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Energy Industry Click here for printable (PDF) version Returns Portfolio Details Company Analysis & Recent News Dividend Calendar Tell us how could we make this page more useful to you.
Looking at December quarter reports, ONEOK reported mixed, but mostly above year-ago numbers, while Chord Energy announced mixed but mostly below year-ago numbers. Targa Resources, for its part, announced all-around below year-ago results. Chord Energy agreed to acquire Enerplus (ERF) for around $11 billion in cash and stock. creating a Williston Basin-focused E&P company. Chord Energy declared $3.25 per share total dividend ($1.25 base + $2.00 variable) vs. year-ago $4.80 total). Click for: Company Analysis & Recent News Dividend Calendar
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Ticker |
Portfolio Details data 2/29/24 All are "buy" rated unless otherwise noted. |
Risk |
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BKR |
Baker Hughes |
29.59 |
2.7% |
2% |
2 |
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Baker Hughes is a major supplier of oilfield services and equipment. BKR's current strategy is to become the leading supplier of carbon reduction equipment and systems to the oil & gas industry. More QUOTE |
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CVX |
Chevron |
152.01 |
4.0% |
5% |
3 |
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Chevron, one of the world's largest energy companies, operates two major divisions, upstream (exploration and production of crude oil and natural gas) and downstream (refining, transportation and marketing) More QUOTE |
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CHRD |
Chord Energy |
162.45 |
7.0% |
5% |
3 |
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Chord is an energy exploration and production company primarily operating in the Williston Basin (Bakken). It holds the largest acreage position in the Williston with 963,000 net acres. More QUOTE |
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OKE |
ONEOK |
75.12 |
5.1% |
2% |
2 |
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Operates natural gas gathering, processing, storage, and pipeline systems. Unlike most pipeline system operators, OKE is organized as a corporation, not an MLP. More QUOTE |
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TRGP |
Targa Resources |
98.24 |
2.0% |
20% |
3 |
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Targa owns and operates midstream infrastructure assets in North America. It is involved in gathering, compressing, treating, processing, transporting, and selling natural gas products. More QUOTE |
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Information believed correct, but accuracy not guaranteed. Investing in stocks and/or funds involves risk. Readers should not assume that recommendations will be profitable or will equal the performance of past recommendations. Before investing, consult with a financial advisor to determine if the stocks and/or funds described here are suitable investments for you. |
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last update 3/2/24 |
Dividend Amount |
Vs. Year-Ago |
Ex-Div |
Pay Date |
Notes |
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Baker Hughes |
0.21 |
11% |
2/12/24 |
2/23/24 |
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Chevron |
1.63 |
+8% |
2/15/24 |
3/11/24 |
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Chord Energy |
3.25 |
-32% |
3/4/24 |
3/19/24 |
fixed + variable |
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ONEOK |
0.99 | 4% | 1/29/24 | 2/14/24 | |
| Targa Resources | 0.50 | +43% | 1/30/24 | 2/15/24 |
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Bold indicates dividend increase. Data accuracy not guaranteed. |
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Company Analysis & Recent News 3/2/24 Click here for Archives including previously sold picks Notes CF: forecast operating cash flow per share/ CF Payout Ratio: Annualized dividends % of forecast fiscal year cash flow. No significant recent news.
