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☆ Bank of America sees opportunity in dividend stocks. Here are a few names it's highlighting
▼ + stars: | 2024-03-22 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Select dividend stocks could help boost investors' portfolio returns as the U.S. economy continues to improve, according to Bank of America. Investors should seek out companies with above-market dividend yields that are secure, not stretched, Subramanian advised. Among the energy names on the list is Chevron , which has a 4.2% dividend yield. The stock has an average rating of overweight and 14% upside to the average analyst price target, according to FactSet. Meanwhile, with Fifth Third Bancorp , investors can enjoy a 3.8% dividend yield.

Persons: Savita Subramanian, Subramanian, Russell, Michael Wirth, CNBC's Organizations: Bank of America, Investors, Chevron, American Electric Power, Consolidated Edison, Utilities, Fifth Third Bancorp, Bancorp, Essex, Hotels, Resorts Locations: U.S

☆ Red Sea crisis could lead to global tanker shortage, Kuwait Petroleum CEO says
▼ + stars: | 2024-03-20 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Mark Felix | Afp | Getty ImagesHOUSTON — The crisis in the Red Sea could lead to a shortage in the global tanker fleet if disruptions persist for another six months, the CEO of Kuwait Petroleum Corporation told CNBC. Houthi militants have been striking commercial shipping in the Red Sea since November in support of Palestinians as Israel wages war in Gaza. The company is continuing to ship through the Red Sea and is making decisions on which route ships should take on a daily basis, he said. "We maintain a strategic tanker tanker fleet for these types of reasons," al-Sabah said. Wirth told CNBC that Chevron is "not moving ships to the Red Sea."

Persons: Shaikh Nawaf Al, Mark Felix, Shaikh Nawaf, KPC, Saddam Hussein's, Michael Wirth, Wirth, CNBC's Brian Sullivan Organizations: Kuwait Petroleum Corporation, Afp, Getty, HOUSTON, CNBC, Houthi, Global, Chevron Locations: Sabah, Houston , Texas, Red, Israel, Gaza, Africa, al, Al, Persian, Kuwait, Iraq, China

☆ Chevron CEO Michael Wirth on Q4 results: 2023 was a year of records for us
▼ + stars: | 2024-02-02 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO Michael Wirth on Q4 results: 2023 was a year of records for usChevron CEO Michael Wirth joins 'Squawk on the Street' to discuss the company's quarterly earnings results, raising dividend, energy prices, and more.

Persons: Michael Wirth Organizations: Chevron

☆ Surging U.S. oil production may set a record in 2024, shielding consumers from Mideast war and pressuring OPEC
▼ + stars: | 2024-01-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

Supply is forecast to grow by 1.5 million barrels per day to a new high of 103.5 million barrels per day, according to the IEA. Demand will grow by 1.2 million barrels daily, down from 2.3 million in 2023, with the post-pandemic recovery over and major economies set to slow. WTI and Brent closed out 2023 down more than 10% and OPEC+ production cuts have so far failed to lift prices. Goldman Sachs, for example, says oil prices could double if there is a prolonged disruption to shipments through the Strait of Hormuz. 'Golden era' Stronger U.S. oil production in 2023 surprised even oil industry CEOs such as Chevron's Wirth and Occidental's Vicki Hollub, they told CNBC in recent interviews.

Persons: Michael Wirth, Wirth, CNBC's Brian Sullivan, Goldman Sachs, Walt Chancellor, Daniel Yergin, Brent, Adi Imsirovic, Imsirovic, Yergin, Bob Yawger, Yawger, Matt Smith, Smith, Chevron's Wirth, Occidental's Vicki Hollub, I'm, Macquarie, Chancellor, Hollub, — Organizations: P, Energy Information Agency, Chevron, P Global, CNBC, Economic, West Texas, Center for Strategic, International Studies, OPEC, Bank of America, Oil, International Energy Agency, IEA, Brent, Mizuho, Gulf, Americas, Western Hemisphere Locations: East, U.S, Macquarie, Davos, Switzerland, Canada, United States, United Kingdom, OPEC, Brazil, Guyana, Americas, Europe, Red, Kpler, Iran, Hormuz

☆ Red Sea risk to oil 'very real,' prices could change rapidly if supply disrupted, Chevron CEO says
▼ + stars: | 2024-01-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The Chevron CEO said he was surprised that U.S. crude oil was trading below $73 a barrel because the "risks are very real." Shell suspends Red Sea shipmentsThe British oil major Shell has suspended shipments through the Red Sea, people familiar with the matter told The Wall Street Journal Tuesday. Shell's decision to halt shipments through the crucial trade chokepoint comes about a month after BP paused transits through the Red Sea. Several major tanker companies, which transport petroleum products such as gasoline as well as crude oil, halted traffic toward the Red Sea on Friday. The militants on Tuesday launched an antiship ballistic missile that struck a Maltese-flagged bulk carrier in the Red Sea, according to U.S. Central Command.

