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☆ Top 10 things the Club is watching in the stock market Monday: Stocks look mixed, dueling Disney notes
▼ + stars: | 2023-02-13 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

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.

☆ Biden's stock buyback tax isn't working. In State of the Union, he's asking Congress for more
▼ + stars: | 2023-02-07 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +14 min

In September 2021, Sen. Sherrod Brown (D-Ohio) and Sen. Ron Wyden (D-Oregon) proposed that stock buybacks should be taxed at 2%. Lazonick, who thought any minor buyback tax would be ineffective, says he has been proven correct. If a higher buyback tax is enacted, he is betting it will not have the outcomes that Democrats envision. While it's hard to see a higher tax getting passed in the current Congress, it does make sense for Biden to state his desire for 4%. Changing a buyback tax, though, might first prove harder.

☆ Chevron CEO Mike Wirth on pushback from White House, capital expenditure
▼ + stars: | 2023-02-03 | 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 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 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.

☆ Chevron annual profit doubles to record $36.5 bln, but misses estimates
▼ + stars: | 2023-01-27 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

The second largest U.S. oil producer's adjusted net profit for 2022 beat by about $10 billion its previous record set in 2011. But $1.1 billion in writedowns in its international oil and gas operations in the fourth quarter left earnings short of forecasts for adjusted net profit of $37.2 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. In the final quarter, Chevron posted adjusted earnings of $7.9 billion, or $4.09 per share, up 61% from a year ago. U.S. production rose to a record last year led by a 16% increase in Permian, the country's main shale basin.

☆ Chevron annual profit doubles to record $36.5 billion, but misses estimates
▼ + stars: | 2023-01-27 | by ( ) www.cnbc.com time to read: +3 min

Chevron on Friday posted a record $36.5 billion profit for 2022 that was more than double year-earlier earnings but fell shy of Wall Street estimates, undercut by asset writedowns and a retreat in oil and gas prices. The second largest U.S. oil producer's adjusted net profit for 2022 beat by about $10 billion its previous record set in 2011. But $1.1 billion in writedowns in its international oil and gas operations in the fourth quarter left earnings short of forecasts for an adjusted net profit of $37.2 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. In the final quarter, Chevron posted adjusted earnings of $7.9 billion, or $4.09 per share, up 61% from a year ago.

☆ Chevron is catching heat for tripling its stock buyback to $75 billion as soaring energy prices led to record profits
▼ + stars: | 2023-01-26 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

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.

MEXICO CITY, Dec 14 (Reuters) - Environmental groups filed a lawsuit in a U.S. federal court on Wednesday, pressuring the U.S. government to sanction Mexico for failing to protect the critically endangered vaquita, the world's smallest porpoise, according to court documents. The lawsuit seeks to pressure the U.S. government to sanction Mexico under a fisheries law called the "Pelly Amendment" to the Fishermen's Protective Act, which authorizes the U.S. President to embargo imports of wildlife products, including fish, from another country. The vaquita porpoise, found in Mexico's upper Gulf of California, has over the last five years seen its population devastated to the point that it is now considered in "serious danger of extinction." The other organizations that joined the lawsuit are the Animal Welfare Institute and the Natural Resources Defense Council. In mid-November, CITES - an international convention to protect endangered species - told Mexico it must protect the vaquita or face sanctions early next year.

[1/2] The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. "Securities fraud victimizes innocent investors and undermines the integrity of our public markets,” said Assistant Attorney General Kenneth Polite of the Justice Department's Criminal Division. His attorney did not respond immediately to a request for comment. Rybarczyk and Deel did not respond immediately to requests for comment. Reporting by Chris Prentice and Nate Raymond; Editing by Mark Porter and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Venezuela, Chevron formally sign oil contracts in Caracas
▼ + stars: | 2022-12-02 | by ( Deisy Buitrago | ) www.reuters.com time to read: +2 min

CARACAS, Dec 2 (Reuters) - Venezuela's oil minister and top representatives of state-run company PDVSA on Friday signed contracts with U.S. oil firm Chevron Corp (CVX.N) intended to help revive the nation's oil output and expand operations. "This is an important step towards the right direction, but yet insufficient," said oil minister Tareck El Aissami after the signing ceremony. The event took place at PDVSA's Caracas headquarters and was attended by El Aissami, Chevron's President for Venezuela, Javier La Rosa, and PDVSA President Asdrubal Chavez. The authorization was required because of U.S. sanctions on PDVSA and Venezuela's oil sector. Earlier this year, OFAC authorized Chevron to hold meetings with Venezuelan officials, including people specifically sanctioned by Washington, like El Aissami.

