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 with PDC Energy (PDCE) to acquire all of the outstanding shares of PDC in an all-stock transaction valued at $6.3 billion, or $72/share. Chevron is cash rich with Q1 adjusted earnings of $6.74 billion or $3.55 per share on revenues of $50.79 billion. Cash flow from operations was $7.2 billion in the quarter with free cash flow … Continue reading “Chevron Acquires PDC Energy in $6.3 Billion Deal Increasing Shale Commitment”
Exxon Mobil Record First Quarter Profits with Higher Production in Guyana and Permian
Energy giant ExxonMobil, the largest U.S. oil company, reported better than expected first-quarter earnings Friday. XOM produced more oil to overcome lower energy prices. ExxonMobil reported adjusted earnings of $11.43 billion or $2.83 a share, ahead of a consensus $2.60 on FactSet and up from a year-ago profit of $5.48 billion, or $1.28 a share. Revenue fell 4.8% to $86.6 billion, but that also beat estimates. Production increased by nearly 300,000 barrels of oil equivalent a day driven by projects … Continue reading “Exxon Mobil Record First Quarter Profits with Higher Production in Guyana and Permian”
Chevron Earnings Beat Expectations with Higher Refining Profits
Chevron, the second-largest U.S. oil company after Exxon, on Friday reported Q1 adjusted earnings of $6.74 billion or $3.55 per share, beating the consensus of $3.41. Revenues of $50.79 billion beat the consensus of $47.98 billion. Chevron’s results were boosted by their fuel-making refineries, whose profitability has remained elevated as crude prices dropped booking, $1.8 billion during the period, a five-fold increase from the first quarter of 2022. Cash flow from operations was $7.2 billion in the quarter with free … Continue reading “Chevron Earnings Beat Expectations with Higher Refining Profits”
Caterpillar Record Profit Boosted by U.S. infrastructure Spending But Flat Order Backlog Overhangs
Irving, Texas-based Caterpillar, a Dow component and gauge for global economic health reported first quarter numbers that topped Wall Street expectations with a 31% rise in first quarter profit on Thursday before the market open. $CAT reported a record $4.91adjusted earnings per share, beating Refinitiv analysts’ consensus of $3.78 per share. The company saw strong demand for its construction and mining equipment and engines for transportation and energy generation despite higher prices. The US administration’s infrastructure legislation encouraged spending in … Continue reading “Caterpillar Record Profit Boosted by U.S. infrastructure Spending But Flat Order Backlog Overhangs”
Goldman Sachs Revenues Miss, Discloses Losses in Marcus and Real Estate
Goldman Sachs, America’s largest investment bank reported worse than expected first quarter earnings Tuesday, hit by the ongoing dealmaking slump and a major loss recognized in the money-losing consumer bank Marcus. GS disclosed a $470 million loss “related to a partial sale of the Marcus loans portfolio”. Goldman also took a $355 million loss related to its real estate investments. Goldman reported net earnings of $3.23 billion, or $8.79 per share in the first quarter, down 18% compared to the … Continue reading “Goldman Sachs Revenues Miss, Discloses Losses in Marcus and Real Estate”
Bank of America Earnings Benefiting from Higher Interest Rates and Solid Loan Growth
Bank of America, America’s second largest investment bank reported better than expected first earnings Tuesday. Three of the largest U.S. lenders, JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) reported last Friday. Bank of America said its first-quarter net income increased by 15% to $8.2 billion, or 94 cents a share, from $7.1 billion beating the analyst forecast of 81 cents a share, according to estimates compiled by FactSet. Bank of America said its revenue increased 13% to $26.3 … Continue reading “Bank of America Earnings Benefiting from Higher Interest Rates and Solid Loan Growth”
What Banking Crisis? JPMorgan Shrugs, Record Lending Income and Revenue
JPMorgan Chase, America’s largest bank kicked off the banking sector’s first quarter earnings season on Friday before the market opened. The past month has seen the most banking turmoil since 2008, despite it JPM posted a 52% increase in first-quarter profit and record revenue of $38.35 billion, up 25%. The bank announced net income of $12.62 billion, or $4.10 per share, up from $8.28 billion, or $2.63 a share, a year ago. That beat the $3.41 per share expected by … Continue reading “What Banking Crisis? JPMorgan Shrugs, Record Lending Income and Revenue”
What to Expect from JPMorgan Earnings in The Eye of The Financial Storm
JPMorgan Chase, America’s largest bank kick off the banking sector’s first quarter earnings season on Friday before the market opens along with three of the largest U.S. lenders, Wells Fargo (WFC), Citigroup (C) and PNC. There is much to cover for banks in recent weeks with a potential overhaul of the insured deposits system, a rush of deposits out of regional banks to money center banks, heavy borrowing from the Federal Reserve’s discount window and a new Bank Term Funding … Continue reading “What to Expect from JPMorgan Earnings in The Eye of The Financial Storm”
Exxon Mobil in Talks to Buy Shale Giant Pioneer Natural Resources
Energy giant ExxonMobil, the largest U.S. oil company, has held preliminary informal talks with U.S. fracking giant Pioneer Natural Resources Co. about a possible acquisition according to people familiar with the matter the WSJ reported Friday. Some of the people cautioned there is no formal process between Exxon and Pioneer. Exxon is in a cash rich position after it delivered its highest-ever annual profit in 2022 fueled by surging oil prices to resurrect it as one of America’s most profitable … Continue reading “Exxon Mobil in Talks to Buy Shale Giant Pioneer Natural Resources”
Demand for Caterpillar Construction and Energy Equipment Boost Sales 20%
Irving, Texas-based Caterpillar, a Dow component and gauge for global economic health reported mixed fourth-quarter numbers on Tuesday before the market open. $CAT missed on earnings but beat on revenue. The company saw strong demand for its construction and mining equipment and engines for transportation and energy generation despite higher prices. Sales came to $16.60 billion for the quarter, topping Wall Street expectations. CAT was trading $249.62 -11.88 (p 4.54%) Pre-Market Foreign-exchange headwinds however weighed on profit and its operating … Continue reading “Demand for Caterpillar Construction and Energy Equipment Boost Sales 20%”