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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO Mike Wirth on oil prices: Risks remain more to the upside than to the downsideCNBC's Brian Sullivan sat down with Chevron CEO Mike Wirth to discuss the reasoning behind the rising oil price. Watch the full interview with Wirth tonight at 7 p.m. (ET) on Last Call.
Persons: Mike Wirth, Brian Sullivan, Wirth Organizations: Chevron
Chevron CEO Mike Wirth: The U.S. is an energy powerhouse
  + stars: | 2023-09-25 | 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 Mike Wirth: The U.S. is an energy powerhouseHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Mike Wirth, Brian Sullivan, Organizations: Chevron, CNBC Locations: U.S
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
But there are signs that both supply and demand will bring prices back down in the coming months. AAA reported this week that the average price for a gallon of gas in the US was $3.88. AdvertisementAdvertisementAn atypical spike in pricesThe increase in gas prices is unusual, as we typically see some relief after the summer surge as demand wanes. If true, the worries about the impact of rising gas prices on consumer spending and inflation are overblown. AdvertisementAdvertisementIn recent years, with oil prices closer to $70 a barrel, gas prices have typically been close to $3 a gallon.
Persons: Mohamed el, Saudi Arabia's, Mohamed Oun, there's, Jorge León, Mike Wirth, we've, hasn't, Wirth, Grace Smith, David Kelly, We're, Kelly, Citi's, Ed Morse Organizations: Service, AAA, Allianz, Saudi, Reuters, Rystad Energy, US Strategic Petroleum Reserve, Biden, Strategic Petroleum Reserve Energy Department, Strategic Petroleum Reserve, Chevron, Bloomberg, Denver, MediaNews, Getty, Morgan Asset Management, Citigroup, CNN Locations: Russia, Saudi Arabia, Wall, Silicon, California, Clearwater Beach, Tampa , Florida, Libya, Ukraine, Brazil, Canada, Venezuela, Guyana
Prince Abdulaziz bin Salman at the World Petroleum Congress in Calgary, Canada, on Sept. 18, 2023. Bloomberg | Bloomberg | Getty ImagesSaudi Arabia's energy minister said Riyadh and Moscow's decision to extend crude oil supply cuts is not about "jacking up prices," as Brent futures hover near $95 a barrel and analysts predict further rises into triple digits. The increases have rallied some analysts around speculation of a short-term return to oil prices at $100 per barrel. Asked on the possibility of hitting that threshold, Chevron CEO Mike Wirth on Monday admitted oil prices could cross into triple digits in a Bloomberg TV interview. Energy prices have repeatedly underpinned higher inflation in the months since the war in Ukraine and Europe's gradual loss of access to sanctioned Russian seaborne oil supplies.
Persons: Prince Abdulaziz bin Salman, Topping, Mike Wirth, We're, we're, Abdulaziz, Fatih Birol, they've, Amin Nasser Organizations: World Petroleum Congress, Bloomberg, Getty, Saudi, Brent, Saudi Energy, Organization of, Petroleum, Chevron, International Energy Agency, IEA, CNBC, United Arab Emirates Locations: Calgary, Canada, Riyadh, OPEC, Saudi Arabia, Russia, London, U.S, Ukraine, Paris, China, Saudi, Aramco, United Nations
Chevron Chief Executive Mike Wirth also said he thinks oil will cross $100 per barrel in a Bloomberg News interview. Saudi Arabia and Russia this month extended a combined 1.3 million barrels per day (bpd) of supply cuts to the end of the year. Saudi Arabia's energy minister, Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility. China, considered the engine of oil demand growth, is a key risk because of its sluggish post-pandemic economic recovery, though its oil imports have remained robust. "The high-for-longer mantra would ultimately have a negative impact on economic growth and would affect oil demand."