Persons: Michael Wirth, " Wirth, Wirth, Shell, Houthi, CENTCOM, Sullivan Organizations: Chevron, CNBC, Economic, U.S, Navy's, Shell, Red, Wall, BP, Tuesday, U.S . Central Command Locations: East, Davos, Switzerland, Yemen, Iran, Red, Gaza, The U.S, Britain, Maltese, U.S

☆ Oil prices could spike 20%, possibly double if Middle East conflict disrupts Strait of Hormuz
▼ + stars: | 2024-01-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Shipping can be rerouted away from the Red Sea, but crude would be essentially trapped if the strait is shut down, Struyven said. A prolonged disruption in the strait could eventually double oil prices, he said. McNally thinks the market should be factoring in a $12 geopolitical risk premium in oil prices right now. Wirth told CNBC's Sullivan that Chevron is currently working with the U.S. Navy to protect its vessels transiting the Red Sea. "Hopefully, if it doesn't escalate further, we'll be OK — even if there has to be a wholesale diversion of shipments around the Red Sea," Granholm said.

Persons: you've, Daan Struyven, Goldman Sachs, CNBC's Brian Sullivan, Struyven, Bob McNally, McNally, Bush, Antony Blinken, Daniel Yergin, Yergin, Michael Wirth, Tehran's, Wirth, CNBC's Sullivan, Joe Biden's, Jennifer Granholm, Granholm, Israel, Benny Gantz, Gantz, Biden's, Bob Yawger, Yawger, Brent Organizations: Shipping, Rapidan Energy Group, National Security Council, P Global, Brent, Chevron, U.S . Navy, NBC News . Energy, Mizuho, Energy Information Agency, Gulf Locations: Red, Iran, Hormuz, Persian, Israel, Strait, Yemen, Danish, U.S, Lebanon, Beirut, Lebanese, Islamic Republic, The U.S, Europe, South Africa, United States, East

☆ Top Wall Street analysts are bullish on these dividend stocks
▼ + stars: | 2023-09-24 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

Bearing that in mind, here are five attractive dividend stocks, according to Wall Street's top experts on TipRanks, a platform that ranks analysts based on their past performance. PEG's dividend yield is 3.8%. SO offers a dividend yield of 4%. In January, the oil and gas giant increased its quarterly dividend by about 6% to $1.51 per share, making 2023 the 36th straight year with a higher dividend payment. It paid a cash dividend worth $1.9 billion in the quarter and repurchased 2.4 million shares.

Persons: Michael Wirth, Adam Jeffery, Wall, Shelby Tucker, Tucker, Southern Company Tucker, Goldman Sachs, Neil Mehta, Mehta, Baird, Tristan Gerra, Gerra Organizations: Chevron, CNBC, Public Service Enterprise, Public Service Enterprise Group, RBC Capital, Public Service Electric and Gas, TipRanks, Southern Company, Southern, Chevron Hedge Fund, Broadcom Semiconductor, Broadcom, Nvidia, Myers Locations: U.S, New Jersey, TipRanks, Bristol

☆ Top Wall Street analysts pick these dividend stocks for solid returns
▼ + stars: | 2023-08-13 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

Here are five attractive dividend stocks, according to Wall Street's top experts on TipRanks, a platform that ranks analysts based on their past performance. Nonetheless, Goldman Sachs analyst Neil Mehta recently upgraded Chevron to buy from hold, citing leading capital returns and inflection in free cash flow next year. Regarding capital returns, Mehta noted that Chevron has grown its dividends for more than 25 years. (See Chevron Stock Chart on TipRanks)ConocoPhillipsMehta is also bullish on another dividend-paying energy stock – ConocoPhillips (COP). The analyst projects a capital return yield of 7% in 2024, with room for further upside.

