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☆ Chevron’s LNG plants in Australia face strike action
▼ + stars: | 2023-08-29 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

“If a strike were to go ahead, prices would rise, particularly if industrial action escalates, and it is unclear how long it would last. Last week, European natural gas prices soared to €42.9 per megawatt hour, “their highest closing level since April” in anticipation of looming industrial action, according to Deutsche Bank analysts. But on Friday, union workers announced a deal in principle with Woodside and called off a planned strike. Impending strike actionChevron, too, had presented a new offer to workers at its Gorgon and Wheatstone facilities last week. A Chevron Australia spokesperson confirmed to CNN on Tuesday that it had received notice of planned action next week.

Persons: Daniel Toleman, Wood Mackenzie, ”, Wheatstone, Mark Hatfield Organizations: Hong Kong CNN, Chevron, Offshore Alliance, Australian Workers ’ Union, Maritime Union of Australia, CNN, Traders, Deutsche Bank, ”, “ Offshore Alliance, ” Chevron, Chevron Australia, Energy Locations: Hong Kong, Australia, Asia, Woodside, Australian, Ukraine

☆ LVMH’s smooth ride faces twin speed bumps
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

Shares in the 413 billion euro luxury behemoth fell 4% on Wednesday after it failed to wow investors with its earnings, depressing Europe’s stock market. Yet investors balked at the 1% second quarter sales contraction in the United States - which represents about a quarter of total revenue - as inflation worries cooled shoppers’ appetite for expensive items. LVMH’s conglomerate model, which spans over 70 brands, has so far proven resilient to crises. The all-important Mainland China market, which made up a fifth of global personal luxury sales in 2021, is a potential worry. Slow demand both in the U.S. and China would test LVMH’s diversified model.

Persons: Dior, Tiffany, Givenchy, Bernard Arnault’s, Lisa Jucca, Aimee Donnellan, Pranav Kiran Organizations: MILAN, Reuters, Twitter, Thales, Thomson Locations: United States, China, U.S

☆ Rolls-Royce boss reaps benefits of setting bar low
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 26 (Reuters Breakingviews) - Six months after calling Rolls-Royce (RR.L) a “burning platform”, Chief Executive Tufan Erginbilgic is giving Britain’s flagship engineering group a high five. Shares spiked 20% as investors celebrated the possibility of free cash flow hitting 1 billion pounds in 2023, 37% above consensus. The company had nearly 3.3 billion pounds of net debt last year, and Barclays analysts are pencilling in an increase this year. Erginbilgic can safely argue that Rolls-Royce is no longer a burning platform, but until he closes that gap he can expect heat from investors. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Tufan Erginbilgic, Erginbilgic, France’s Safran, Pamela Barbaglia, Aimee Donnellan, Oliver Taslic Organizations: Reuters, Royce, Barclays, Electric, Twitter, Thales, Thomson

☆ Biotech’s doldrums are a warning amid exuberance
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

The sector’s doldrums are a warning sign, despite the broader market shrugging off recession concerns. In 2000, the index peaked weeks before the S&P 500 Index (.SPX) and hit bottom three months earlier. In the 2009 financial crisis, the biotech index peaked later, but both emerged at about the same time. Yet biotech stocks have been lackluster since. Since January, the index is down 2%, while the S&P 500 Index is up 19% and the Nasdaq Composite Index is up 35%.

Persons: Robert Cyran, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, Biotechnology, Nasdaq Biotechnology, Nasdaq, Twitter, Thales, Thomson Locations: Spain

☆ Thales cyber push meets investor shoulder shrug
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 25 (Reuters Breakingviews) - France's Thales (TCFP.PA) is doubling down on cybersecurity with its $3.6 billion purchase of U.S. firm Imperva. Thales's boss Patrice Caine briefly considered buying Atos's (ATOS.PA) cybersecurity arm last year, but didn’t go through with it. The purchase values the Thoma Bravo-backed group at 17 times forecast 2024 operating profit, according to Thales. Meanwhile Caine’s push into the racy cyber sector doesn’t seem to register in the group’s valuation. That means investors are sceptical that Thales’s efforts to crack the war against hacking will work out for shareholders.

Persons: Patrice Caine, Thoma, Caine’s, Refinitiv Datastream, Pamela Barbaglia, Liam Proud, Streisand Neto Organizations: Reuters, Thales, Thoma Bravo, BAE Systems, Twitter, Thomson Locations: U.S, Spain

☆ Spotify’s awkward three-way dance leads to slip-up
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 25 (Reuters Breakingviews) - Spotify (SPOT.N) is caught between the expectations of investors and major music labels. One bullish argument for Spotify’s stock is that higher prices will mean higher margins over time. First, some of Spotify’s customers pay annually, which means the price hike might take a while to come through. He’s locked in a long-term standoff with major labels like Universal Music Group (UMG.AS), which currently grab the overwhelming majority of Spotify’s revenue. In other words, Spotify’s future may be rosier than Ek is willing to let on.

