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Search resuls for: "Biraj Borkhataria"


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☆ Exxon smashes Western oil majors' profits with $56 billion in 2022
  + stars: | 2023-01-31 | by ( Sabrina Valle | ) www.reuters.com   time to read: +5 min
"Overall earnings and cash flow were up pretty significantly year on year," Exxon Chief Financial Officer Kathryn Mikells told Reuters. "So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control." Exxon boasted that its cash flow from operations soared to $76.8 billion last year, up from $48.1 billion in 2021. Part of it is explained by rising costs in the Permian, with inflation in the double digits, amid "really, really hot" demand for equipments and services, he said. Exxon's results come ahead of what are expected to be strong earnings from Shell plc on Thursday and from BP plc and TotalEnergies next week.
☆ 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.
☆ RBC: The upside case on Chevron could be the base case depending on the speed of the buyback program
  + stars: | 2023-01-27 | 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 EmailRBC: The upside case on Chevron could be the base case depending on the speed of the buyback programBiraj Borkhataria, head of European energy research at RBC Capital Markets, says oil companies like Chevron and ExxonMobil are doing what shareholders are asking them to: be disciplined, don't chase high prices and stick to their plan.
☆ TotalEnergies to take $3.7 bln write-off on Novatek, withdraw directors
  + stars: | 2022-12-09 | by ( Silvia Aloisi | ) www.reuters.com   time to read: +3 min
It holds a 19.4% stake in gas producer Novatek and minority holdings in liquefied natural gas (LNG) projects Yamal LNG and Arctic LNG. "Under these circumstances, the board of directors of TotalEnergies has decided to withdraw the representatives of the company from the board of PAO Novatek with immediate effect." "The stake in Novatek was, in our view, potentially the least arduous of TotalEnergies' interests to exit." He said he did not expect TotalEnergies to exit Yamal LNG and believed the decision would not impact Novatek dividend payments to TotalEnergies. It said the Novatek write-off also meant it would no longer book related reserves, with an impact on the company's reported proved reserves at the end of 2021 of 1.7 billion of barrels.
☆ Exxon plans to raise spending in 2023, boost share buybacks
  + stars: | 2022-12-08 | by ( Sabrina Valle | ) www.reuters.com   time to read: +3 min
Dec 8 (Reuters) - Exxon Mobil Corp (XOM.N) on Thursday said it will lift capital spending next year by about 10%, to between $23 billion and $25 billion, and boost share buybacks. Exxon is distributing more cash to shareholders than it is investing in new production - $30 billion between share buybacks and dividends this year. Exxon aims to raise oil and gas production to a record 4.2 million barrels of oil equivalent per day (boepd) by end-2027. Most of the 500,000 boepd increase is expected to come from Guyana, the United States and Brazil. This year's target is down from the 3.8 million boepd Exxon set a year ago.
☆ RBC: It will be even harder for European countries to refill natural gas storage in 2023 than it was this year
  + stars: | 2022-12-06 | 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 EmailRBC: It will be even harder for European countries to refill natural gas storage in 2023 than it was this yearBiraj Borkhataria, head of European energy research at RBC Capital Markets, discusses the outlook for natural gas and LNG storage for the region, and whether countries will need to scramble again in 2023 to refill supplies.
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