ExxonMobil Revenue Beats with Guyana Oil Production Rising Faster Than Expected

Energy giant ExxonMobil, the largest U.S. oil company, reported first quarter net income fell to $8.22B, or $2.06/share, from $11.43B, or $2.79/share from the year-ago quarter and lower than expectations for $2.19. That said the result was still XOM’s second highest Q1 profit in the past decade. Revenues fell 4% Y/Y to $83.08B but were ahead of analyst expectations. The result comes after Exxon reported a $36 billion profit for 2023 boosted by fuels trading and higher oil and gas … Continue reading “ExxonMobil Revenue Beats with Guyana Oil Production Rising Faster Than Expected”

Chevron Revenue Increases from PDC Energy, Raises Dividend 8%

Chevron, the second-largest U.S. oil company after Exxon, on Friday reported stronger-than-expected third quarter earnings. CVX posted total adjusted earnings of $2.3 billion, or $3.45 a share beating analysts looking for a profit of $3.19 a share. Chevron announced record annual production, enabled by the acquisition of Colorado producer PDC Energy and raised the quarterly dividend by 8% to $1.63 a share bringing the company’s dividend yield to 4.3%, ahead of Exxon’s 3.7%. Chevron spent a record $26 billion on … Continue reading “Chevron Revenue Increases from PDC Energy, Raises Dividend 8%”

Higher Oil and Gas ExxonMobil Trading Profits and Production in 2023

Energy giant ExxonMobil, the largest U.S. oil company, reported a better-than-expected $36 billion profit for 2023 boosted by fuels trading and higher oil and gas production. For the fourth quarter XOM EPS beat by $0.28 but missed on revenue expectations. Exxon Chief Executive Darren Woods said the industry “saw energy prices and refining margins start to normalize in 2023.” Earnings across the energy space have been rebalancing by the slump in global natural gas and crude prices since last year’s … Continue reading “Higher Oil and Gas ExxonMobil Trading Profits and Production in 2023”

Goldman Sachs Traders Ride the Stock Market Rally, Equity Trading Revenue Jumped 26% in Q4

Goldman Sachs, America’s largest investment bank reported better than expected fourth quarter earnings Tuesday with profit up 51 per cent. The bank reported a profit of $2.01 billion, or $5.48 per share, for the latest quarter, compared with $1.33 billion, or $3.32 per share, a year earlier. Goldman’s equity traders were on the right side of the recovery in markets. Goldman’s equity trading revenue jumped 26 per cent in the fourth quarter. Revenue from the asset and wealth management business … Continue reading “Goldman Sachs Traders Ride the Stock Market Rally, Equity Trading Revenue Jumped 26% in Q4”

Bank of America Earnings Hit by $1.6 Billion LIBOR and $2.1 Billion FIDC Related Charges

Bank of America, America’s second largest bank reported weaker than expected fourth earnings Friday. BAC net income fell to $3.1 billion, or 35 cents per share, in the quarter, down over 50% from $7.1 billion, or 85 cents per share, a year ago. Revenue of $22.1 billion fell short of Wall Street’s estimates for the first time in two years and was down 10% from the year-ago period. The bank was hit by a pretax charge of $1.6 billion related … Continue reading “Bank of America Earnings Hit by $1.6 Billion LIBOR and $2.1 Billion FIDC Related Charges”

JPMorgan Profit Soars to Record $49.6 Billion in 2023, JPM Hits All Time High

JPMorgan Chase, America’s largest bank kicked off the banking sector’s fourth quarter earnings season on Friday before the market opened beating analyst estimates. 2023 was a record year for full-year net income at $49.6 billion. Fourth-quarter net-interest income of $24.2 billion a record, as did its full-year net-interest income of $90 billion, excluding markets. Looking ahead, JPMorgan expects 2024 net-interest income excluding markets of about $88 billion. That forecast is stronger than the analyst estimates of $86.5 billion. Shares of … Continue reading “JPMorgan Profit Soars to Record $49.6 Billion in 2023, JPM Hits All Time High”

Chevron Profits Lower with Weak Refinery Margins and Natural Gas Prices

Chevron, the second-largest U.S. oil company after Exxon, on Friday reported weaker-than-expected third quarter earnings. Adjusted earnings of $3.05 a share was below estimates for $3.70, however revenue of $51.9 billion beat expectations for $51.4 billion. Profits were impacted by lower upstream realizations and lower margins on refined product sales. Refineries delivering the weakest segment result in the past six quarters. Lower natural gas prices impaired both Chevron but also peer ExxonMobil who also reported. CVX’s natural gas sales are … Continue reading “Chevron Profits Lower with Weak Refinery Margins and Natural Gas Prices”

Exxon Mobil Profits Impacted by Lower Natural Gas Prices and Higher Chemical Input Costs

Energy giant ExxonMobil, the largest U.S. oil company, reported lower-than-expected third quarter earnings Friday. Earnings across the energy space have been afflicted by the slump in global natural gas and crude prices since last year’s run up. Lower natural gas realizations and industry refining margins adversely impacted earnings. XOM announced a $9.1 billion third-quarter profit, missing analysts’ estimates for the second quarter in a row, and down from 54% from a year ago. The energy giant has been busy shoring … Continue reading “Exxon Mobil Profits Impacted by Lower Natural Gas Prices and Higher Chemical Input Costs”

Chevron To Buy Hess for $53 billion, Follows PDC Energy and Exxon’s Pioneer Deal

Cash rich Chevron, the second-largest U.S. oil company after Exxon, and Dow component Chevron (CVX) on Monday announced it has entered into a definitive agreement to buy Hess Corporation (HESS) for $53 billion in an all-stock deal. Chevron will pay $171 per share for Hess, a premium of about 10% to the 20-day average price, according to a statement from the companies on Monday. Hess shareholders will receive 1.025 shares of Chevron for each Hess share, giving the company a … Continue reading “Chevron To Buy Hess for $53 billion, Follows PDC Energy and Exxon’s Pioneer Deal”

Goldman Sachs Profits Continue Slide, Drop 33% to $2.06 billion on Consumer, Real Estate Woes

Goldman Sachs, America’s largest investment bank reported third quarter earnings Tuesday, though better than expected were a continuation of falling profits. This has been a horror stretch for the ‘Giant Squid’ with $GS cutting jobs and bonuses at a rate not seen since the financial crisis. Goldman’s quarterly profit dropped less than expected as a recovery in dealmaking offset the $864 million write-down related to its GreenSky fintech business and real estate investments. GS’s net profit slumped 33% to $2.06 … Continue reading “Goldman Sachs Profits Continue Slide, Drop 33% to $2.06 billion on Consumer, Real Estate Woes”