Persons: Michael Wirth, Adam Jeffery, Wall, Goldman Sachs, Neil Mehta, Mehta, TipRanks, ConocoPhillips Mehta, Nitin Kumar, Kumar, Baird, Tristan Gerra, Gerra Organizations: Chevron, CNBC, Chevron Energy, Exxon, ConocoPhillips, Mizuho, Seagate Technology Seagate, Seagate, STX Locations: Russia, Ukraine, Tengiz, China

☆ Chevron expects annual production at low-end of guidance
▼ + stars: | 2023-07-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

REUTERS/Brendan McDermid/File PhotoCompanies Chevron Corp FollowJuly 28 (Reuters) - Chevron Corp (CVX.N) on Friday said that its annual oil and gas production should stay near the low-end of the oil major's guidance due to unexpected stoppages in Canada and Thailand operations. For the current quarter, Chevron said it was expecting upstream turnarounds and downtime to reduce production by about 110,000 boepd. Chevron expects TCO's expanded operations, which are 98% complete, to deliver more than 1 million boepd in 2025, and to pump about 1.1 million boepd from the Permian by mid-decade. Its Permian production rose 5% from the first quarter to a record of 772,000 boepd, on track with its full-year guidance, the company said. 2 U.S. oil company also expects Permian output in the third quarter to be roughly flat before growing again in the fourth quarter.

Persons: Brendan McDermid, Michael Wirth, Wirth, We've, Sabrina Valle, Arunima Kumar, Mrinalika Roy, Shinjini Ganguli, Anil D'Silva, Marguerita Choy Organizations: Chevron, New York Stock Exchange, REUTERS, Companies Chevron Corp, Chevron Corp, Thomson Locations: New York City, U.S, Canada, Thailand, Tengizchevroil, Kazakhstan, Russia, East, Argentina, Houston, Bengaluru

☆ Chevron's $6 billion second-quarter profit tops analysts' outlook
▼ + stars: | 2023-07-23 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

In a rare preview of its results that coincided with the announced retirement of its finance chief, Chevron disclosed a $6 billion net profit in the quarter ended June 30. While that profit is almost half of the record profit in the same period last year, the $3.08 a share adjusted profit beat Wall Street's $2.97-a-share consensus estimate. "The macro price environment has softened a little bit versus the first quarter," Wirth said in an interview outlining changes to the company's financial and operating executive team. Chevron's oil and gas production in the Permian Basin, the top U.S. shale field, hit 772,000 barrels a day. Wirth signaled the company is still open to M&A deals and to increasing shareholder distributions.

Persons: Michael Wirth, Wall, " Wirth, Wirth, We've, Sabrina Valle, Chris Reese Organizations: Chevron, PDC Energy, Thomson Locations: U.S, Kazakhstan, DJ, Houston

☆ Chevron CEO on the record about EV transition and oil demand
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO on the record about EV transition and oil demandChevron CEO Michael Wirth speaks with CNBC's Andrew Ross Sorkin from the Aspen Ideas Festival about the transition to EVs and what the shift means for energy companies such as Chevron.

Persons: Michael Wirth, CNBC's Andrew Ross Sorkin Organizations: Chevron, Aspen Ideas

[1/2] Oil tanker Kerala, chartered by Chevron, is loaded in the Bajo Grande oil terminal at Maracaibo Lake, in the municipality of San Francisco, Venezuela, January 5, 2023. To back up its license application, Chevron last year signed an oil-for-debt swap with Venezuela's state-run PDVSA. The initial exports have rapidly drained the ventures' oil inventories, which had built up for years. Chevron plans to continue pushing up heavy crude output mainly at oilfields in eastern and western Venezuela belonging to its Petropiar and Petroboscan projects, according to the sources. GOLDEN TICKETChevron's license broke a four-year U.S. prohibition on Venezuelan oil exports to the United States designed to oust President Nicolas Maduro.

Companies Chevron Corp FollowHOUSTON, April 28 (Reuters) - U.S. oil producer Chevron Corp (CVX.N) could raise its production in Venezuela this year by up to 50%, to 150,000 barrels of oil per day (bpd), without significant new investments, Chief Executive Michael Wirth said on Friday. The second-largest U.S. producer in November became the first U.S. producer to get a license from the U.S. Treasury Department to revive oil output and resume exports from Venezuela after a three-year pause triggered by U.S. sanctions. The company is producing about 100,000 bpd in Venezuela, and the growth, Wirth said, is limited by terms of its U.S. license, which includes limits to activities it can do. Chevron is offering input to the U.S. government on the matter, Wirth said, but he refrained from saying whether the company has requested a license extension. Chevron has been able overcome operational issues to ramp up output and exports, including finding tanker owners willing to work in Venezuela, easing infrastructure bottlenecks and repairing oil upgrading facilities.

