DIRS.INFO The most relevant business & tech news

☆ Chevron takeover of Hess resurrects multi-billion dollar tax shield
▼ + stars: | 2023-11-14 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +5 min

“The tax benefits were definitely factored into how Chevron valued Hess,” said Donald Williamson, an accounting professor at American University’s Kogod School of Business. “When you combine the companies, we have the greater U.S. income, and we can use those net operating losses,” he said. The bottom line effect, when that loss limit is multiplied by the U.S. federal tax rate of 21%, is extra cash flow that could top $400 million a year. “There’s a strong and appropriate case to increase the corporate income tax rate.”Last year, corporate tax revenue totaled a record $425 billion, according to the Congressional Budget Office. Over the past decade, Chevron's current U.S. federal tax expense has averaged $40 million a year.

Persons: Dado Ruvic, Hess, ”, Donald Williamson, “, Pierre Breber, Williamson, Jim Seida, Jean Ross, Exxon, Darren Woods, ” Woods, Tim McLaughlin, Marguerita Choy Organizations: Chevron, Hess, REUTERS, Kogod School of Business, Internal Revenue Service, U.S, University of Notre Dame, Center for American Progress, Congressional, Graphics, Exxon Mobil, Pioneer Resources, Exxon, Reuters, Boston College, Thomson Locations: U.S, Chevron

☆ Chevron issues preliminary second-quarter earnings. Here's what the pros are saying
▼ + stars: | 2023-07-24 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Market Movers rounded up the best reactions from investors and analysts on Chevron . The pros, including Jim Cramer , discussed the energy company a day after it announced that CFO Pierre Breber will retire . Chief technology officer of Chevron Technical Center, Eimear Bonner, will assume the position next year. Lastly, Chevron announced preliminary second-quarter earnings, which look to be higher than expectations. The company is slated to release its actual results this Friday.

Persons: Jim Cramer, Pierre Breber, Eimear Bonner, Mike Wirth Organizations: Chevron, Chevron Technical Center, CNBC

☆ Chevron appoints Eimear Bonner as new finance chief
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +1 min

Companies Chevron Corp FollowJuly 23 (Reuters) - U.S. oil major Chevron Corp (CVX.N) on Sunday said the company's Chief Financial Officer Pierre Breber will retire next year, and named long-time company veteran Eimear Bonner, chief technology officer of Chevron Technical Center, as his successor. Separately, the company also said it waived the mandatory retirement age requirement for its Chief Executive Officer Mike Wirth. Bonner will report to Chevron's chief executive in her new role. The upcoming chief financial officer will take the position starting March 1, 2024, the company said in a statement. (This story has been corrected to say chief financial officer, not chief executive, in paragraph 4)Reporting by Mrinmay Dey and Shubhendu Deshmukh in Bengaluru; Editing by Cynthia Osterman and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Pierre Breber, Eimear Bonner, Mike Wirth, Bonner, Chevron, Mrinmay Dey, Shubhendu, Cynthia Osterman, Diane Craft Organizations: Chevron Corp, Sunday, Chevron Technical Center, Chevron, Shubhendu Deshmukh, Thomson Locations: Bengaluru

☆ Chevron appoints Eimear Bonner as new finance chief and issues preliminary second-quarter earnings results
▼ + stars: | 2023-07-23 | by ( Terri Cullen | In Terricullen | ) www.cnbc.com time to read: +1 min

Cars drive past sign with logo at the entrance to the world headquarters of petroleum company Chevron in the Bishop Ranch office park in San Ramon, California. Chevron on Sunday said the company's Chief Financial Officer Pierre Breber will retire next year, and named long-time company veteran Eimear Bonner, chief technology officer of Chevron Technical Center, as his successor. Separately, the company also said it waived the mandatory retirement age requirement for its Chief Executive Officer Mike Wirth. The upcoming chief executive will take the position starting March 1, 2024, the company said in a statement. Chevron noted, however, that the financial results reported Sunday don't represent a comprehensive statement of its second-quarter results and said it will issue its complete second-quarter earnings figures on Friday, July 28.

Persons: Pierre Breber, Eimear Bonner, Mike Wirth, Bonner, Chevron's, — Organizations: Chevron, Sunday, Chevron Technical Center, — Reuters Locations: Bishop, San Ramon , California

☆ Chevron tops estimates with first-quarter profit gain despite slide in oil prices
▼ + stars: | 2023-04-28 | by ( ) www.cnbc.com time to read: +2 min

Oil major Chevron beat market expectations on Friday as profit nudged higher in the first quarter, with earnings from refining compensating for a slide in energy prices and in oil and gas production. Net profit climbed 5% to $6.57 billion or $3.46 per share. That compares with a Wall Street consensus for flat profit at $3.38 per share, according to figures compiled by Zacks Investment Research. The company's standout business was oil refining, where higher margins helped income surge more than five-fold to $1.8 billion. But its oil and gas production division saw its net profit tumble 25% on a big year-over-year decline in prices.