Persons: Tatiana Meel, Brent, WTI, Fiona Cincotta, Mike Wirth, Prince Abdulaziz bin Salman, Callum Macpherson, Tamas Varga, PVM's Varga, Arathy Somasekhar, Natalie Grover, Florence Tan, Sudarshan, David Goodman, Timothy Gardner Organizations: REUTERS, Rights, Brent, U.S, West Texas, Citi, Monday, Chevron, Bloomberg, ANZ, XM, U.S . Federal, Thomson Locations: Nakhodka, Russia, Saudi Arabia, Ukraine, China, Saudi, Investec, Europe, Houston, London, Singapore
Chevron is an stock to watch as the global market remains undersupplied, according to Mizuho Securities. The firm upgraded the shares of the oil major to buy and raised its price target to $209 from $205. CVX YTD mountain Chevron shares are down this year. Kumar also noted Chevron will benefit from stronger productivity in the Permian Basin, which covers part of New Mexico and Texas. "This all provides substantial confidence in CVX's ability to meet its upstream growth outlook," he added.
Persons: Nitin Kumar, Kumar, Mike Wirth, — CNBC's Michael Bloom Organizations: Chevron, Mizuho Securities, West Texas Locations: New Mexico, Texas
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
In 2022, Salesforce unveiled software that processes and organize customer data in "real-time." Salesforce promoted that its CDP can process large amounts of customer data in "real-time," meaning in "milliseconds," the lawsuit says. One benefit to real-time data processing that Salesforce advertises, for example, is when a hospital may need the most up-to-date information on a patient regarding urgent healthcare needs. Salesforce unveiled its CDP software, Genie, to the public on September 20, 2022. According to the court documents, Salesforce said it was the "biggest announcement" it had made since the founders started the company.
Persons: Salesforce, Karl Wirth, Wirth, Lidiane Jones, Jones, Parker Harris, Harris, Slack, Salesforces Organizations: Morning, Genie, Plaintiff, Securities and Exchange Commission, Slack Technologies
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 Waives Retirement Age for CEO Mike Wirth
  + stars: | 2023-07-24 | by ( Collin Eaton | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones, d6f88e3e
Knight-Swift Transportation — The freight transportation company's shares gained more than 1%. Knight-Swift reported adjusted earnings of 49 cents per share on revenue of $1.55 billion. Intuitive Surgical reported adjusted earnings of $1.42 per share on revenue of $1.76 billion. The fast-food chain reported mixed quarterly results, including adjusted earnings of $3.08 per share, beating analysts' predictions for $3.05 per share. Spotify — The music streaming company's shares dropped 5.5% after Spotify announced price increases for its premium subscription plans.
Persons: Oppenheimer, Riley, Eric Wold, Barbie, Mike Wirth, Chevron, Swift, Domino's, Becton Dickinson, Raymond James, Gilead, Estée Lauder, Piper Sandler, — CNBC's Hakyung Kim, Yun Li, Alex Harring, Samantha Subin Organizations: AMC, Mattel, Warner Bros, Chevron, Swift Transportation, U.S . Food, Drug Administration, Sirius XM, Deutsche Bank, Nasdaq, Spotify, Gilead Sciences Locations: New York, U.S, Gilead, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO Mike Wirth on Q2 earnings: We're delivering strong results in a turbulent worldChevron chairman and CEO Mike Wirth joins 'Squawk on the Street' to discuss the company's Q2 earnings results, which reported earnings of $6 billion and record oil production in the Permian Basin, lowering the carbon footprint, and more.
Persons: Mike Wirth Organizations: Chevron
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
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 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
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
In Scotland, Taking the Traditional and Making It New
  + stars: | 2023-07-04 | by ( Amy Tara Koch | ) www.nytimes.com   time to read: +2 min
This being the Highlands, the great outdoors beckons. “Ghillies,” or local guides, are on tap for horseback riding, fly-fishing, birding and hiking in Cairngorms National Park (doubles from £600 per night). ToursWith its widely spread out attractions, wind-whipped landscape and lack of public transport, Scotland can be challenging to tackle on your own, especially if the thought of driving on the “wrong” side is daunting. Rabbie’s Tours offers one-day (£54) and four-day (£209‌ without lodging) “Outlander”-themed tours centered on filming locations. Beyond activities‌‌, the company can secure tucked-away lodging and car transfers‌ (starting at $1,000 per day for a couple, including hotel, guide and experiences, but excluding dining).
