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Shell reported first-quarter profit of $7.7 billion on Thursday, sharply beating expectations after disruptions in the Red Sea and Russia lifted oil refining and trading. The company also said it will repurchase a further $3.5 billion of its shares over the next three months, at a similar rate to the previous quarter. Its dividend remained unchanged. Shell's cashflow rose by 6% from the previous quarter to $13.3 billion reflecting strong operational performance, which together with trading helped offset a decline in natural gas prices that weighed on earnings of rivals including Exxon Mobil. https://lnkd.in/d3y2NPTR

US oil major Chevron's fourth-quarter earnings disappointed Wall Street as its refining business posted the first loss in four years on Friday, amid weak global margins and lower U.S. jet fuel sales. Chief Executive Mike Wirth, among the first energy executives to rename the Gulf of Mexico to the Gulf of America in his company's public statements, told Reuters that the downtrend in refining is set to bleed into this year. Chevron's shares fell over 4% to a three-week low, even as the company raised its quarterly dividend and pledged to continue buying back $10 billion to $20 billion of its shares annually. My latest for Reuters with Sheila Dang and Seher D. https://lnkd.in/dmndS8vX

Earning calls show Exxon, Chevron, and TotalEnergies take a hit after the price of Natural gas falls. CFO of TotalEnergies Jean-Pierre Sbaire claims, "a mild winter and high storage levels" are responsible for the decline. Exxon and TotalEnergies losing over 20% in profits and Chevron 16%. Futures traders are are expecting prices to continue to fall. However, Exxon and Chevron are hoping that once their new acquisitions are approved, profits will begin to raise once again. #pge301 https://lnkd.in/dRGT66Mw

Chevron Misses Q2 Expectations Due To 'Weaker Upstream, Downstream Results' But Permian Production Hits New Record https://ift.tt/SRbsNmv Chevron missed Q2 earnings expectations but Permian production reaches record high. 2 of 3 analysts cut price targets. Latest Ratings for CVX Date Firm Action From To Mar 2022 Wells Fargo Maintains Overweight Mar 2022 JP Morgan Downgrades Neutral Underweight Mar 2022 JP Morgan Maintains Neutral View More Analyst Ratings for CVX View the Latest Analyst Ratings read more via Benzinga - Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals https://ift.tt/Ad1yDU7 August 05, 2024 at 12:19PM

ExxonMobil signaled that sharply lower oil refining profits and weakness across all its businesses would reduce its fourth-quarter #earnings by about $1.75 billion from the prior quarter. #oilandgas #offshore

Exxon Mobil and Chevron have posted mixed results in the face of fluctuating oil prices, global supply concerns, and strategic shifts. Exxon Mobil recorded a Q3 profit of $8.6 billion, reflecting a 5% drop year-over-year (YoY). The company’s earnings per share (EPS) of $1.92 exceeded expectations, although shares dipped by about 1.5%. Chevron posted $4.5 billion in Q3 profits, down a 31% YoY. Its EPS of $2.48 also beat market forecasts, boosting shares nearly 3%. Commitment to Shareholder Returns: Since early 2022, Exxon and Chevron have returned over $155 billion to shareholders through dividends and buybacks, affirming their focus on investor value: Exxon holds $27 billion in cash reserves, enabling it to continue its substantial $20 billion annual buyback program. Chevron maintains $4.7 billion in cash, staying committed to its dividend and buyback policies. Market Pressures on Oil Prices: Global Oil Supply: Growing production from the U.S., Canada, Brazil, and OPEC has increased supply and raised concerns about price stability. Additionally, Middle Eastern producers are considering adding another 2.2 million barrels per day within a year, which could further strain prices. Price Impact: Brent crude has declined 15% over the past six months, with analysts forecasting more downside if OPEC maintains high output levels. Strategic Positioning and Resilience: Cost Efficiency: Since 2019, Exxon has achieved $11.3 billion in cost savings, enhancing its competitive edge, especially as prices waver. Geopolitical and Demand Concerns: Global risks and a slowdown in China’s manufacturing activity continue to pose potential challenges, as demand from this major consumer remains under pressure. Long-Term Outlook: Small Producers: Analysts expect some U.S. shale companies may scale back buybacks or rely on debt to sustain them, as cash flow tightens with weaker prices. Supply Risks: Delays in replenishing reserves across the industry hint at possible future supply scarcity, which could support long-term price stability and value for oil producers.

BP and Shell are set to post lower Q3 profits amid weak oil prices and slowing global demand. Both firms have warned of falling refining margins, and analysts predict a 30% drop in BP's net income.

Exxon stock falls as earnings miss on lower natural gas prices and squeezed refining margins https://lnkd.in/dEHbEAbm Quotes from the article: The nation’s largest oil company reported net income of $8.22 billion, or $2.06 per share, a 28% decrease from earnings of $11.43 billion, or $2.79 per share, in the same period a year ago. Revenue beat expectations, coming in at $83.08 billion, but was lower than a year ago, when the company reported $86.56 billion. Exxon came under pressure from lower refining margins and natural gas prices that have plummeted from last year’s highs. Natural gas prices have plunged 37% this year, and refining margins are lower than they were a year ago. Chevron faced similar issues this quarter. Oil and gas production profits fell 12% to $5.67 billion, compared with $6.46 billion in the same quarter last year due to lower natural gas prices. Oil is up more than 16% this year but the rally did little to lift Exxon’s fortunes this quarter. #exxonmobil #oilmajors #majoroilcompanies #bigoil #earnings #revenue #profits #cashflow #balancesheet #quarterlyearnings #quarterlyresults #quarterlyreports #oilindustry #oilandgasindustry #oilandgasexploration #upstream #refiningmargins #crudeoilprice #crudeoilpriceoutlook #naturalgas #naturalgasprices #useconomy #unitedstates #energyindustry

SHELL SMASHES FORECASTS Shell Smashes Forecasts with $7.7 Billion Quarterly Profit https://hubs.la/Q02vVYm00 Shell reported first-quarter profit of $7.7 billion on Thursday, sharply beating expectations after disruptions in the Red Sea and Russia lifted oil refining and trading. #shell #forecasts #profits #energyindustry #oilandgasindustry #oilandgas #oilrefining #trading