Persons: Daniel Ek, Ek, coy, He’s, Karen Kwok, Liam Proud, Oliver Taslic Organizations: Reuters, Spotify, Universal Music, Twitter, Thales, Thomson Locations: Spain

☆ Chevron’s restraint paying off
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 24 (Reuters Breakingviews) - Chevron’s (CVX.N)second-quarter profit was cut nearly in half as production rose slightly, according to a surprise early release of the oil giant’s earnings on Sunday night. Chevron’s profit jumped, too. Each barrel Chevron was producing brought in about $20 of profit, some 40% less than it had in the quarter earlier. Oil prices have continued to fall, but the drop in profit per barrel is less dramatic than before – just 8%. As long as restraint holds the upper hand, so will Chevron’s profit.

Persons: Brent, Goldman Sachs, Robert Cyran, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Chevron, Reuters Graphics, Twitter, Thomson Locations: U.S, Spain

☆ Look at What John Roberts and His Supreme Court Have Wrought Over 18 Years - The New York Times
▼ + stars: | 2023-07-09 | by ( Linda Greenhouse | ) www.nytimes.com time to read: +3 min

The justices have simply replaced Chevron’s rule of judicial deference with its polar opposite, a new rule that goes by the name of the major questions doctrine. But how to tell a major question from an ordinary one? The Heller decision in 2008 opened the Second Amendment door a crack, granting individuals the right to keep a handgun at home for self-defense. The question in the case is whether the Second Amendment allows the government to bar gun ownership by an individual under a restraining order for domestic violence. That the answer actually might be “no” — domestic violence wasn’t even a concept in the 18th century, when the Second Amendment was adopted — is too astonishing to contemplate.

Persons: Dobbs, Roe, Casey, Roberts’s, Thomas, ”, Neil Gorsuch, “, Heller, Chafing, can’t, wasn’t, — Organizations: Jackson, Health Organization, Wade, Chevron, Biden administration’s Locations: United States

☆ Shell makes risky pitch for the middle ground
▼ + stars: | 2023-06-14 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

He has stressed that Shell, currently trading around five times expected 2024 earnings compared to twice that for its U.S. peers, merits more generosity. Shell will hike its dividend by 15% and spend $1 billion more on buybacks, starting in the second quarter. He will invest $10 billion to $15 billion in so-called low-carbon solutions like biofuels and hydrogen between 2023 and 2025. Equally, Wednesday’s plan will disappoint climate-focused shareholders, who currently form roughly 15% of Shell’s investor register based on recent votes on emission cuts. Shell shares have outperformed both U.S. and European rivals since Sawan took over in January.

Persons: Wael Sawan’s, Sawan, Jefferies, George Hay, Pranav Kiran Organizations: Reuters, Shell, Chevron, Exxon Mobil, BP, International Energy Agency, Thomson Locations: U.S, New York, divestments, Namibia, New York City

☆ Norway's sovereign wealth fund votes against Chevron and Exxonmobil
▼ + stars: | 2023-05-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —The world’s biggest investor in the stock market wants ExxonMobil and Chevron to do more to tackle the climate crisis. Norway’s sovereign wealth fund, which holds $1.4 trillion in total assets, announced Friday that it would back calls for the US oil companies to set more aggressive emission reduction targets. It said it would support motions proposed by climate activist group Follow This at the companies’ annual shareholder meetings next Wednesday. ExxonMobil and Chevron (CVX) have urged shareholders to reject them. It holds a 0.86% stake in Chevron and a 1.13% stake in ExxonMobil, according to the latest fund data.

☆ Exxon and Chevron Report More Modest Profits as Oil and Gas Prices Ease
▼ + stars: | 2023-04-28 | by ( Clifford Krauss | ) www.nytimes.com time to read: +1 min

“We’re delivering strong financial results and increasing cash returned to our shareholders,” said Mike Wirth, Chevron’s chief executive. But despite higher prices for crude and fuels through much of last year, the two companies have been cautious about investing more to raise production. Exxon, Chevron and other oil companies emerged from 2022 with record profits, after Russia’s invasion of Ukraine last February pushed crude and natural gas prices higher. In recent days, the price of oil has dropped below $80 a barrel, after a jump to over $120 last June. Actual cuts have amounted to about half that much, a reduction of less than 1 percent of the global supplies.

