Energy

Exxon Mobil Corporation (NYSE:XOM) Announces Third-Quarter 2023 Results

/ / Energy /

Exxon Mobil Corporation (NYSE:XOM) Announces Third-Quarter 2023 Results — Generated strong third-quarter earnings of $9.1 billion, or $2.25 per share, reflecting reliable operating performance of an advantaged portfolio — Produced $16.0 billion of operating cash flow and increased cash balance by $3.4 billion — Delivered the best-ever third-quarter global refinery throughput1 at 4.2 million barrels per day — Returned $8.1 billion to shareholders in the quarter and increased fourth-quarter dividend to $0.95 per share — Announced agreement to merge with Pioneer Natural Resources, a combination that will increase U.S. Permian production, enhance energy security and accelerate Pioneer’s path to net zero SPRING, Texas–(BUSINESS WIRE)–October 27, 2023– Exxon Mobil Corporation (NYSE:XOM): Results Summary Change Change Dollars in Change vs vs millions (except YTD YTD vs YTD 3Q23 2Q23 2Q23 3Q22 3Q22 per share data) 2023 2022 2022 Earnings (U.S. 9,070 7,880 +1,190 19,660 -10,590 GAAP) 28,380 42,990 -14,610 Earnings Excluding Identified

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CFRA Keeps Buy Opinion On Shares Of Chevron Corporation

/ / 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 price of $162, cut $18, reflects a 5.7x multiple of enterprise value to projected 2024 EBITDA, modestly below CVX’s historical forward average. We cut our 2023 EPS estimate by $0.26 to $13.01 and 2024’s by $0.48 to $14.12. Q3 adjusted EPS of $3.05 vs. $5.56, missed the consensus view by $0.60. On a per-barrel of oil equivalent basis, we estimate CVX’s adjusted earnings in the third quarter were about 12% weaker than those of chief rival Exxon Mobil (XOM 105 ****), with international upstream as the main culprit. CVX’s pending acquisition of Hess Corporation (HES 145 ***) should enable some acceleration in international upstream production, as its stake in blocks offshore Guyana (where XOM is the chief operator) should help in the 2024-2025 time

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CFRA Keeps Buy Opinion On Shares Of Valero Energy Corporation

/ / 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 $145, down $17, reflects a 6.1x multiple of projected 2024 operating cash flows, above VLO’s historical forward average. We reduce our 2023 EPS estimate by $0.35 to $25.65 and raise 2024’s by $1.26 to $16.23. Q3 EPS of $7.49 vs. $7.14 beat consensus estimates by $0.17. In Q3, adjusted EBITDA fell 6% Y/Y, while increasing ~10% sequentially, missing consensus estimates by ~10%. Refining utilization (95%) remained flat Y/Y and rose one percentage point sequentially, while throughput volumes (3.0 mb/d) rose 1% Y/Y and 2% sequentially. Refining margins ($19.47/b) fell ~9% Y/Y, while growing 25% sequentially due to its North Atlantic refining segment (+55%). We think that VLO should stand to benefit in the long run, given that OPEC+ production cuts are expected to

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CFRA Keeps Buy Opinion On Shares Of Halliburton Company

/ / 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 $46, up $4, reflects an 8.7x multiple of EV to projected 2024 EBITDA, slightly above HAL’s historical average. We raise our 2023 EPS estimate by $0.05 to $3.07 and cut 2024’s by $0.09 to $3.47. Q3 EPS of $0.79 vs. $0.60, beat consensus by $0.02. Q3 revenues ($5.8B) rose 8% Y/Y, driven by HAL’s international segment (+17%). Amongst the “Big 3” services firms (HAL, SLB, and BKR), HAL holds the largest North American (NA) exposure (45% of 2022 revenues) vs. its peer average (22% of 2022 revenues). The EIA forecasts WTI pricing to average ~$80/b in 2023 (vs. $95/b in 2022) and $91/b in 2024. Given that drilled but uncompleted well count (DUCs) have dropped ~47% since Q1 2020 as E&Ps turned to

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CFRA Maintains Buy Opinion On Shares Of Nextera Energy, Inc.

/ / Energy /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lower our 12-month target by $8 to $64, 18.8x our 2024 EPS estimate (down $0.01 to $3.40; 2023 estimate remains $3.12), a premium to peers based on higher earnings and dividend growth potential, though a discount to NEE’s 10-year average of 21.8x given challenges for renewables developers in the higher interest rate environment. Despite somewhat weaker three-year consensus EPS growth expectations (closer to 8% CAGR vs. 9% previously), we think today’s price action (shares up about 5%) reflects NEE’s decision to leave overall guidance unchanged despite the recent announcement of a lower distribution growth trajectory for NextEra Energy Partners (NEP 26 NR), which falls under the NEER subsidiary. NEE reported Q3 EPS of $0.94 vs. $0.85, $0.06 above consensus as returns on capital investments offset higher

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Halliburton Announces Third Quarter 2023 Results

/ / Energy /

Halliburton Announces Third Quarter 2023 Results — Net income of $0.79 per diluted share. — Revenue of $5.8 billion and operating margin of 17.9%. — International revenue growth of 17% year on year. — Repurchases of approximately $200 million of common stock. HOUSTON—-October 24, 2023– Halliburton Company (NYSE: HAL) announced today net income of $716 million, or $0.79 per diluted share, for the third quarter of 2023. This compares to net income for the second quarter of 2023 of $610 million, or $0.68 per diluted share and adjusted net income(1) , excluding the loss on transactions in Argentina, of $691 million, or $0.77 per diluted share(2) . Halliburton’s total revenue for the third quarter of 2023 was $5.8 billion, flat when compared to the second quarter of 2023. Operating income was $1.0 billion in the third quarter of 2023, a 3% increase when compared to the second quarter of 2023.

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NextEra Energy Q3 Adj. EPS $0.94 Beats $0.88 Estimate, Sales $7.17B Beat $7.09B Estimate

/ / Energy /

NextEra Energy (NYSE:NEE) reported quarterly adjusted earnings of $0.94 per share which beat the analyst consensus estimate of $0.88 by 6.82 percent. This is a 10.59 percent increase over earnings of $0.85 per share from the same period last year. The company reported quarterly sales of $7.17 billion which beat the analyst consensus estimate of $7.09 billion by 1.16 percent. This is a 6.74 percent increase over sales of $6.72 billion the same period last year.

NextEra Energy Q3 Adj. EPS $0.94 Beats $0.88 Estimate, Sales $7.17B Beat $7.09B Estimate Read Post »