“The oil major returned $26.3 billion to investors by paying out $11.3 billion in dividends and buying back $14.9 billion in shares last year. It did so even as its profit dropped about 40% to $21.4 billion from $35.5 billion in 2022.“
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Management is howling to investors about our production is at an all time high. It was 3 million boepd in 2022. In 2023 it was 3.120 million boepd. PDC energy was producing 250,000 boepd, so our production should be 3.250 million boepd. We are actually down 130,000 boepd!
Let me guess, we will add Hess at 420,000 boepd and our total will be 3.4 million boepd.
Our cash position shrank by more than half in 2023 from $18B to $8B. At this rate, we will be out of cash completely before Christmas.
I would like to know how management is being held accountable for these massive write-offs. They demolished our 2023 performance and yet were years in the making through bad decisions at the BU level. Is the blame spread around to all the right parties or is the current management team in the BU left holding the bag when all they did was recognize the write-off was required by financial reporting rules?
I just wish it would have remained deleted, where it belongs.
@rrp - sure but I wasn't that lucky with xom. My cost basis was $52 for that and I ran out of money to buy when it dipped.
Why is a post on public earning reporting being deleted?
@opm if you're going to cherry pick the absolute lows of CVX stock price in 2020, then you should do the same for XOM stock price. XOM hit a low of $30 in March 2020. $30 -> $102 is much better than just doubling... and if you loaded up then (since you have this great power to pick the absolute lows) then you were getting about a 13% dividend yield.
Most troubling is the reserve story in the press release. We added less reserves in 2023 than the PDC acquisition brought. Think about that.
In my opinion the stock has done great. I moved all my money @$56 (fidelity) during 2020 and it's up three times over, without even considering the free 8%. XOM stock only doubled, which I have in a personal account. So I can't complain, have to give credit where it is due.
What is your point?
All of which did nothing as the stock still slid 10% during 2023, underperforming even the likes of old fashioned Exxon.