Background Quarterly Reports December '23: EPS 0.51 per share, up 34% vs. year-ago. Revenues up 16% to $6.835 billion. Free cash flow $663 million vs. year-ago $657 million. Good year-over-year growth numbers from Baker Hughes, but it said it expects that spending on drilling and well completion in North America will decline in 2024, more than offsetting international growth. September '23: EPS (adjusted) $0.42, up 50% vs. year-ago. Revenues up 24% to $6.6 billion. Orders up 40% vs. year-ago to $8.5 billion. Free cash flow $592 million vs. year-ago $417 million. In July, dividend up $0.01 to $0.20 per share, which was $0.02 (5%) above its year-ago payout. Announced memorandum of understanding with airport management and operations company Avports to develop, implement and operate onsite emissions reduction services for the airport industry. June '23: EPS (adjusted) $0.39 vs. $0.11. Revenues up 25% to $6.32 billion. Orders up 28% vs. year-ago to $7.5 billion. Free cash flow $623 million vs. year-ago $147 million. Surprisingly strong year-over-year growth numbers from BKR. March '23: EPS $0.28, up 87%. Revenues up 18% to $5.7 billion. Orders up 12% to $7.63 billion. Free cash flow $197 million vs. year-ago -$105 million. December '22: EPS (adjusted) $0.38, up 52%. Revenues up 8% to $5.91 billion. Orders up 20% to $8.01 billion. Free cash flow $657 million vs. year-ago $645 million. Strong orders growth bodes well for future quarters. In October, quarterly dividend up 6% ($0.01) to $0.19. September '22: EPS (adjusted) $0.26, $0 up 62%. Revenues up 5% to $5.4 billion. Orders up 13% to $6.06 billion. Oilfield services revenues up 13% to $2,669 million. Oilfield equipment revenues up 17% to $2.83 billion. Turbomachinery & Process Solutions revenues up 5% to $1.81 billion. Digital Solutions revenues up 5% to $547 million. Free cash flow $417 million vs. year-ago $305 million. Agreed to acquire electric power generation and management equipment unit of BRUSH Group from One Equity Partners. Opened new oilfield services and chemicals manufacturing facility in Singapore. June '22: EPS (adjusted) $0.11, up $0.01. Revenues down 2% to $5.05 billion. Orders up 15% to $5.86 billion. Oilfield services revenues up 13% to $2,669 million. Oilfield equipment revenues up 6% to $723 million. Turbomachinery & Process Solutions revenues up 23% to $1,858 million. Digital Solutions revenues up 13% to $609 million. Free cash flow $147 million vs. year-ago $385 million. March '22: EPS (adjusted) $0.15, up 26%. Revenues up 1% to $4.84 billion. Orders up 51% to $6.8 billion. Oilfield services revenues up 13% to $2,489 million. Oilfield equipment revenues down 16% to $528 million. Turbomachinery & Process Solutions revenues down 9% to $1,345 million. Digital Solutions revenues up 1% to $474 million. Free cash flow -$105 million vs. $498 million. Agreed to acquire privately held, Norway-based Altus Intervention, a provider of well intervention services and down-hole oil and gas technology. December '21: EPS (adjusted) $0.25 vs. -$0.07. Revenues flat at $5.52 billion, but orders up 28% to $6.7 billion. Oilfield services revenues up 13% to $2,567 million. Oilfield equipment revenues down 9% to $510 million. Turbomachinery & Process Solutions revenues up 62% to $2,974 million. Digital Solutions revenues up 14% to $605 million. Free cash flow up 148% to $645 million( $0.71/share). Acquired a 20% equity interest in green hydrogen producer Ekona. September '21: EPS (adjusted) 0.16 vs. $0.04. Revenues up 1% to $5.1 billion. Orders up 5% to $5.4 billion. Oilfield services revenues up 5% to $2,412 million. Oilfield equipment revenues up 68% to $724 million. Turbomachinery & Process Solutions revenues down 9%% to $1,719 million. Digital Solutions revenues up 6% to $523 million. Free cash flow up 487% to $305 million. No significant recent news. In January, Chevron (CVX) hiked its quarterly dividend by 8% to $1.63 per share. In October Chevron agreed to acquire Hess (HES) in an all-stock transaction valued at $53B, or $171 per share. Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. Chevron will issue about $317 million in common stock. The deal has been approved by both companies' Boards and is expected to close in the first half of 2024. Hess own crude oil assets in Guyana and Bakken area of the U.S. and Canada.