Persons: Manuela, Iwan Wirth, Wirth, Zhang Enli, Queen Victoria, Elsa Schiaparelli, Flora Macdonald, , Harry Potter, Skye, Outlander, Ben Nevis Organizations: Hauser, Jacobite, brac, Hogwarts Express, Rabbie’s Locations: Fife, Highlands, Braemar, Scotland, Orkney, Isle
Isla del Rey, Menorca CNN —On the tiny Menorcan island of Isla del Rey, Christina Quarles is sitting under a canopy of olive trees. “Coming in on a boat is like a moment of meditation to prepare yourself to see art,” she added. Christina Quarles' show 'Come In From An Endless Place,' is on at the Hauser & Wirth gallery on the Spanish island of Menorca until October 29, 2023. The new Menorca Hauser & Wirth gallery was once a dilapidated 18th century naval hospital. I’ve found it to be a very beautiful parallel.”“With Christina, it’s difficult to separate the artist from the work,” said Bardaouil.
Persons: Menorca, Isla del Rey, Christina Quarles, Hauser & Wirth Menorca, “ It’s, , Quarles, Piet Oudolf, Damian Griffiths, Wirth, , ” Quarles, givens, , Menorca Hauser, Wirth “ She’s, Sam Bardaouil, Bardaouil, Quarles ’, Mar Rescalvo Pons, Fredrik Nilsen, Wirth Quarles ’, I’ve, there’s, Christina, it’s Organizations: del, Menorca CNN, Hauser &, Hauser, Wirth, , Venice Biennale, Sotheby’s, CNN, Hamburger Bahnhof, Hauser & Wirth Locations: Isla del, Los Angeles, Swiss, London, New York, Hong Kong, Menorca, Chicago, Venice, York, Berlin, gesturally
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
Mark Bradford Strikes a Pose of Quiet Self-Reflection
  + stars: | 2023-06-14 | by ( John Vincler | ) www.nytimes.com   time to read: +1 min
Mark Bradford found his way to becoming an artist while working in his mother’s beauty shop. The Los Angeles-born artist used layers of the cheap end papers — thin delicate sheets used to protect hair from burning during perming — instead of paint in the early works that would soon earn him an international reputation, eventually leading to the official United States pavilion at the 2017 Venice Biennale, his most important exhibition to date. Nearly 40 when Thelma Golden selected him to participate in her landmark 2001 “Freestyle” exhibition at the Studio Museum in Harlem, featuring mostly young Black artists embracing abstraction and challenging dogmas of representation, he has emerged as one of America’s greatest living painters. Yet, technically speaking, he continues to use paper rather than paint as his primary medium. In “You Don’t Have to Tell Me Twice,” Bradford’s works take over the entirety of Hauser & Wirth’s five-story Chelsea flagship, his first New York solo exhibition since 2015, showing a dozen paintings alongside two works that set the mood, a sculpture and a video piece that find the artist taking stock and assessing his own meteoric rise.
Persons: Mark Bradford, , Thelma Golden Organizations: Studio Museum, Hauser, Chelsea, New York Locations: Los Angeles, United States, Venice, Harlem
The ‘Haunting’ of Gary Simmons
  + stars: | 2023-06-09 | by ( Ted Loos | ) www.nytimes.com   time to read: 1 min
For someone whose signature move is using chalk or paint to create ghostly traces of images that seem to be disappearing before our eyes, Gary Simmons is emphatically present in the art world these days. Simmons, a Conceptual artist known for looking at the ways racial ideas are disseminated, has his biggest and most comprehensive retrospective opening June 13 at the Museum of Contemporary Art Chicago, as well as a current show of new work at Hauser & Wirth in London. “Seeing that much of your own work can have an odd effect — it can be paralyzing,” said Simmons, 59, who was warm and chatty as he talked about the MCA show in the smaller of his two studios here. At the MCA, “Gary Simmons: Public Enemy,” with 70 works, will be on view through Oct. 1, and later travel to the Pérez Art Museum Miami, the co-organizer.
Persons: Gary Simmons, Simmons, Organizations: Museum of Contemporary Art, Hauser & Wirth, MCA, Pérez Art Museum Miami Locations: Museum of Contemporary Art Chicago, London
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.
[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.
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