Chevron: Expect Production in First Half of the Year to Be Down From 4Q by About 2% to 4% Before Climbing Toward a 2024 Exit Rate Around 900,000 Barrels Per Day.
The following is a summary of the Phillips 66 (PSX) Q4 2023 Earnings Call Transcript: Financial Performance: Phillips 66 reported Q4 2023 adjusted earnings of $1.4 billion or $3.09 per share, with operating cash flow of $2.2 billion. Total adjusted EBITDA for 2023 was $12.7 billion, reflecting a substantial contribution from Midstream and Marketing and Specialties. The company increased its quarterly dividend by 8% and returned over $8.3 billion to shareholders through dividends and share repurchases since July 2022. Capital spending for Q4 2023 was $634 million, with shareholders receiving $1.6 billion through dividends and share repurchases. The net debt to capital ratio was 34% at year’s end, with a 16% return on capital employed. Despite the DCP Midstream consolidation, which added approximately $200 million, the company managed to reduce its sustaining capital spend to under $900 million. Adjusted earnings decreased by $708 million in the fourth quarter, mainly due
Phillips 66(PSX.US) Q4 2023 Earnings Conference Read Post »
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target remains $130, on an 8.1x multiple of projected 2024 operating cash flows, below PSX’s historical average. We believe a discount is merited due to our negative outlook for refining in 2024. We downgrade based on valuation, as PSX’s shares have grown 44% in the last 12 months, compared to the S&P 1500 Oil & Gas Refining & Marketing Index (+22%) and its peer average (+11%). We cut our 2024 EPS view by $1.60 to $12.26 and start 2025 at $12.60. Q4 EPS of $3.09 vs. $4.00 beat consensus by $0.71. Refining margins ($14.41/b) fell 27% Y/Y due to lower crack spreads. PSX expects 2024 capex to be in range of $2.2B (vs. $2.4B in 2023). We estimate PSX with free cash flow in range
CFRA Cuts View On Shares Of Phillips 66 To Sell From Hold Read Post »
Marathon Petroleum (NYSE:MPC) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/31/2024 9.23% Raymond James $175 → $185 Maintains Strong Buy 12/14/2023 -0.21% Wells Fargo → $169 Upgrades Equal-Weight → Overweight 11/01/2023 3.33% Raymond James $171 → $175 Maintains Strong Buy 10/17/2023 -5.53% Morgan Stanley $150 → $160 Maintains Overweight 10/06/2023 -1.98% Mizuho $178 → $166 Maintains Neutral 10/06/2023 0.97% Raymond James $177 → $171 Maintains Strong Buy 10/05/2023 -12.61% Piper Sandler $146 → $148 Maintains Neutral 09/20/2023 4.51% Raymond James $165 → $177 Maintains Strong Buy 09/18/2023 2.15% B of A Securities $162 → $173 Maintains Neutral 09/18/2023 5.1% Mizuho $161 → $178 Maintains Neutral 09/08/2023 -7.3% Wells Fargo $142 → $157 Maintains Equal-Weight 08/16/2023 — Mizuho Downgrades Buy → Neutral 08/15/2023 -4.35% B of A Securities $159 → $162 Downgrades Buy → Neutral 08/07/2023 -3.16% Jefferies $140 → $164 Maintains
Marathon Petroleum (NYSE:MPC) Stock Analyst Ratings Read Post »
Phillips 66 Delivers Strong 4Q 2023 Results, Advances Strategic Priorities Fourth Quarter — Fourth-quarter earnings of $1.3 billion or $2.86 per share; adjusted earnings of $1.4 billion or $3.09 per share — $2.2 billion of operating cash flow — $1.6 billion returned to shareholders through dividends and share repurchases — Strong Refining operations at 92% utilization and 107% market capture — Record NGL fractionation volumes and LPG export volumes Full-Year 2023 — Earnings of $7.0 billion or $15.48 per share; adjusted earnings of $7.2 billion or $15.81 per share — $7.0 billion of operating cash flow, $8.8 billion excluding working capital — $5.9 billion returned to shareholders through dividends and share repurchases — Quarterly dividend increased 8% to $1.05 per common share — $1.2 billion in run-rate business transformation savings — Strong Refining operations with four consecutive quarters above industry-average crude utilization — Advancing Midstream NGL wellhead-to-market strategy; acquired all
Phillips 66 Delivers Strong 4Q 2023 Results, Advances Strategic Priorities Read Post »
Shares of major oilfield service companies like Schlumberger (SLB), Seadrill (SDRL), Baker Hughes (BKR) and Halliburton (HAL) fell in recent Tuesday trading after multiple media outlets reported oil giant Saudi Aramco shelved its planned increase in maximum oil production capacity by 1 million barrels per day. Schlumberger was down more than 7%, Seadrill fell 3%, Baker Hughes dropped more than 2%, while Halliburton declined more than 1%. Saudi Aramco said it received a state directive to keep its maximum sustainable capacity at 12 million barrels per day. It was earlier mandated to increase the capacity to 13 million barrels per day.
