Energy

CFRA Reiterates Buy Opinion On Shares Of Schlumberger Limited

/ / Energy /

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 of $56, up $1, reflects a 9.6x multiple of EV to projected 2024 EBITDA, below SLB’s historical average. We keep our 2024 EPS view at $3.59 and set 2025’s at $4.21. Q4 EPS of $0.86 vs. $0.71, beat consensus by $0.03. Q4 revenues (~$9B) grew 14% Y/Y, driven by its Production Systems segment (+33%). Q4 EBITDA margin (25%) rose by 95 bps, driven by its Reservoir Performance segment (+287 bps). SLB revealed its 2024 guidance for capex to be in the range of $2.6B (vs. $1.9B in 2023); however, we note that 2024’s guidance is the same as 2023’s (~$2.6B), which we think should insulate SLB from further revisions should activity growth surprise toward the upside. We estimate SLB with FCF in the range […]

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Schlumberger Q4 Adjusted Earnings, Revenue Increase

/ / Energy /

Schlumberger (SLB) shares were up 2.3% in recent Friday trading after the company reported Q4 adjusted earnings of $0.86 per diluted share, up from $0.71 a year earlier. Analysts polled by Capital IQ expected $0.83. Revenue for the quarter ended Dec. 31 was $8.99 billion, compared with $7.88 billion a year earlier. Analysts surveyed by Capital IQ expected $8.94 billion. The oil services company said its board raised the quarterly dividend to $0.275 per share from $0.25, payable on April 4 to shareholders of record as of Feb. 7.

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Schlumberger Limited (SLB) Q4 2023 Earnings Call Transcript Summary

/ / Energy /

The following is a summary of the Schlumberger Limited (SLB) Q4 2023 Earnings Call Transcript: Financial Performance: Schlumberger reported Q4 earnings per share of $0.86, an increase of $0.08 sequentially and $0.15 year on year. Full year 2023 revenue was $33.1 million, an 18% increase from 2022. Adjusted EBITDA margin for full-year 2023 was 24.5%, indicating an expansion of 430 basis points over this period on a similar revenue base. The Q4 revenue of $8.99 billion increased 8% sequentially, largely due to the acquisition of Aker subsea business. Cash flow from operations amounted to $3 billion, and free cash flow was $2.3 billion during Q4, resulting in full-year free cash flow of $4 billion. Net debt was reduced by $1.4 billion during the quarter, totaling $8 billion. Business Progress: Schlumberger acquired Aker subsea business, which accounted for about 70% of the Q4 revenue increase. For each division, digital and integration

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ConocoPhillips’ Q4 Earnings Likely to Beat Estimates, Output Seen at Top End of Guidance, UBS Says

/ / Energy /

ConocoPhillips (COP) is likely to report Q4 earnings per share above market estimates and output toward the high end of its guidance, UBS said in a note Thursday. The investment bank expects Q4 EPS of $2.12 and total output at 1.89 million barrels of oil equivalent per day, up 5% from the previous quarter. UBS put the EPS market consensus at $2.09. “Growth is primarily driven by the increased Surmont working interest,” UBS analysts Josh Silverstein, Peyton Dorne, and Kevin Liu said in the note sent to MT Newswires on Friday. ConocoPhillips bought the remaining 50% interest in the Surmont oil sands asset and associated midstream commitments from TotalEnergies’ (TTE) Canadian unit for about $2.7 billion, finalizing the transaction in late Q3. UBS also expects the company to achieve its $11 billion capital returns forecast for 2023 and projects $10 billion in shareholder returns for 2024. The bank has a

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Chevron Lummus Global Awarded New Licensing Contract for HPCL’s Integrated Hydrocracker and Catalytic Dewaxing Unit

/ / Energy /

CLG’s Continued Excellence in Lube Hydroprocessing Reinforces its Strong Market Leadership RICHMOND, Calif., Jan. 17, 2024 /PRNewswire/ — Chevron Lummus Global LLC (CLG) announced the award of a new licensing contract by Hindustan Petroleum Corporation Limited (HPCL) for the development of a grassroots integrated hydrocracker and catalytic dewaxing unit and a full catalyst reload of their existing lube oil upgrading program (LOUP) at the Mumbai Refinery in India. “Chevron Lummus Global is honored to once again work with HPCL on this transformative project,” said Rajesh Samarth, Chief Commercial Officer of Chevron Lummus Global. “Our deep expertise in hydroprocessing technologies, paired with HPCL’s forward-looking approach, underscores our shared commitment to advancing India’s energy independence and strengthening its position in the premium base oil market.” The integrated hydrocracker and catalytic dewaxing unit will have a nameplate capacity of 550 KTPA and will facilitate the production of Gr. II+ and Gr. III premium base oils. This strategic move will

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CFRA Cuts View On Shares Of Schlumberger Limited To Buy From Strong Buy

