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Stock Market & Financial Investment News

News Breaks
June 30, 2014
11:36 EDTPSX, CVXChevron Phillips Chemical to expand alpha olefins capacity at Cedar Bayou
Chevron Phillips Chemical announced it received board of directors approval and obtained the necessary environmental permit from the Texas Commission on Environmental Quality to expand normal alpha olefins production capacity at its Cedar Bayou plant in Baytown, Texas. This investment will provide an additional 100,000 metric tons per year of capacity. Construction completion is anticipated in July, 2015. Chevron Phillips Chemical is equally owned by an indirect wholly-owned subsidiary of Chevron (CVX) and by wholly-owned subsidiaries of Phillips 66 (PSX).
News For CVX;PSX From The Last 14 Days
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July 31, 2015
16:18 EDTCVXOn The Fly: Top stock stories for Friday
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12:18 EDTPSXPhillips 66 sees Q3 refining crude utilization mid-90%
12:17 EDTPSXPhillips 66 sees Q3 global olefins & polyolefins utilization mid-90%
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12:11 EDTCVXOn The Fly: Top stock stories at midday
The Wall Street averages began the session slightly lower, soon turned mixed and have all returned to positive ground near midday. The Nasdaq has been the strongest of the indexes throughout. The S&P 500 is trying to hold onto its gain of about 1.5% for the month as July comes to a close. ECONOMIC EVENTS: In the U.S., the employment cost index for the second quarter increased 0.2%, versus expectations for an increase of 0.6%. The Chicago PMI business barometer index bounced to 54.7 in July, topping the expected reading of 50.8. The final reading of the University of Michigan consumer confidence index for July came in at 93.1, which was down from the 93.3 flash reading and below the 94 that was expected. In Europe, Athex stated that the Athens Stock Exchange will reopen on August 3. COMPANY NEWS: Shares of Exxon Mobil (XOM) and Chevron (CVX) declined 2.9% and 3.6%, respectively, after both energy majors reported lower than expected earnings due to falling oil prices. Exxon noted that its Downstream and Chemical segment earnings increased significantly from the second quarter of last year, but that those higher earnings were more than offset by the impact of weaker Upstream realizations and lower asset management gains. Chevron, meanwhile, recorded impairments of $1.96B and other charges of approximately $670M relating to project suspensions and adverse tax effects, all of which stemmed from a downward revision in the company’s longer-term crude oil price outlook. MAJOR MOVERS: Among the notable gainers was Coca-Cola Enterprises (CCE), which rose 13% after the Wall Street Journal reported that the company is in advanced merger talks with Coca-Cola bottlers for Germany and the region of Spain, Portugal and Andorra. Also higher following their earnings reports were MoneyGram (MGI), which gained 27%, Expedia (EXPE), which added 10%, and SkyWest (SKYW), which rallied 20%. Among the noteworthy losers was FireEye (FEYE), which fell 5% after reporting quarterly results and announcing that CFO Michael Sheridan intends to leave the company. Also lower following their earnings reports were Ocwen Financial (OCN), which fell 28.5%, and Hanesbrands (HBI), which dropped 10%. INDEXES: Near midday, the Dow was up 10.36, or 0.06%, to 17,756.34, the Nasdaq was up 18.60, or 0.36%, to 5,147.38, and the S&P 500 was up 3.98, or 0.19%, to 2,112.61.
11:47 EDTCVXChevron CFO says will cover dividend at 'any' crude prices
Chevron CFO Patricia Yarrington said on the company's Q2 earnings call that the company is confident that it can and is committed to scaling its C&E outflows in a manner that will allow it to continue its "27-year record" of annual dividend payment increases. Yarrington acknowledged the company said previously it would cover its dividend from free cash flow at a crude price of $70, adding "we intend to cover the dividend from free cash flow at whatever the ensuing price is. That is a firm commitment on the part of the company and we have tremendous flexibility really in our 2017 C&E to flex that down."