Marathon Petroleum Corporation (NYSE:MPC) Q4 2023 Earnings Conference Call January 30, 2024 11:00 AM ET Company Participants Kristina Kazarian – Investor Relations Mike Hennigan – Chief Executive Officer Maryann Mannen – President John Quaid – Chief Financial Officer Rick Hessling – Chief Commercial Officer Conference Call Participants Neil Mehta – Goldman Sachs Manav Gupta – UBS Doug Leggate – Bank of America Securities Paul Cheng – Scotiabank Roger Read – Wells Fargo John Royall – JPMorgan Theresa Chen – Barclays Ryan Todd – Piper Sandler Jason Gabelman – TD Cowen Operator Welcome to the MPC Fourth Quarter 2023 Earnings Call. My name is Sheila and I will be your operator for today’s call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the call over to Kristina Kazarian. Kristina, you may begin. Kristina Kazarian Welcome to Marathon Petroleum’s fourth quarter 2023 earnings conference call. The
Marathon Petroleum Corporation (MPC) Q4 2023 Earnings Call Transcript Read Post »
Marathon Petroleum Corp. Reports Fourth-Quarter 2023 Results PR Newswire FINDLAY, Ohio, Jan. 30, 2024 FINDLAY, Ohio, Jan. 30, 2024 /PRNewswire/ — — Fourth-quarter net income attributable to MPC of $1.5 billion, or $3.84 per diluted share; adjusted net income of $1.5 billion, or $3.98 per adjusted diluted share — Full-year 2023 net income attributable to MPC of $9.7 billion, or $23.63 per diluted share; adjusted net income of $9.7 billion, or $23.63 per adjusted diluted share — Full-year net cash provided by operating activities of $14.1 billion, supporting the return of $12.8 billion of capital to shareholders in 2023 — 2024 MPC standalone (excluding MPLX) capital spending outlook of $1.25 billion Marathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $1.5 billion, or $3.84 per diluted share, for the fourth quarter of 2023. This compares to net income attributable to MPC of $3.3 billion, or $7.09
Marathon Petroleum Corp. Reports Fourth-Quarter 2023 Results Read Post »
Marathon Petroleum (NYSE:MPC) is set to give its latest quarterly earnings report on Tuesday, 2024-01-30. Here’s what investors need to know before the announcement. Analysts estimate that Marathon Petroleum will report an earnings per share (EPS) of $2.21. Marathon Petroleum bulls will hope to hear the company announce they’ve not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter. New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
Earnings Outlook For Marathon Petroleum Read Post »
By Jack Hough My proprietary oil model predicts less price volatility ahead. OK, there’s no model, but a chart of spot Texas crude still makes me shake my J.R. Ewing Stetson in disbelief at how nuts energy trading got over the past five years. OK, there’s no Stetson, either. Early in the pandemic, near the expiration for May 2020 futures contracts, oil briefly sold for negative $37 per barrel, because highways were empty, storage tanks were stuffed, and there was nowhere to receive the stuff. In summer 2022, with demand restored, and Russia well into its Ukraine invasion, prices topped $120. More recently, Texas crude sold for $77, down from $90 at the end of September, but up from $72 since the start of this year. The futures curve implies that prices will fall from the high to low $70s from now through 2027. Jason Gabelman, an oil stock analyst
Oil Has Had a Wild Ride. Exxon Mobil Can Thrive Even With Low Oil Prices. — Barrons.com Read Post »
ConocoPhillips (NYSE:COP) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/26/2024 18.64% Susquehanna $152 → $133 Maintains Positive 01/24/2024 22.21% Raymond James $140 → $137 Maintains Strong Buy 01/03/2024 17.75% Mizuho $139 → $132 Maintains Neutral 12/29/2023 24.89% Raymond James $146 → $140 Maintains Strong Buy 12/14/2023 23.1% UBS $149 → $138 Maintains Buy 12/08/2023 25.78% JP Morgan $153 → $141 Maintains Neutral 11/14/2023 20.43% RBC Capital $130 → $135 Maintains Outperform 10/18/2023 35.59% Susquehanna $153 → $152 Maintains Positive 10/04/2023 32.92% UBS $147 → $149 Maintains Buy 10/02/2023 27.56% Jefferies $141 → $143 Maintains Buy 10/02/2023 11.51% Morgan Stanley $124 → $125 Maintains Overweight 09/18/2023 42.73% Truist Securities $151 → $160 Maintains Buy 09/18/2023 24% Mizuho $135 → $139 Maintains Neutral 09/08/2023 — Erste Group Upgrades Hold → Buy 08/28/2023 25.78% Jefferies $143 → $141 Maintains Buy 08/17/2023 31.13% UBS $127
ConocoPhillips (NYSE:COP) Stock Analyst Ratings Read Post »
ConocoPhillips (NYSE:COP) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/24/2024 25.35% Raymond James $140 → $137 Maintains Strong Buy 01/03/2024 20.78% Mizuho $139 → $132 Maintains Neutral 12/29/2023 28.1% Raymond James $146 → $140 Maintains Strong Buy 12/14/2023 26.27% UBS $149 → $138 Maintains Buy 12/08/2023 29.01% JP Morgan $153 → $141 Maintains Neutral 11/14/2023 23.52% RBC Capital $130 → $135 Maintains Outperform 10/18/2023 39.08% Susquehanna $153 → $152 Maintains Positive 10/04/2023 36.33% UBS $147 → $149 Maintains Buy 10/02/2023 30.84% Jefferies $141 → $143 Maintains Buy 10/02/2023 14.37% Morgan Stanley $124 → $125 Maintains Overweight 09/18/2023 46.4% Truist Securities $151 → $160 Maintains Buy 09/18/2023 27.18% Mizuho $135 → $139 Maintains Neutral 09/08/2023 — Erste Group Upgrades Hold → Buy 08/28/2023 29.01% Jefferies $143 → $141 Maintains Buy 08/17/2023 34.5% UBS $127 → $147 Maintains Buy 08/16/2023 23.52% Mizuho $127
ConocoPhillips (NYSE:COP) Stock Analyst Ratings Read Post »