/ / Energy /

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 of $55, down $15, reflects a 9.6x multiple of EV to projected ’24 EBITDA, below SLB’s historical average. We think a discount is merited based on concerns regarding oil demand for ’24. As a result, we downgrade our rating based on fundamentals for ’24, as we believe that int’l activity will exceed North American activity throughout ’24, but not at the levels seen in ’23. We lift our ’23 EPS view by $0.01 to $2.96 and cut ’24’s by $0.13 to $3.59. We expect Q4 23 EPS of $0.83 vs. Q4 22 EPS of $0.71, with earnings to be reported on January 19. SLB’s fortunes are heavily tied to its int’l exposure, which accounts for around 80% of its total revenues. For ’24, we

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Exxon Mobil Finalizes Two LNG Sale, Purchase Deals With Mexico Pacific

/ / Energy /

Exxon Mobil’s (XOM) ExxonMobil LNG Asia Pacific unit has signed two long-term sale and purchase agreements with Mexico Pacific to buy 2 million tons per year of liquified natural gas, Mexico Pacific said Tuesday. Exxon’s unit will buy LNG on a free-on-board basis from the first two trains of Mexico Pacific’s anchor LNG export facility for 20 years, Mexico Pacific said. Exxon has the option to buy 1 million tons per year from the third train, the company added.

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Chevron (NYSE:CVX) Stock Analyst Ratings

/ / Energy /

Chevron (NYSE:CVX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/16/2024 17.74% Scotiabank → $170 Downgrades Sector Outperform → Sector Perform 01/08/2024 27.43% Jefferies → $184 Upgrades Hold → Buy 12/14/2023 28.13% UBS $194 → $185 Maintains Buy 11/14/2023 35.05% Mizuho $215 → $195 Maintains Buy 11/02/2023 26.05% Bernstein $184 → $182 Upgrades Market Perform → Outperform 10/30/2023 38.51% B of A Securities $190 → $200 Upgrades Neutral → Buy 10/30/2023 21.2% Raymond James $200 → $175 Maintains Outperform 10/24/2023 17.04% Truist Securities $175 → $169 Maintains Hold 10/24/2023 24.66% RBC Capital → $180 Reiterates Outperform → Outperform 10/17/2023 39.21% Morgan Stanley $203 → $201 Maintains Equal-Weight 10/17/2023 27.43% Bernstein → $184 Initiates Coverage On → Market Perform 10/04/2023 45.44% UBS $209 → $210 Maintains Buy 10/02/2023 40.59% Morgan Stanley $198 → $203 Maintains Equal-Weight 09/18/2023 48.9% Mizuho $209 → $215 Maintains

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Exxon Mobil (NYSE:XOM) stock Analyst Ratings

/ / Energy /

Exxon Mobil (NYSE:XOM) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/09/2024 17.59% Redburn Atlantic $116 → $119 Upgrades Neutral → Buy 01/03/2024 15.61% Mizuho → $117 Downgrades Buy → Neutral 12/22/2023 — Erste Group Downgrades Buy → Hold 12/14/2023 31.42% UBS $138 → $133 Maintains Buy 12/08/2023 25.49% JP Morgan $134 → $127 Maintains Overweight 12/07/2023 18.58% RBC Capital → $120 Reiterates Sector Perform → Sector Perform 11/14/2023 31.42% Mizuho $139 → $133 Maintains Buy 11/02/2023 40.32% UBS $143 → $142 Maintains Buy 10/25/2023 32.41% JP Morgan $137 → $134 Maintains Overweight 10/17/2023 38.34% Bernstein → $140 Initiates Coverage On → Outperform 10/12/2023 43.28% Jefferies $140 → $145 Maintains Buy 10/12/2023 18.58% RBC Capital → $120 Reiterates Sector Perform → Sector Perform 10/12/2023 29.45% Truist Securities $110 → $131 Upgrades Hold → Buy 10/04/2023 41.3% UBS $139 → $143 Maintains Buy

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Chevron (NYSE:CVX) Stock Analyst Ratings

/ / Energy /

Chevron (NYSE:CVX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/08/2024 23.23% Jefferies → $184 Upgrades Hold → Buy 12/14/2023 23.89% UBS $194 → $185 Maintains Buy 11/14/2023 30.59% Mizuho $215 → $195 Maintains Buy 11/02/2023 21.89% Bernstein $184 → $182 Upgrades Market Perform → Outperform 10/30/2023 33.94% B of A Securities $190 → $200 Upgrades Neutral → Buy 10/30/2023 17.2% Raymond James $200 → $175 Maintains Outperform 10/24/2023 13.18% Truist Securities $175 → $169 Maintains Hold 10/24/2023 20.55% RBC Capital → $180 Reiterates Outperform → Outperform 10/17/2023 34.61% Morgan Stanley $203 → $201 Maintains Equal-Weight 10/17/2023 23.23% Bernstein → $184 Initiates Coverage On → Market Perform 10/04/2023 40.64% UBS $209 → $210 Maintains Buy 10/02/2023 35.95% Morgan Stanley $198 → $203 Maintains Equal-Weight 09/18/2023 43.99% Mizuho $209 → $215 Maintains Buy 08/18/2023 32.6% Morgan Stanley $197 → $198 Maintains Equal-Weight 08/17/2023

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