☆ Exxon CEO's pay rose 52% in 2022, highest among oil peers
▼ + stars: | 2023-04-13 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Oil company workers did not see the same level of increases with median annual compensation for workers declining at several big energy companies. The median pay for an Exxon worker fell 9% last year to $171,582 while Chevron's median worker pay dropped 12%, to $161,488, filings showed. The two largest U.S. oil majors posted record profits in 2022 on high energy prices and costs cuts measures including payroll reductions. Occidental Petroleum's CEO Vicki Hollub's pay rose 35% while ConocoPhillips CEO Ryan Lance's pay fell 16%, all compared to their prior year. Under a new calculation disclosure required by the SEC on potential gains by executives on unvested stock awards, Woods' pay was $89.7 million in 2022, a securities filing showed.

☆ Chevron CEO pay rose 4% to $23.6 million in 2022, employee compensation fell
▼ + stars: | 2023-04-13 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, April 12 (Reuters) - Chevron Corp (CVX.N) CEO Michael Wirth was paid $23.6 million in 2022, a 4% increase from the prior year while the median annual compensation for the oil giant's employees fell 12%, a securities filing showed on Wednesday. The median annual compensation for Chevron employees last year dropped to $161,488. Under a new metric required by the U.S. Securities and Exchange Commission, Wirth's "actual compensation paid" rose 60% to $86.7 million when equity awards, pension benefit adjustments and other compensation were factored in. According to shareholder advocacy group As You Sow, Wirth last year ranked 87th on a list of 100 CEOs that it says received unjustified pay levels. CEO compensations are set to the rise 30% to an average of $38.1 million this year, according to As You Sow.

☆ Chevron paid its CEO $23.6 million in 2022, US SEC filing shows
▼ + stars: | 2023-04-12 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, April 12 (Reuters) - Chevron Corp (CVX.N) CEO Michael Wirth was paid $23.6 million in 2022, a 4% increase from the prior year, according to a securities filing released on Wednesday. The total annual compensation for Chevron's median employee fell to $161,488 in 2022, from $183,531 a year before, according to the filing. Wirth's total compensation is still under the $29 million he received in 2020, when Chevron registered losses as the pandemic hit fuel demand, and the $33 million he made in 2019. His "actual compensation paid," however, rose 60% to $86.7 million when equity awards, pension benefit adjustments and other compensation were factored in. CEO compensations are on the rise this year, up 30% to an average of $38.1 million, according to As You Sow.

☆ Chevron paid its CEO $23.6 million in 2022 - SEC filing
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

HOUSTON, April 12 (Reuters) - Chevron Corp (CVX.N) paid Chief Executive Michael Wirth $23.6 million last year, a 4% increase from a year before, according to securities filings released on Wednesday. Total annual compensation of Chevron's median employee fell to $161,488 in 2022, from $183,531 a year before. Reporting by Sabrina ValleOur Standards: The Thomson Reuters Trust Principles.

☆ Chevron CEO does not rule out consolidation among oil majors
▼ + stars: | 2023-02-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, Feb 28 (Reuters) - Chevron Corp. (CVX.N) Chief Executive Michael Wirth on Tuesday said a consolidation between the five top Western oil producers remains a possibility but would face regulatory hurdles. Soaring stock prices and cash levels at oil-focused U.S. energy majors has driven Wall Street talk of potential deals for European oil producers. Citi analysts in January speculated Chevron or Exxon Mobil (XOM.N) could acquire BP PLC (BP.L), Shell PLC (SHEL.L) or TotalEnergies (TTEF.PA) due to valuation differences. "I never say never about anything," Wirth said in a media briefing following the company's annual business update for investors. Chevron is not in a hurry for M&A in oil or renewable energy and remains committed to keeping a tight rein on spending even during periods of high energy prices and cash abundance, he said.

☆ Biden's stock buyback tax isn't working. In State of the Union, he's asking Congress for more
▼ + stars: | 2023-02-07 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +14 min

In September 2021, Sen. Sherrod Brown (D-Ohio) and Sen. Ron Wyden (D-Oregon) proposed that stock buybacks should be taxed at 2%. Lazonick, who thought any minor buyback tax would be ineffective, says he has been proven correct. If a higher buyback tax is enacted, he is betting it will not have the outcomes that Democrats envision. While it's hard to see a higher tax getting passed in the current Congress, it does make sense for Biden to state his desire for 4%. Changing a buyback tax, though, might first prove harder.