☆ How to watch the Chevron Championship live: Start time, channel and other things to know
▼ + stars: | 2023-04-20 | by ( Jack Bantock | ) edition.cnn.com time to read: +6 min

CNN —Once again, the first women’s golf major of the season tees off with The Chevron Championship. How to watchUS viewers can watch the first and second rounds on the Golf Channel, with coverage running from 10 a.m. CST until 7 p.m. CST. “I think I was in a bit of a panic last year,” Kupcho told reporters Tuesday. But I don’t think that’s going to be my driving force going to any of these events this year.”Ko tees off at the HSBC Women's World Championship in March. “I don’t think I have a weakness in my game at all, and I think that’s partially why I’ve been very consistent,” Hall told reporters.

☆ Premarket stocks: Meme stocks have revolutionized investor days
▼ + stars: | 2023-03-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But they’re also bowing to pressure from retail investors to be more transparent. What’s happening: Investor days evolved from analyst days — meetings that large, public companies historically held privately for their core institutional investors and Wall Street analysts. But the recent influx of retail investors into the stock market has changed that. “A lot of these companies know they need to focus on retail investors now,” said Katie Perry, general manager of investor relations at investing platform Public. ▸ Tesla’s first-ever investor day will be live-streamed Wednesday from its Gigafactory in Austin, Texas.

☆ Chevron’s CEO short-termism has benefits
▼ + stars: | 2023-02-13 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

That helps explain why the $330 billion oil giant is considering extending his contract beyond mandatory retirement age, according to the Wall Street Journal. Wirth faces mandatory retirement in 2025 when he turns 65, a stipulation that was in place when the company appointed him to be CEO in 2018. Chevron's operating margin last year was 18%, the highest in four decades, and the firm earned a record $35 billion. A year later, after oil prices had fallen by a third, Wirth launched a deal to buy Noble Energy on the cheap. If so, oil companies will be well served by executives who can squeeze additional pennies out of existing production, while buying potentially available rivals when they are cheap.

☆ Big Oil mega-deals would put investors on the spot
▼ + stars: | 2023-02-02 | by ( George Hay | ) www.reuters.com time to read: +5 min

So are Shell (SHEL.L), BP (BP.L) and TotalEnergies (TTEF.PA), but investors value U.S. oil majors way higher than European ones. $473 billion Exxon and $331 billion Chevron trade at 6 times expected EBITDA for 2023, twice the average of $210 billion Shell, $154 billion Total and $109 billion BP. One reason why is that as oil prices have soared, American drillers look more attractive than European ones that are also pressing into potentially lower-return renewable energy. Imagine Chevron or Exxon acquired BP for $170 billion, factoring in a 30% premium to its market capitalisation, plus debt. Any cross-border deal would see Chevron’s Mike Wirth or Exxon’s Darren Woods take a big bet on continuing high oil prices, and also attract political heat.

☆ Big oil can be lean and not mean
▼ + stars: | 2023-01-31 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

The $460 billion firm said on Tuesday that it earned $13 billion in the fourth quarter, while Chevron said last week it earned over $6 billion. Oil demand growth has peaked, and may start to decline soon, according to BP’s 2023 Energy Outlook released on Monday. It’s conceivable both could have more cash than debt at the end of the year if the price of oil rises. Big oil can be lean, but not mean. The oil company retired $7.2 billion of debt in 2022.

☆ Swimming in cash, Chevron plans a $75 billion slap in the face to drivers
▼ + stars: | 2023-01-26 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

All of that helped make Chevron the top-performing Dow stock of last year, with shares surging more than 50%. To be clear: It’s not that Chevron, or any of its peers, did anything special to earn their windfall profits last year. Instead, Chevron is buying $75 billion worth of its own shares, and jacking up its quarterly shareholder dividend. Of course, Chevron and other US oil producers, including Exxon Mobil, are putting some money into new energy projects this year. That was far less than the $6.3 billion that Union Pacific spent repurchasing shares of stock.

☆ Chevron’s mammoth buyback plan – Here’s why Wall Street loves share repurchases
▼ + stars: | 2023-01-26 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

With a market cap of $346 billion, a $75 billion buyback is about 20% of the shares outstanding. Exxon Mobil also has a $50 billion buyback plan, for example. Wall Street loves buybacks Buybacks have become an important part of returning shareholder profits. "Wall Street loves buybacks for two reasons," Howard Silverblatt, senior index analyst, product management for S & P Dow Jones Indices, told me. Here's a list of larger companies that had significant share count reduction in Q3, the last quarter with complete data.

