Big dip in downstream prod and margins. Made some $$, but missed eps…
“Chevron also said it expects to maintain its share buyback program of $10 billion to $20 billion per year”
Glad we’re focused on the right stuff…
6 replies (most recent on top)
Downstream is a train wreck right now. Good thing we are putting that AW guy in charge of both downstream AND midstream. That’s the ticket!
Wall St. and investors couldn't care less about Chevron's growth, long-term viability, social stewardship, environmental efforts, etc. They're only interested in the stock price staying high, and those dividends being paid. When you sell your (corporate) soul to the Devil, you are eventually going to have to pay for it with your life, and that's what we're seeing happening to Chevron. You'll take note that no other multi-national oil company has followed this tail-spin financial path.
@be+1, MW is so vain he will do anything to keep that "record" of raising dividends. Couple that with the stock buy-backs, and you have significant $$$ that could have been spent on growing the company through exploration, technology, or (gasp!) acquisitions. Just like GK knowingly messed up upstream before he retired (really, the start of Chevron's decline), MW will leave the dividend / buyback mess to EB.
I don’t understand why they already claimed the $700 million severance charge. We probably would have met (or beat) wall street expectations without that. Of course without that sale of assets on the books it would have been a really ugly report. I don’t see how they justify raising the dividend again.
Why do you care, you are likely getting let go, correct? And if not, you guys are so smart that you will quit and find a great job at one of these high paying companies that all of you rant and rave about. Problem solved. Don't know why this is an issue at all.
But revenues were at record levels. MW stated to CNBC, CVX has returned more than double the shareholder return our peers provided in 2024. If Rome (CVX internal costs as they are telling us) is really burning then MW is misleading the shareholders....