Despite outperforming market expectations and demonstrating financial resilience, major oil companies are facing a lack of enthusiasm from Wall Street. Chevron has achieved record production in 2023 and has been consistently increasing its dividend for 37 years. It also repurchased half of its stock last year. However, both Chevron and ExxonMobil are trading at P/E ratios significantly lower than half of the average of the S&P 500. BP reported a fourth-quarter profit of $2.99 billion, beating estimates, and has increased its share buybacks to $1.75 billion for the first quarter, up from $1.5 billion. BP's adjusted EPS was $17.77, higher than the estimated $16.27, and its operational cash flow was $9.38 billion, surpassing the expected $8.24 billion. The company's debt gearing was at 19.7%. BP is committed to a $3.5 billion share buyback for the first half of 2024, despite a sharp drop in full-year profit. BP's new CEO has indicated a pragmatic approach to investments and sees very strong growth in oil demand.
Despite a fall, BP's profits are still - with the exception of last year - the highest since 2012. It’s time to stand up to profit-driven polluters and increase windfall taxation on fossil fuels. Use those funds to invest in public energy and home retrofitting to cut bills. https://t.co/2evNLL8r9h
British #energy giant #BP rebounds into vast profit in 2023, it says, after slumping into a loss the prior year on its exit from Russia following Moscow’s Ukraine invasion. https://t.co/1PDeXCAzgt
BP Beats Earnings Estimates and Boosts Buybacks. The Stock Is Rising. https://t.co/d5wponhEP3
BP shares make biggest gains in a year on buyback plan as profit tops estimates https://t.co/9MOQFhpAtD
đź”´ BP CEO: I SEE VERY STRONG GROWTH IN OIL DEMAND.
"Oil demand [growth] continues to be very strong" - BP CEO | #OOTT
BP will be "pragmatic" about the energy transition, says new CEO Murray Auchincloss | #OOTT $BP
BP to become more pragmatic in investments, CEO says #oott https://t.co/r1bC88xHYz
BP beats Q4 profit forecast, increases share buybacks https://t.co/un4SCG2eI7 https://t.co/g7qZKkxmRz
Big Oil may be breaking its boom-bust cycles, writes @JavierBlas https://t.co/0QJHuJFwVp via @opinion
BP beats Q4 profit forecast, increases share buybacks #oott https://t.co/RzWMhuCAhK
BP launches new share buyback despite drop in profits https://t.co/gmhBC3aVvW
BP posts forecast-beating profit, launches $1.75 billion buybacks https://t.co/h5S6kgP5KI
COLUMN: Long the paradigm of boom-and-bust cycles, Big Oil is starting to churn rather boring quarterly results. That's great news for shareholders. More in 2024, please. #OOTT $XOM $CVX $SHEL | via @Opinion https://t.co/bRiexbuJlw
Oil major BP accelerates pace of share buybacks after sharp drop in full-year profit https://t.co/VZbzF6veJA
$BP Accelerates Share Buyback As Profit Beats Estimates - BBG https://t.co/PhMGsphRiu
BP Accelerates Share Buyback as Profit Beats Estimates #oott https://t.co/6gHaxp39kV
⚠️ BP BEATS Q4 PROFIT FORECAST, INCREASES BUYBACKS (Reuters) BP reported on Tuesday fourth-quarter earnings of $3 billion, exceeding forecasts, as the energy company increased the pace of its share repurchases. The quarterly results lifted the energy giant's 2023 profit to… https://t.co/FBafKJ36j3
BIG OIL 4Q EARNINGS: BP continues the trend, beating (slightly) the consensus, reporting underlying profit of $2.99 billion on the back of strong natural gas trading results. The company quickened the pace of its buybacks to $1.75 billion for 1Q (up from $1.5 billion) | #OOTT $BP
BP accelerates its share buybacks as fourth-quarter profit exceeded estimates https://t.co/6UxwIoVI4K
$BP | BP Q4 23 Earnings: - Adj EPS $17.77 (est $16.27) - Adj Net $2.99B (est $2.76B) - Oper Cash Flow $9.38B (est $8.24B) - Debt Gearing 19.7% (est 19.2%) - Committed To $3.5B Share Buyback For H1 Of 2024 - Announces $1.75B Share Buyback For Q4
$XOM and $CVX financial achievements this past quarter are undeniable, akin to striking oil in terms of shareholder rewards, but this has paradoxically failed to spark the enthusiasm one might expect on Wall Street. https://t.co/Rm4vQpXM9q
Big Oil is generating massive returns, but is struggling to compete in a stock market obsessed with tech https://t.co/wfp9ipK5fO via @CrowleyKev https://t.co/htFCdl9Kya
Chevron: record 2023 production, bought back half of its stock last year, has increased its dividend for 37 years investors don't seem to care: both $CVX & $XOM are trading at P/E ratios less than half that of the S&P 500 great piece from @CrowleyKev https://t.co/8E1syDNa0f https://t.co/OrnkMGzwrs