Organizations: & $

☆ Big Oil has engaged in a long-running climate disinformation campaign while raking in record profits
▼ + stars: | 2022-12-09 | by ( René Marsh | ) edition.cnn.com time to read: +7 min

CNN —Big Oil companies have engaged in a “long-running greenwashing campaign” while raking in “record profits at the expense of American consumers,” the Democratic-led House Oversight Committee has found after a year-long investigation into climate disinformation from the fossil fuel industry. The committee found the fossil fuel industry is “posturing on climate issues while avoiding real commitments” to reducing greenhouse gas emissions. Lawmakers said it has sought to portray itself as part of the climate solution, even as internal industry documents reveal how companies have avoided making real commitments. Many of their requests for internal documents were heavily redacted by the companies, which did not specify reasons for withholding the information. “These companies know their climate pledges are inadequate but are prioritizing Big Oil’s record profits over the human costs of climate change,” Maloney said.

Chevron Corp. scored a reversal of fortunes in Venezuela last weekend after the U.S. government allowed it to pump oil there again, but its new license to operate carries considerable risk. The oil giant will have to partner with an authoritarian regime accused of crimes ranging from human-rights violations to sprawling corruption to state-sponsored narcotics trafficking.

☆ Venezuela and Chevron sign oil contract in Caracas
▼ + stars: | 2022-12-02 | by ( Kareem El Damanhoury | ) edition.cnn.com time to read: +2 min

CNN —The Venezuelan government and American oil company Chevron have signed a contract in Caracas on Friday to resume operations in Venezuela, according to the country’s state broadcaster VTV. “This contract aims to continue with the productive and development activities in this energy sector, framed within our Constitution and the Venezuelan laws that govern oil activity in the country,” said Venezuelan oil minister Tareck El Aissami, who was slapped with United States sanctions in 2017. He attended the signing ceremony along with representatives from Venezuelan state-owned oil and natural gas company PDVSA and Chevron. April 2023 will mark Chevron’s 100th anniversary in Venezuela, El Aissami said at the event. In 2017, OFAC said El Aissami had played a “significant role in international narcotics trafficking,” according to a news release.

☆ Venezuelan oil offers little to U.S. or Chevron
▼ + stars: | 2022-11-28 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 28 (Reuters Breakingviews) - U.S. President Joe Biden is open to Venezuelan oil. Over the weekend, the Treasury Department issued $355 billion oil giant Chevron (CVX.N) a license to resume limited production in the country. But between the dirty Venezuelan oil and decrepit fields, the help is limited. Steadily tightening sanctions led to the country’s oil production falling by about three-quarters over the years. Follow @rob_cyran on TwitterloadingCONTEXT NEWSThe United States eased sanctions on Venezuela on Nov. 26 by granting a license to Chevron to resume production and importation of Venezuelan oil.

☆ Recession-shy investors can turn to capital cycle
▼ + stars: | 2022-11-10 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

But another factor is the capital cycle: the amount of investment entering or exiting an industry. Capital spending by energy firms and miners has declined since the investment boom peaked in the middle of the last decade. Capital spending by large European oil companies has fallen from more than twice depreciation in the mid-2010s to less than one times, according to Bernstein. A similar picture emerges in the mining industry, whose capital spending boom also ended around eight years ago. Freeport-McMoRan (FCX.N), one of the world’s largest copper producers, cut capital spending from $7.2 billion in 2014 to $2.1 billion last year.

☆ Exxon, Chevron Investors Risk Altitude Sickness
▼ + stars: | 2022-10-28 | by ( Jinjoo Lee | ) www.wsj.com time to read: +1 min

Exxon and Chevron’s stock prices are at or near record highs even as Wall Street is forecasting that peak profit and free cash flow are already behind them. After a fast and furious ascent, Exxon Mobil and Chevron ’s shares are reaching the part of the climb where investors might start feeling a bit queasy. Wall Street was expecting a decline in both from the second quarter, not another increase. Its peer Chevron also posted profits that were a fifth higher than Wall Street expectations. Combined, Exxon and Chevron reported nearly $31 billion in profits.

☆ Exxon and Apple are in a similar boat
▼ + stars: | 2022-10-28 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 28 (Reuters Breakingviews) - Exxon Mobil (XOM.N) might be able to give Apple (AAPL.O) a lesson in disruption. Exxon’s profit was nearly triple last quarter what it was in the same quarter last year, and it wasn’t alone. Oil investors have been clear that they want discipline, as demand will likely peak soon if it hasn’t already. That means Exxon will presumably never reclaim its crown as the world’s most valuable firm, and Apple still earned far more than the company in the past year. Exxon earned $19.7 billion in the quarter, nearly tripling what it earned in the same period last year.

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