please review the cautionary statement on Slide 2.

Now, I will turn it over to Mike.

Michael Wirth

Alright. Thanks, Wayne. Before we get started, I hope you and your loved ones are safe and healthy. Our thoughts are with all the families affected by COVID-19 and especially with the healthcare workers on the frontlines battling everyday to contain the outbreak.

I’m also incredibly

Recommended For You

Comments (8)

This is a lesson on how to properly manage a business. Little wonder CVX had led the peer group for decades.
Michael Wirth 05-01-2020:

“Yes, I might just add Devin. WE ARE PROTECTING THE DIVIDENDS because we are set up to do so and we have made it a priority. As Pierre said, we enter with balance sheet strength that is second to none, and advantaged portfolio with a low breakeven capital discipline. That is part of our DNA. We have demonstrated it through the way we have managed capital spending, our discipline on transactions and we have got capital flexibility.

And all of this is because we are committed to the dividend and you can see that while we do lean on the balance sheet to fund the capital program, over this period of time, WE CAN SUPPORT THE DIVIDEND COMFORTABLY we can support the dividend comfortably and still remain in a very healthy position and we have set ourselves up to do so. Thanks, Devin, did you have a follow-up?”

How many believe Mike considering the CEO's of OXY, RDS, KMI and COP talked the same way a few months before they cut their dividends?
I added to my position in RDS today after the sell off. There might be a bunch of neutral articles on SA recently on RDS, but the company made the right call lowering the dividend in my opinion.
Oil Can profile picture

"How many believe Mike considering..."

Because he said it TODAY - not a few months ago before these other players knew what they were facing - and then caved I might add.

He said it TODAY.

Furthermore, they have the balance sheet to back it up.

But - none of that really matters. I strongly encourage you to read the transcript of the RDS CC - and compare it with this transcript. The differences are eye-opening; $CVX still believes in the oil & gas business; they still believe in a future where their product will be in abundant demand. RDS management does not. They appear to believe in achieving "carbon-neutral" targets with alternative energy investments and feel that oil demand will never recover. If that's your cup of tea - more power to ya.

This morning during the $CVX dip I sold all of my remaining $RDS.B shares and bought equivalent $CVX shares. Should have done it a long time ago.
I agree Mike Wirth seems believable in regards to the safety of the dividend. Thanks for your thoughts.
To report an error in this transcript, .Contact us to add your company to our coverage or use transcripts in your business. Learn more about Seeking Alpha transcripts here. Your feedback matters to us!

About CVX

SymbolLast Price% Chg
Market Cap
Yield (TTM)
Rev Growth (YoY)
Short Interest
Prev. Close
Compare to Peers

More on CVX

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.