Johnny Boy is absent again. Chevron lost 1.5 billion. The call is ongoing.
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Check it out.... https://finance.yahoo.com/news/oil-rout-erodes-second-quarter-profits-u-majors-143338135--finance.html
Surprizingly, CVX stock didn't drop as bad as XOM.
Johnny Boy will make the stock price look good right up until he hands the reigns to the next CEO (poor s---er).
Umm, earnings are not nearly as important as cash flow for Chevron. CF is low due to revenue being lower with a big year on year decrease in prices and modest production drop. We outperformed expectations (particlularly on cost savings) and the stock price is up after the results came out. Kudos to Watson et al.
@1xvd, it's called liberalism. That's what got Chevron into this problem.
The losers will be Chevron's employees who will be laid off. Watson and his management will enjoy their millions and won't ever consider how their incompetence caused the collapse. They'll blame it on low oil prices or government regulations. There's no responsibility or accountability. It's a house of cards just waiting to collapse.
'The Big Short' tells story of the Subprime housing market collapse of 2007-2008.
Didn't stay up for the earnings call, but looked through the slide-deck. $3B in impairments was the killer. But only $600MM from the US. So what international assets have essentially been written off? I'm no economist, but that seemed like a massive elephant in the room that they didn't want to explain in the slides they showed. Did the investors ask? Watched the movie 'The Big Shirt's recently and the similarities are there. Greedy company, greedy investors and a clear group of people who will loose when the house of cards collapses.
The fix is in, rxr. It always is. The institutional investors will know ahead of time when the Chevron dam will break. That's right. They'll know in advance when the dividend will be reduced. They'll sell off their CVX shares before us, the employees, get wind and our 401k accounts tank. It's coming soon. Either around the 3rd or 4th quarter of this year. To remain a "Dividend Aristocrst" stock, Chevron will have to increase the dividend this year, even by 1 penny. We all get cannot and will not happen. Don't be holding CVX in your 401k too long.
All of the insipid, pompous and arrogant MBA's will never change. They are incapable of being anything other than what they are. Did you actually listen to thè earnings call? Absolutely nothing is the fault or responsibility of management decisions. It is always someone else's fault or the result of events out of their control. It is like blaming the dog for eating your homework. God, investors are truly stupid people to believe all this sh--. The regular, non-chevroid employees know better.
My, my! All of the insipid little MBA's, with all of their "tech savvy", and all of the pompous and arrogant Management, and STILL, Humpty Dumpty can not be put together, again!
Johnny Boy. Good work son. Now get back on that golf course and go have a two-martini lunch. Good on ya, mate.
Pat just confirmed further organization changes for the 2nd 1/2 of the year. No matter of degree, but further layoffs are definitely going to happen.
There you have it..no finer example of Chevrons true Leadership behaviors.