☆ Chevron annual profit hits record but Q4 miss hits shares
▼ + stars: | 2023-01-27 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

The second largest U.S. oil producer's adjusted net profit for 2022 exceeded its previous record set in 2011 by about $10 billion. High prices from strong demand and shortages since Russia's invasion of Ukraine position Western energy firms to show a combined $200 billion profit for the year, according to analysts. It left global oil and gas production guidance for this year at flat to up 3%. FOURTH-QUARTER MISSIn the final quarter, Chevron posted adjusted earnings of $7.9 billion, or $4.09 per share, below analysts' estimate of a $4.38 per share profit. Its refining business picked up and almost tripled results from the previous year as international fuel production delivered stronger margins.

☆ Chevron annual profit doubles to record $36.5 bln, but misses estimates
▼ + stars: | 2023-01-27 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

The second largest U.S. oil producer's adjusted net profit for 2022 beat by about $10 billion its previous record set in 2011. But $1.1 billion in writedowns in its international oil and gas operations in the fourth quarter left earnings short of forecasts for adjusted net profit of $37.2 billion. High prices from strong demand and shortages since Russia's invasion of Ukraine position Western energy firms to show a combined $200 billion profit for the year, according to analysts. In the final quarter, Chevron posted adjusted earnings of $7.9 billion, or $4.09 per share, up 61% from a year ago. U.S. production rose to a record last year led by a 16% increase in Permian, the country's main shale basin.

☆ Chevron annual profit doubles to record $36.5 billion, but misses estimates
▼ + stars: | 2023-01-27 | by ( ) www.cnbc.com time to read: +3 min

Chevron on Friday posted a record $36.5 billion profit for 2022 that was more than double year-earlier earnings but fell shy of Wall Street estimates, undercut by asset writedowns and a retreat in oil and gas prices. The second largest U.S. oil producer's adjusted net profit for 2022 beat by about $10 billion its previous record set in 2011. But $1.1 billion in writedowns in its international oil and gas operations in the fourth quarter left earnings short of forecasts for an adjusted net profit of $37.2 billion. High prices from strong demand and shortages since Russia's invasion of Ukraine position Western energy firms to show a combined $200 billion profit for the year, according to analysts. In the final quarter, Chevron posted adjusted earnings of $7.9 billion, or $4.09 per share, up 61% from a year ago.

☆ Venezuela, Chevron formally sign oil contracts in Caracas
▼ + stars: | 2022-12-02 | by ( Deisy Buitrago | ) www.reuters.com time to read: +2 min

CARACAS, Dec 2 (Reuters) - Venezuela's oil minister and top representatives of state-run company PDVSA on Friday signed contracts with U.S. oil firm Chevron Corp (CVX.N) intended to help revive the nation's oil output and expand operations. "This is an important step towards the right direction, but yet insufficient," said oil minister Tareck El Aissami after the signing ceremony. The event took place at PDVSA's Caracas headquarters and was attended by El Aissami, Chevron's President for Venezuela, Javier La Rosa, and PDVSA President Asdrubal Chavez. The authorization was required because of U.S. sanctions on PDVSA and Venezuela's oil sector. Earlier this year, OFAC authorized Chevron to hold meetings with Venezuelan officials, including people specifically sanctioned by Washington, like El Aissami.

The Biden administration last week authorized Chevron to expand operations in Venezuela and resume taking prized heavy crude to the United States. Valero Energy Corp (VLO.N), PBF Energy (PBF.N) and Citgo Petroleum have shown interest in getting access to the oil Chevron is expecting in coming weeks, according to the people. No Venezuelan oil officially has been allocated to Chevron yet and no chartering contracts have been signed to transport cargoes to the United States, according to Venezuelan export schedules and Refinitiv freight data. Valero, PBF and other U.S. independent refiners would not need any new authorization to buy Venezuelan oil from Chevron. The primary effect will be to allow some Venezuelan oil to flow back to the United States, "which will help the U.S. refining system," Wirth said.

☆ Chevron's $11.2 bln quarterly profit soars past estimates
▼ + stars: | 2022-10-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

Chevron posted a third-quarter net profit of $11.2 billion, or $5.78 per share - almost double the $6.1 billion from the same period last year, and well ahead of Wall Street's $4.86 estimate. The results will back higher project spending and increased oil and gas production next year, Chief Financial Officer Pierre Breber told Reuters. The company's cash flow from operations soared to a record $15.3 billion, far higher than the previous quarter. Its oil and gas business posted an operating profit that surged 81% to $9.3 billion, while its oil refining business nearly doubled to $2.5 billion. Still, profit from refining cooled from the second quarter, keeping overall earnings below the company's all-time record of $11.6 billion.

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