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Profit Slump

All articles tagged with #profit slump

business2 years ago•1 min saved

Chevron's Q3 Profit Plunges, Shares Tumble on Earnings Disappointment

Chevron's third-quarter profit of $6.5 billion, or $3.48 per share, fell short of Wall Street estimates, causing its share price to drop in premarket trading. The slump in earnings is attributed to lower crude prices and increased costs impacting refining and chemical profits. Despite the decline, Chevron's results remain strong compared to historical standards. The company recently made several acquisitions, including U.S. Hess for $53 billion, as part of its efforts to expand oil and gas production and develop its lower-carbon business. Chevron had warned of maintenance-related disruptions in its operations, which ultimately affected its earnings.

via CNBC|

#business #chevron #earnings

business2 years ago•3 min saved

BP's Profit Plummets 70% but Dividend Gets a Boost

BP's second-quarter profit dropped 70% to $2.6 billion, missing forecasts, due to weak refining margins and oil trading income. However, the energy giant still increased its dividend by 10% and plans to repurchase $1.5 billion of its shares. BP's weaker results were attributed to declining refining margins, higher maintenance activity, and weaker trading results. The company's net cash flow was negative, and its debt-to-capital ratio increased. BP expects oil prices to be supported in the third quarter, but the European gas and Asian LNG markets may be at risk. The company aims to expand its renewables and low-carbon business while reducing oil output by 25% by 2030.

via Reuters|

#bp #business #dividend