Background Quarterly Reports December '23: EPS (adjusted) $3.45 vs. year-ago$4.09. Revenues down 16% to $47.18 billion. Upstream earnings $1,586 million vs. year-ago $5,485 million. Downstream earnings $1,147 million vs. $1,771 million. Operating cash flow $12.4 billion vs. year-ago $12.5 billion. Total quarterly production up 34% to 1.6M boe/day. Mostly disappointing year-over-year numbers from Chevron. September '23: EPS (adjusted) 3.05, down 45% vs. year-ago. Revenues down 19% to $54.1 billion. Upstream earnings down 38% to $5,755 million. Downstream earnings down 33% to $1,683 million. Operating cash flow $9.7 billion vs. year-ago $15.3 billion. In July, Chevron's Renewable Energy Group and Bunge (BG) agreed to acquire Argentina seed business Chacraservicios, adding a new oil source to their supply chains that will help them meet demand for lower carbon renewable feedstocks. Acquired 78% stake in ACES Delta, a joint venture between Mitsubishi Power Americas and Magnum Development, which is developing the Advanced Clean Energy Storage project in Utah. Chevron made the deal by acquiring Magnum Development from Haddington Ventures. In August, Cummins (CMI) and Chevron announced a memorandum of understanding to leverage complementary positioning in hydrogen, natural gas, and other lower carbon fuel value chains. June '23: EPS (adjusted) $3.08 vs. $5.82. Revenues down 29% to $48.9 billion. Upstream earnings down 42% to $4,936 million. Downstream earnings down 57% to $1,507 million. Operating flow $5.3 billion vs. $13.8 billion. All around disappointing numbers from Chevron. In May, Chevron agreed to acquire PDC Energy (PDCE) in an all-stock transaction valued at $6.3 billion. The deal provides Chevron with development opportunities adjacent to its position in the Denver-Julesburg Basin, as well as additional acreage in the Permian Basin. March '23: EPS (adjusted) $3.55, up 6%. Revenues down 7% to $50.79 billion. Upstream earnings up 5% to $6,574 million. Downstream earnings $1,800 million vs. year-ago $331 million. Free cash flow $4.2 billion vs. $6.1 billion. December '22: EPS (adjusted) $4.09, up 60%. Revenues up 17% to $56.5 billion. Upstream earnings $5,485 million vs. year-ago $5,155 million. Downstream earnings $1,771 million vs. $760 million. Free cash flow $8.7 billion ($4.53 per share) vs. $6.8 billion ($3.54 per share. Quarterly dividend up 6% to $1.51. Authorized buyback of $75 billion of CVX shares, effective 4/1/23. The Biden administration confirmed that it would ease some oil sanctions on Venezuela, including granting Chevron a license to resume "limited" oil production in the country. September '22: EPS (adjusted) $5.56, up 88%. Revenues up 49% to $64 billion. Upstream earnings $9,307 million vs. year-ago $5,135 million. Downstream earnings $2,530 million vs. $1,310 million. Free cash flow $12.3 billion ($6.34 per share). million. June '22: EPS $5.82 vs. year-ago $1.71. Revenues up 83% to $68.76 billion. Upstream earnings $8,558 million vs. year-ago $3,178 million. Downstream earnings $3,523 million vs. $839 million. Free cash flow $10,600 million ($5.42 per share). March '22: EPS (adjusted) $3.36, up 273%. Revenues up 70% to $54.37 billion. Upstream earnings $6,934 million vs. year-ago $2,350 million. Downstream earnings $331 million vs. $5 million. Free cash flow $6,100 million ($3.14 per share). In January, dividend up 6% to $1.42. In February, partnered with Iwatani to build 30 hydrogen fueling stations in California. Also agreed to acquire biofuel and renewable chemical maker Renewable Energy (REGI). Deal in-line with Chevron's goal to grow renewable fuels production capacity to 100,000 barrels per day by 2030. December '21: EPS (adjusted) $2.56 vs. $0.16. Revenues up 91% to $48.13 billion. Upstream earnings $5,165 million vs. $501 million. Downstream earnings $760 million vs. -$338 million loss. Free cash flow $6,800 million ($3.53 per share). September '21: EPS (adjusted) $2.96 vs. $0.18. Revenues up 83% to $44,710 million. Upstream earnings $5,135 million vs. $235 million. Downstream earnings $1,310 million vs. $292 million. Free cash flow $6,700 million ($3.49 per share). Chord reported December quarter earnings (adjusted) of $5.27 per share, $0.34 above analyst forecasts, but down $0.01 vs. year-ago. Revenues down 5% to $964.7 million. Adjusted free cash flow down 19% vs. year-ago to $247.4 million. Mixed but mostly below year-ago numbers from Chord Energy. Chord Energy agreed to acquire Enerplus (ERF) for around $11 billion in cash and stock. creating a Williston Basin-focused E&P company. Chord Energy declared $3.25 per share total dividend ($1.25 base + $2.00 variable) vs. year-ago $4.80 total).
