That hurts. CVX is 6% of my overall portfolio. I just hope they don't have to lower their dividend.
Per CNBC.....
Chevron said maintaining a strong dividend was its No. 1 priority and the company was committed to covering the dividend from free cash flow in 2017, and not just at the previously stated oil price of $70.
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I've been buying and selling XOM and CVX this year on their bigger dips (and there's been plenty of them) I'll usually sell within a few days when they rise a point or two. So far I haven't got caught holding more than a week. Yes, I know, it's not much different than casino gambling/sports betting. Example, I bought both XOM and CVX this Monday and sold them both on Tuesday for a nice profit. Something interesting to bet on until football season starts up again. I was thinking about buying again on Friday (big drop for both of them after their earning announcements and they missed their numbers) but thought I'd watch again for a while. At some point I'll probably start buying and holding these again.I was just passing on what I read.... I certainly don't know. I dabbled when Exxon broke under a hundred and got cold feet and sold after it dropped a couple bucks. Best losing investment I ever made!
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I've been buying and selling XOM and CVX this year on their bigger dips (and there's been plenty of them) I'll usually sell within a few days when they rise a point or two. So far I haven't got caught holding more than a week. Yes, I know, it's not much different than casino gambling/sports betting. Example, I bought both XOM and CVX this Monday and sold them both on Tuesday for a nice profit. Something interesting to bet on until football season starts up again. I was thinking about buying again on Friday (big drop for both of them after their earning announcements and they missed their numbers) but thought I'd watch again for a while. At some point I'll probably start buying and holding these again.
It never ceases to amaze me how many companies buy back stock at high prices!What was interesting was the note from Exxon that despite cutbacks in capital spending and shutting down unproductive wells they still estimated that 2015 total production would rise 4-6 percent over 2014. With all the oil companies continuing to push production there is not the normal drop in production that occurs with a rapidly falling oil price.
Oh and Chevron announced they are stopping their share repurchase program to conserve cash. Chevron spent 5 billion in 2014 supporting the stock price at between 120 and 100. Management compared this Chevron did state they are on target though to increase oil production by 25 percent by 2017.
It never ceases to amaze me how many companies buy back stock at high prices!
While nothing extraordinary happened in the oil markets today the several MLP's took it on the chin today MMP and KMI got clobbered and are at new 52 week lows, pretty much all the distribution and pipeline companies with the hedges coming off are now showing they are impacted by this drop in oil prices, most of these companies are heavily dependent on continued borrowings as their business model, not quite to the point of KMI as I posted in another thread, but still similar issues.
Although i know didly about MLP, i expect the next couple years will be filled with MLP millionaires landing squarely on their bums as the bust and consolidation phase occurs in oil.
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Master Limited PartnershipWhat is MLP?