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Chevron (CVX) CFO Urges Employees to Do Better After 2023 Miss
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Chevron Corporation’s (CVX - Free Report) chief financial officer Pierre Breber addressed employees, urging them to "do better" following the company’s failure to meet several key performance metrics in 2023, as reported by Bloomberg last week.
In an internal email circulated earlier this month, Breber emphasized the need for a renewed focus on areas within the company's control. The CFO conveyed optimism about Chevron's capacity for recovery, affirming its track record of industry-leading performance and expressing his confidence in achieving it through consistent and disciplined execution.
Breber highlighted specific areas where Chevron fell short of its objectives, pointing out that upstream production, refinery availability and carbon abatement projects were all below plan. According to the Bloomberg report, he also acknowledged that Chevron ranks next-to-last among its peers in improving earnings per share on a three-year rolling average.
CVX provided an emailed statement, asserting that the communication was an internal message aimed at urging continued focus on performance improvement. The company clarified that it did not issue an update to the guidance provided during the third-quarter 2023 earnings conference call.
Breber, set to retire as CFO in March, expressed confidence in Chevron's strategy, assets and workforce, but laid emphasis on the need for employees to be consistent and disciplined in applying internal standards. The company aims to address its performance challenges and regain its industry-leading position in the coming months.
The Williams Companies is well-positioned to capitalize on the anticipated substantial long-term growth in U.S. natural gas demand, thanks to its impressive portfolio of large-scale projects that create significant value. The company’s debt maturity profile is in good shape with its $4.5-billion revolver maturing in fiscal 2023.
WMB’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.68%.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
SUN’s earnings beat estimates in two of the trailing four quarters and missed twice, delivering an average surprise of 28.33%.
Murphy USA is a low-cost, high-volume fuel seller, whose stations are located near Walmart supercenters. This enables it to attract significantly more transactions than its peers. MUSA’s sourcing infrastructure is another key competitive advantage.
The company’s earnings beat estimates in two of the trailing four quarters and missed twice, delivering an average surprise of 7.04%.
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Chevron (CVX) CFO Urges Employees to Do Better After 2023 Miss
Chevron Corporation’s (CVX - Free Report) chief financial officer Pierre Breber addressed employees, urging them to "do better" following the company’s failure to meet several key performance metrics in 2023, as reported by Bloomberg last week.
In an internal email circulated earlier this month, Breber emphasized the need for a renewed focus on areas within the company's control. The CFO conveyed optimism about Chevron's capacity for recovery, affirming its track record of industry-leading performance and expressing his confidence in achieving it through consistent and disciplined execution.
Breber highlighted specific areas where Chevron fell short of its objectives, pointing out that upstream production, refinery availability and carbon abatement projects were all below plan. According to the Bloomberg report, he also acknowledged that Chevron ranks next-to-last among its peers in improving earnings per share on a three-year rolling average.
CVX provided an emailed statement, asserting that the communication was an internal message aimed at urging continued focus on performance improvement. The company clarified that it did not issue an update to the guidance provided during the third-quarter 2023 earnings conference call.
Breber, set to retire as CFO in March, expressed confidence in Chevron's strategy, assets and workforce, but laid emphasis on the need for employees to be consistent and disciplined in applying internal standards. The company aims to address its performance challenges and regain its industry-leading position in the coming months.
Zacks Rank & Key Picks
Chevron currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are The Williams Companies, Inc. (WMB - Free Report) , Sunoco LP (SUN - Free Report) and Murphy USA, Inc. (MUSA - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Williams Companies is well-positioned to capitalize on the anticipated substantial long-term growth in U.S. natural gas demand, thanks to its impressive portfolio of large-scale projects that create significant value. The company’s debt maturity profile is in good shape with its $4.5-billion revolver maturing in fiscal 2023.
WMB’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.68%.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
SUN’s earnings beat estimates in two of the trailing four quarters and missed twice, delivering an average surprise of 28.33%.
Murphy USA is a low-cost, high-volume fuel seller, whose stations are located near Walmart supercenters. This enables it to attract significantly more transactions than its peers. MUSA’s sourcing infrastructure is another key competitive advantage.
The company’s earnings beat estimates in two of the trailing four quarters and missed twice, delivering an average surprise of 7.04%.