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Search resuls for: "Mike Wirth"


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Chevron boosts annual share buyback target to up to $20 billion
  + stars: | 2023-02-28 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Gaby OraaCompanies Chevron Corp FollowFeb 28 (Reuters) - U.S. oil major Chevron Corp (CVX.N) on Tuesday raised its share buyback outlook to between $10 billion and $20 billion per year and reaffirmed its production guidance of more than 3% annual growth by 2027. Chevron last year returned $26 billion via dividends and buybacks to shareholders and invested $15.7 billion in operations. The oil major on Tuesday maintained its annual organic capital expenditures of $13 billion to $15 billion through 2027. The company also said it would raise its targeted annual share buyback rate to $17.5 billion, starting in the second quarter. 2 U.S. oil producer's previous annual buyback target was up to $15 billion.
Sign up for my Top 10 Morning Thoughts on the market email newsletter for free 2. RBC Capital calls General Electric (GE) a buy ahead of next week's analyst day; ahead of separation of energy and power businesses into GE Vernova. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Chevron Corp.’s board of directors is considering waiving the company’s mandatory retirement age for Chief Executive Mike Wirth , a move that would allow him to remain CEO for a longer period, people familiar with the matter said. Some board members have said the San Ramon, Calif., oil company doesn’t have an internal candidate ready to succeed Mr. Wirth, who would reach the company’s fixed retirement age of 65 in late 2025, and that additional time would allow him to prepare a successor. The board members have also said they see no reason to push out an executive who has performed well, the people said.
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.
Club holding Caterpillar (CAT) downgraded to neutral (hold) at Baird; price target cut to $230 per share from $290. Disney (DIS), a Club stock, price target is lowered to $130 per share from $145 at Citi; keeps a buy rating following last week's solid earnings and restructuring announcement. Merck (MRK) price target is increased to $125 per share from $120 at Credit Suisse. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO Mike Wirth on pushback from White House, capital expenditureChevron CEO Mike Wirth joins 'Squawk Box' to discuss the company's $75 billion stock buyback plan, how the company should operate with the rhetoric from the White House, and more.
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.
Chevron wowed investors with a massive $75 billion stock buyback on Wednesday. The stock buyback program has no expiration date and is triple the company's prior share repurchase program of $25 billion. Surging oil prices in 2022 helped fuel record profits for Chevron, and the company expects those profits to continue to flow in 2023. But Chevron is working to increase its oil production in 2023. The capital discipline employed by Chevron is also being employed by ExxonMobil, which increased its stock buyback program to $50 billion last month.
The Davos party returns, with the shakes
  + stars: | 2023-01-16 | by ( Lauren Silva Laughlin | ) www.reuters.com   time to read: +4 min
DAVOS, Switzerland, Jan 16 (Reuters Breakingviews) - There’s a hangover happening in Davos even though the party hasn’t yet started. The World Economic Forum’s annual winter shindig in the Swiss mountain resort, which kicks off on Monday, marks a return for glitzy parties and high-minded debates following a three-year hiatus. A record number of business leaders are set to make the trip, and the passage of commercial, private and government aircraft through Zurich’s airport suggests overall attendees are at pre-Covid-19 levels. The global pandemic and Russia’s invasion of Ukraine have added more friction to the already creaking globalised world that Davos epitomised. Follow @thereallsl on TwitterloadingCONTEXT NEWSThe World Economic Forum will take place in Davos, Switzerland from Jan. 16 through Jan. 20.
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.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO Mike Wirth: We are growing production with global demandChevron CEO Mike Wirth joins CNBC's 'Squawk Box' to discuss his expectations for oil demand as the European Union prepares more Russian oil sanctions and OPEC+ considers a production cut.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO Mike Wirth: Environmental protection and affordable, reliable energy are essentialChevron CEO Mike Wirth joins CNBC's 'Squawk Box' to discuss ESG investing and the need to transition to renewable energy sources.
Watch CNBC's full interview with Chevron CEO Mike Wirth
  + stars: | 2022-12-02 | 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 CEO Mike WirthChevron CEO Mike Wirth joins CNBC's 'Squawk Box' to discuss his expectations for oil demand as the European Union prepares more Russian oil sanctions and OPEC+ considers a production cut. Wirth also discusses ESG investing and the need to transition to renewable energy sources, as well as the company's operations in Venezuela. "Affordable, reliable energy is essential and environmental protection is essential because the world wants to see a sustainable planet," Wirth tells CNBC.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Chevron CEO Mike Wirth on earningsChevron CEO Mike Wirth joins CNBC's 'Squawk on the Street' team to discuss the company's third-quarter earnings report, which showed the energy giant booked $11.2 billion in quarterly profit. Wirth discusses how the energy giant is working to increase production to meet strong global demand. "The world needs more supply, and we're delivering that," he tells CNBC.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChevron CEO Mike Wirth: The world needs more energy supply and we're deliveringChevron CEO Mike Wirth joins CNBC's 'Squawk on the Street' team to discuss the company's third-quarter earnings report, which showed the energy giant booked $11.2 billion in quarterly profit.
Chevron Chairman and CEO Mike Wirth speaks with CNN anchor Poppy Harlow about Europe's energy "vulnerability" and responds to calls for an export ban on US oil.
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