☆ Chevron tops estimates with Q1 profit gain despite slide in oil prices
▼ + stars: | 2023-04-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

HOUSTON, April 28 (Reuters) - Oil major Chevron Corp (CVX.N) beat market expectations on Friday as profit nudged higher in the first-quarter, with earnings from refining compensating for a slide in energy prices and in oil and gas production. Net profit climbed 5% to $6.57 billion or $3.46 per share. That compares with a Wall Street consensus for flat profit at $3.38 per share, according to figures compiled by Zacks Investment Research. The company's standout business was oil refining, where higher margins helped income surge more than five-fold to $1.8 billion. But its oil and gas production division saw its net profit tumble 25% on a big year-over-year declines in prices.

[1/2] Gas prices are advertised at a Chevron station as rising inflation and oil costs affect the consumers in Los Angeles, California, U.S., June 13, 2022. Exxon's net hit $11.4 billion while Chevron earned $6.6 billion and with analysts expecting the strong results to continue this year. Exxon CEO Darren Woods says he is happy to see cash balances rise so the company is well-positioned for a cycle downturn. "The question is obviously when, but that will come," Woods said, after saying he would "expect to see cash balances higher" in times when the markets are on the top end of the cycle. "We don't intend to hold $15-plus billion of cash on our balance sheet," he said, describing too much cash on the books as "economically inefficient for us to hold it, and it is not our cash, it is our shareholders' cash."

☆ Exxon warns of Russia risks to its $2.5 billion Kazakhstan income
▼ + stars: | 2023-02-23 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

HOUSTON, Feb 22 (Reuters) - Exxon Mobil Corp (XOM.N) on Wednesday warned in a securities filing of potential risks to its Kazakhstan oil operations, which provided $2.5 billion in earnings last year. Threats to Kazakhstan oil exports have been in the spotlight since Moscow invaded Ukraine a year ago this week. Exxon and Chevron (CVX.N) are major holders in the Central Asia country's oil production and related export pipeline. Kazakhstan shares a 4,750 mile (7,644 km) border with Russia and its oil exports travel mainly through a Caspian Pipeline Consortium (CPC) line through Russia and lands at a Russian Black Sea export terminal. Any closure of the CPC pipeline or terminal would shut in more than 1% of global oil supply and cost its producers billions of dollars in lost income.

☆ 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.

☆ Exxon sues EU in move to block new windfall tax on oil companies
▼ + stars: | 2022-12-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Dec 28 (Reuters) - U.S. oil major Exxon Mobil Corp (XOM.N) is suing the European Union in a bid to force it to scrap the bloc's new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy. Record profits this year by oil companies benefiting from high energy prices have boosted inflation around the world and led to fresh calls to further tax the sector. The windfall profits tax is "counter-productive," discourages investments and undermines investor confidence, Exxon spokesperson Casey Norton said on Wednesday. Exxon will factor in the tax as it considers future multibillion-euro investments in Europe’s energy supply and transition, he said. Chevron Corp (CVX.N) had also warned that taxing oil production would serve only to reduce energy supply by discouraging company investments.

☆ Watch CNBC’s full interview with Chevron CFO Pierre Breber
▼ + stars: | 2022-11-30 | 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 EmailWatch CNBC’s full interview with Chevron CFO Pierre BreberPierre Breber, Chevron CFO, joins 'Closing Bell' to discuss oil stocks and price outlook with China's continued lockdowns.

☆ Chevron plans to move forward with modest crude oil from Venezuela, says Chevron CFO
▼ + stars: | 2022-11-30 | 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 plans to move forward with modest crude oil from Venezuela, says Chevron CFOPierre Breber, Chevron CFO, joins 'Closing Bell' to discuss oil stocks and the price outlook with China's continued lockdowns.

☆ Chevron's TCO expects full production to flow through CPC in November
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: 1 min

Companies Chevron Corp FollowOct 28 (Reuters) - Kazakhstan's Chevron-led Tengizchevroil (TCO) expects full production to flow through the Caspian Pipeline Consortium (CPC) in November, the oil major's finance chief said on Friday. CPC, which takes oil from Kazakhstan to the Black Sea via one of the world's largest pipelines, suspended oil loadings from two of three single mooring points at the Yuzhnaya Ozereyevka terminal in August due to storm damage. The repairs are underway and CPC will conclude repairs in weeks or less, Chevron Corp (CVX.N) CFO Pierre Breber told Reuters. Chevron is evaluating options with the Kazakhstan government, but most alternatives, whether rail or pipeline, still go through Russia, according to Breber. Reporting by Sabrina Valle in Houston and Arunima Kumar in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

Search resuls for: "Pierre Breber"

14 mentions found