11:37 EDTCVXChevron to reduce 2016, 2017 capital programs
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11:29 EDTCVXChevron says about $3B in spending reductions identified
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09:56 EDTCVXOptions with increasing volume on open
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08:36 EDTCVXChevron CEO: Q2 results reflect crude price decline of nearly 50% vs. last year
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08:35 EDTCVXChevron reports six months cash flow from operations of $9.5B
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08:34 EDTCVXChevron reports Q2 worldwide net oil equivalent production 2.6MBpd
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08:33 EDTCVXChevron reports Q2 EPS 30c including items, may not compare to consensus
Consensus is $1.16. Reports Q2 revenue $40.36B, consensus $30.91B. Included in the quarter were impairments of $1.96 billion and other charges of approximately $670 million relating to project suspensions and adverse tax effects, all of which were non-cash charges stemming from a downward revision in the company’s longer-term crude oil price outlook. Partially offsetting were gains on asset sales totaling $1.80 billion in the current quarter. Foreign currency effects decreased earnings in the 2015 quarter by $251 million, compared with a decrease of $232 million a year earlier.
08:05 EDTPSXPhillips 66 sees FY15 capital budget $4.6B
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08:03 EDTPSXPhillips 66 reports Q2 adjusted EPS $1.83, consensus $1.81
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July 30, 2015
17:07 EDTPSXPhillips 66, Energy Transfer Partners, Sunoco Logistics form JV
Phillips 66 ( PSX), Energy Transfer Partners (ETP) and Sunoco Logistics Partners (SXL) announced that they have formed a joint venture to construct the Bayou Bridge pipeline that will deliver crude oil from the Phillips 66 and Sunoco Logistics terminals in Nederland, Texas, to Lake Charles, Louisiana. The joint venture will also launch an expansion open season for service to the market hub in St. James, Louisiana. Phillips 66 holds a 40% interest in the joint venture and Energy Transfer and Sunoco Logistics each hold a 30% interest. Sunoco Logistics will be the operator of the system. Construction is underway on the Nederland to Lake Charles segment of the pipeline, which will be 30-inch diameter and is expected to begin commercial operations in Q1 of 2016. The companies will also launch a binding expansion open season to assess additional shipper interest for service with connectivity to existing terminal infrastructure and refineries in and around the St. James area. The results of the expansion open season will be used to determine the size of the pipeline to St. James, which has a forecasted in-service date of the second half of 2017. The binding expansion open season will commence in Q3 of 2015. Bona fide potential shippers that would like to receive copies of the expansion open season documents, the throughput and deficiency agreement, and proposed tariffs must first sign a confidentiality agreement.
15:47 EDTCVXChevron technical comments ahead of results
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15:04 EDTCVXNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Exxon Mobil (XOM), consensus $1.11... Chevron (CVX), consensus $1.16... Seagate Technology (STX), consensus 64c... Tyco (TYC), consensus 56c... Newell Rubbermaid (NWL), consensus 62c... LifePoint Health (LPNT), consensus 99c.
July 29, 2015
14:07 EDTCVXChevron volatility elevated into Q2 and outlook
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13:04 EDTCVXSaudi Arabia to lower oil production after summer, WSJ reports
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July 22, 2015
06:39 EDTCVXEuro, U.S. oil and gas groups to find tough competition in Iran, WSJ says
European and U.S. oil and gas firms drawn to Iran as sanctions lessen can expect not only opportunities, but also Iranian companies offering tough competition or joint ventures, the Wall Street Journal reports. Though no Iran-based companies have the clout of firms such as Exxon Mobil (XOM) or Schlumberger (SLB), companies that can take on engineering tasks are emerging and growing in Iran, the report says. If the Iran nuclear agreement comes into effect and sanctions are lifted against Iran sometime soon, those Iranian companies will be well positioned to compete for tens of billions of dollars worth of service contracts, the report adds. Other publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link
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