Background Quarterly Reports September '23: EPS $5.04, down 30% vs. year-ago. Revenues down 20% to $840.6 million. Adjusted free cash flow down 36% vs. year-ago to $207.4 million. Declared total (fixed plus variable) dividend of $2.50 per share, up 84% from previous, but below year-ago $3.67 per share. In July, Chord declared a $1.36 per share dividend, down from previous $3.32 but up 9% vs. year-ago. June '23: EPS $3.65, $0.28, down 50% vs. year-ago. Revenues up 20% to $912 million. Adjusted free cash flow down 48% vs. year-ago to $105.3 million. Lower crude oil prices cut earnings by 50%. In May, Declared a base plus variable March quarter dividend totaling $3.22 per share, down from previous $4.80, and down from year-ago $3.79. The breakdown was $1.25 per share regular plus $1.97 variable (based on free cash flow plus other variables). Agreed to acquire 62,000 net acres in the Williston Basin from XTO Energy, a subsidiary of Exxon Mobil, for $375 million in cash. March '23: EPS (adjusted) $4.49 vs. year-ago $8.32. Revenues up 37% to $897 million. Operating cash flow up 77% vs. year-ago to $468.8 million. Sold 12/1/23 ONEOK reported December quarter earnings of $1.18 per share, $0.04 above analyst forecasts, and up 9% vs. year-ago. Operating income up 46% to $1.099 billion. EBITDA (adjusted) $1,514 million up 57% vs. year-ago. Mixed, but mostly strong year-over-year growth numbers from ONEOK. In January, ONEOK raised its quarterly dividend by 4% to $0.99 per share. In October, Oneok completed its acquisition of Magellan Midstream Partners (MMP) in a cash and stock deal valued at $18.8 billion including assumed debt. Oneok expects the deal to be earnings accretive beginning in 2024.
Background Quarterly Reports September '23: EPS $0.99, $0.09, up 3% vs. year-ago. Operating income up 6% to $739 million. EBITDA (adjusted) $1,001 million up 10% vs. year-ago. Mixed, but on balance disappointing numbers from ONEOK. June '23: EPS $1.04, up 13% vs. year-ago. Revenues down 38% to $3.72 billion. Operating income up 7% to $737 million. EBITDA (adjusted) $971 million up 10% vs. year-ago. March '23: EPS 2.34 vs. year-ago $0.87. Operating income up 126% to $1,497 million. EBITDA (adjusted) $1,717 million up 99% vs. year-ago. In January, dividend up 2% to $0.955. Dec '22: EPS $1.08, up 25% vs. year-ago. Operating income up 22% to $756.8 million. EBITDA (adjusted) $967.4 million up 14% vs. year-ago. Strong growth numbers from OKE. Sept '22: EPS $0.96, up 9%. Revenues up 30% to $5.914 billion. EBITDA (adjusted) $902.4 million up 4% vs. year-ago. June '22: EPS $0.92, up 11%. EBITDA (adjusted) $886.0 million vs. year-ago $801.5 million. March '22: EPS $0.87, up $0.01. Revenues up 70% to $5.445 billion. EBITDA (adjusted) $863.9 million ($1.93/share) vs. year-ago $866.4 million ($1.94/share). December '21: EPS $0.85, up 23%. Revenues up 111% to $5.421 billion. EBITDA (adjusted) $846.6 million ($1.89/share) vs. year-ago $742.0 million ($1.66/share). September '21: EPS $0.88, up 26%. Revenues up 108% to $4,536 million. EBITDA (adjusted) $865.2 million ($1.93/share) vs. $747.0 million ($1.68/share). Targa reported December quarter net income down 6.% vs. year-ago to $299.6 million. Revenues down 7% to $4.24 billion. Disappointing numbers from Targa Resources. In November, Targa said that it plans to increase its quarterly dividend by 50% during 2024. Quarterly Reports Targa reported September quarter EBITDA (adjusted) up 9% vs. year-ago to $840 million. Distributable cash flow up 7% to $60.2 million. Revenues down 27% to $3.90 billion.
Background |