☆ 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.

☆ Chevron CEO Mike Wirth: We are growing production with global demand
▼ + stars: | 2022-12-02 | 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 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.

☆ Chevron CEO Mike Wirth: Environmental protection and affordable, reliable energy are essential
▼ + stars: | 2022-12-02 | 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 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.

The Biden administration last week authorized Chevron to expand operations in Venezuela and resume taking prized heavy crude to the United States. Valero Energy Corp (VLO.N), PBF Energy (PBF.N) and Citgo Petroleum have shown interest in getting access to the oil Chevron is expecting in coming weeks, according to the people. No Venezuelan oil officially has been allocated to Chevron yet and no chartering contracts have been signed to transport cargoes to the United States, according to Venezuelan export schedules and Refinitiv freight data. Valero, PBF and other U.S. independent refiners would not need any new authorization to buy Venezuelan oil from Chevron. The primary effect will be to allow some Venezuelan oil to flow back to the United States, "which will help the U.S. refining system," Wirth said.

☆ Qantas' CEO succession planning in good shape, chairman says
▼ + stars: | 2022-11-04 | by ( Jamie Freed | ) www.reuters.com time to read: +1 min

SYDNEY, Nov 4 (Reuters) - Qantas Airways Ltd's (QAN.AX) CEO succession planning is in good shape even though long-serving boss Alan Joyce is expected to stay until at least the end of 2023, the airline's chairman said on Friday. "The board looks at succession each year at almost every meeting, but specifically twice a year," Chairman Richard Goyder told shareholders at the company's annual meeting in Sydney. "The board feels we are in good shape for CEO succession as and when that will occur." Goyder said the airline had strong internal candidates to succeed Joyce, though it would also canvass the external market when needed. The leading internal candidates include chief financial officer Vanessa Hudson, loyalty division head Olivia Wirth and new Jetstar head Stephanie Tully, according to analysts.

☆ Here's the exclusive 12-slide pitch deck medical cybersecurity startup MedCrypt used to nab $25 million in funding from Johnson and Johnson
▼ + stars: | 2022-11-01 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +2 min

Healthcare cybersecurity startup MedCrypt just raised $25 million in Series B funding. Here's the pitch deck used to woo investors at Intuitive Ventures and Johnson & Johnson Innovation. Healthcare cybersecurity startup MedCrypt just raised a $25 million Series B, Insider has learned. Intuitive Ventures and Johnson & Johnson Innovation led the round, while Section 32, Erica Ventures, Anzu Partners, and Dolby Family Ventures also participated. Last year, competitors including New York-based healthcare cybersecurity startup Cylera raised a $10 million Series A, while Israeli IOT cybersecurity startup Cynerio raised $30 million in Series B funding.

☆ Chevron CEO Mike Wirth: The world needs more energy supply and we're delivering
▼ + stars: | 2022-10-28 | 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 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's $11.2 billion quarterly profit soars past estimates
▼ + stars: | 2022-10-28 | by ( ) www.cnbc.com time to read: +2 min

Chevron on Friday reported its second-highest quarterly profit ever, blasting past analysts' estimates, driven by soaring global demand for its oil and gas and rising production from its U.S. oilfields. 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. Overall, oil and gas production was roughly flat last quarter factoring in the sale of some producing properties in Asia. 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.

☆ Watch CNBC's full interview with Chevron CEO Mike Wirth on earnings
▼ + stars: | 2022-10-28 | 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 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.

☆ 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.

☆ Saudi Arabia just won a bid for the 2029 Asian Winter Games. The $500 billion city they're set to be hosted in doesn't exist yet.
▼ + stars: | 2022-10-05 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +3 min

Saudi Arabia is set to become the first country in West Asia to host the Winter Asian Games. But, like the rest of Neom, Trojena doesn't exist yet; it's slated to be completed in 2026, per the AFP. Neom, Saudi Arabia, on January 12, 2021. The Asian Winter Games are held every four years. Saudi Arabia stands to be the first West Asian country to host the event, which was most recently held in Sapporo, Japan, in 2017.

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