BP downgraded to Hold from Buy at Societe Generale » 11:5905/2805/28/20
Societe Generale downgraded BP to Hold from Buy.
Chevron sees up to 15% reduction in positions, Reuters reports » 13:1305/2705/27/20
Chevron expects a 10% to…
Chevron expects a 10% to 15% reduction in positions across the company as part of restructuring efforts it started late last year, according Reuters, citing an internal memo. As of the end of last year, Chevron had 48,200 employees, the publication notes. Reference Link
Chevron sees 10%-15% reduction in workforce, Reuters reports 12:4305/2705/27/20
ExxonMobil CEO says long-term fundamentals 'remain strong and unchanged' » 12:2105/2705/27/20
ExxonMobil chairman and…
ExxonMobil chairman and CEO Darren Woods told shareholders during the company's annual meeting that the company is managing unprecedented market challenges from the COVID-19 pandemic while preserving long-term shareholder value. "Despite the current volatility and near-term uncertainty, the long-term fundamentals that drive our business remain strong and unchanged," Woods said during the meeting, which was held virtually to reduce health risks from the pandemic. "Our objective is to strengthen the structure and earnings power of our business through industry-advantaged projects to provide a solid foundation for generating cash, reliably growing the dividend and maintaining a strong balance sheet." In response to market conditions, ExxonMobil announced in April that it would be reducing its 2020 capital spending by 30 percent, to approximately $23 billion, and lowering its cash operating expenses by 15 percent. Woods said the company has identified opportunities to reduce capital expenditures without compromising project advantages or returns. "We've adjusted our business plans in response to market conditions, and are working hard to ensure we maintain the value of our portfolio of industry-leading opportunities," he said. "While these are uncertain times, some things remain unchanged - including the fundamentals that underpin our business, our long-term plan, and commitment to grow value for shareholders." ExxonMobil has increased production of specialty polypropylene - used to make medical gowns and masks - and isopropyl alcohol, the key ingredient in medical-grade hand sanitizer and other disinfectants. Operations at its Baton Rouge, LA, site were reconfigured to produce, blend, package, and distribute medical-grade hand sanitizer for donation to health care providers and first responders across the United States. And it supported development of third-party production of safety equipment that can be sterilized and worn multiple times to help alleviate shortages. Woods provided an overview of ExxonMobil's performance in 2019, when the company delivered earnings of more than $14 billion, achieved first oil production in Guyana, increased Permian production volumes nearly 80 percent, and began a multi-year exploration program offshore Brazil. In the Downstream, ExxonMobil brought three major refining projects online in Antwerp, Rotterdam and Beaumont. Its chemical operations broke ground on four major projects across Baytown, Baton Rouge and Corpus Christi. In commercial transportation, ExxonMobil is working to develop advanced biofuels from algae and cellulosic biomass. Efforts to reduce emissions in power generation and industrial involve reducing the cost of carbon capture and storage and capturing CO2 directly from ambient air.
Chevron able to meet current demand, sees financial results to be 'depressed' » 12:2005/2705/27/20
Chevron provided an…
Chevron provided an overview of the company's work to respond to the COVID-19 pandemic at its 2020 annual meeting of stockholders. This year's meeting was virtual in place of an in-person event due to safety concerns related to the pandemic, the company noted. The company stated: "The energy industry's continued operations are necessary to ensure the security, safety, and health of all communities and critical to efforts to respond to the pandemic. The company's biggest challenges are to ensure safe access to its facilities and continuity of operations. Chevron is successfully running essential facilities at operational levels necessary to meet current demand. The company is taking strong precautionary measures to reduce the risk of exposure, including screening workers and visitors at these locations. Commodity prices have fallen significantly due to the destruction of demand resulting from the COVID-19 pandemic and the over-supply of crude oil. The company expects its financial results will be depressed as long as current market conditions persist." Michael Wirth, Chevron's chairman and CEO, added: "We activated our pandemic response plan in January, and have continued to adapt as events have unfolded. I am proud of our workers who show up every day to keep energy flowing into the economy. Chevron is responding to these unprecedented challenges by making changes to what we can control. It's always good to hear from our stockholders. We hope the meeting today left them with a deeper understanding of how we've advanced the business over the past year and our plans for the year ahead."
Chevron sees results 'depressed' as long as current market conditions persist 12:1705/2705/27/20
Chevron says essential facilities running at levels needed for current demand 12:1605/2705/27/20
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BP cutting senior management team to 120 from 250, Reuters reports » 10:2605/2205/22/20
BP is cutting its senior…
BP is cutting its senior management team to 120 from 250 as part of CEO Bernard Looney's transition to focus more on low-carbon energy, Ron Bousso of Reuters reports, citing company sources. Many veteran executives who held key positions under former CEO Bob Dudley set to leave in the coming months, Bousso says. Reference Link
ConocoPhillips price target raised to $37 from $33 at Mizuho » 06:4005/2105/21/20
Mizuho analyst Paul…
Mizuho analyst Paul Sankey raised the firm's price target on ConocoPhillips to $37 from $33 and keeps a Neutral rating on the shares. The analyst increased targets in the Exploration and Production space to reflect lower sustaining capital expectations, particularly for unconventional-levered operators.
ConocoPhillips announces retirement of CFO, names William Bullock, Jr. CFO » 08:1305/2005/20/20
ConocoPhillips announced the retirement of Don Wallette, Jr. as executive vice president and CFO. Wallette's retirement is effective on August 31. In conjunction with Wallette's retirement, the company also announced that William Bullock, Jr., currently president, Asia Pacific Middle East, will assume the role of executive vice president and CFO on September 1.