Latest news with #Wirth
The Age
4 days ago
- Business
- The Age
Nail bars, trendy brands: 125-year-old department store Myer promises major facelift
Flashy store displays, on-trend beauty and clothing labels, blow-dry services: these are features that Myer is promising Australians as it plots to turn around its reputation for being a decaying department store that only caters to older shoppers. In a presentation blitz to investors on Wednesday, the first strategy day Myer has held since 2017, chief executive Olivia Wirth offered a glimpse into the work under way to win over younger customers and position the 125-year-old chain as the go-to retailer for the next generation of shoppers. Wirth, who is nearing the one-year mark in her first CEO job, after nearly 15 years at Qantas, used her speech to set the tone for the company's 'transformation journey' for the next three to five years: no looking back. 'We were no longer hitting the mark in a number of product, brand and customer categories, including our exclusive brands,' she said on Wednesday morning. 'It is no exaggeration to suggest Myer's future would be at risk over the long term if we had continued on the path we were on. 'By knowing our customer, we are better placed to meet their needs, and I know that sounds obvious, but it's not something we have been doing.' Here are the changes you can expect to see at a Myer department store near you: Younger shoppers targeted; trendier brands brought in Myer's biggest customer base is those 44 to 59 years of age, representing 30 per cent of their shoppers. It is 'under-indexed with 31 to 49-year-olds,' and just one in five Myer shoppers are under 30 years old.
Sydney Morning Herald
4 days ago
- Business
- Sydney Morning Herald
Nail bars, trendy brands: 125-year-old department store Myer promises major facelift
Flashy store displays, on-trend beauty and clothing labels, blow-dry services: these are features that Myer is promising Australians as it plots to turn around its reputation for being a decaying department store that only caters to older shoppers. In a presentation blitz to investors on Wednesday, the first strategy day Myer has held since 2017, chief executive Olivia Wirth offered a glimpse into the work under way to win over younger customers and position the 125-year-old chain as the go-to retailer for the next generation of shoppers. Wirth, who is nearing the one-year mark in her first CEO job, after nearly 15 years at Qantas, used her speech to set the tone for the company's 'transformation journey' for the next three to five years: no looking back. 'We were no longer hitting the mark in a number of product, brand and customer categories, including our exclusive brands,' she said on Wednesday morning. 'It is no exaggeration to suggest Myer's future would be at risk over the long term if we had continued on the path we were on. 'By knowing our customer, we are better placed to meet their needs, and I know that sounds obvious, but it's not something we have been doing.' Here are the changes you can expect to see at a Myer department store near you: Younger shoppers targeted; trendier brands brought in Myer's biggest customer base is those 44 to 59 years of age, representing 30 per cent of their shoppers. It is 'under-indexed with 31 to 49-year-olds,' and just one in five Myer shoppers are under 30 years old.
Yahoo
12-05-2025
- Business
- Yahoo
Chevron's Resilient Business Positions It to Thrive at Lower Oil Prices
Chevron has the lowest breakeven level in the oil industry. It also has a strong balance sheet. The company expects to deliver significant free cash flow growth by 2026, and that's before closing its acquisition of Hess. 10 stocks we like better than Chevron › Oil prices have slumped this year. Brent, the global oil benchmark, has fallen nearly 15% already this year and was recently in the low $60s. Several factors have weighed on crude oil prices, including OPEC's decision to increase its production at a time when global demand growth is slowing because of tariffs. Lower oil prices will affect most oil stocks. However, some companies are in a better position to weather lower oil prices than others. Chevron (NYSE: CVX) is one of those companies. Its resilient portfolio and fortress balance sheet position it to thrive even if oil prices remain low over the next few years. Chevron has proved the durability of its integrated business model over the decades. It operates oil and gas production, midstream, refining, and chemicals businesses. One evidence of its success is the oil giant's dividend. CEO Mike Wirth highlighted this factor on the oil company's recent first-quarter conference call: "We've grown our dividend for 38 consecutive years, through multiple commodity cycles, leading our peers in growth over the last decade." The company currently has the second longest dividend growth streak in the oil patch behind ExxonMobil. It has delivered faster dividend growth than Exxon and others over the past decade, which is impressive considering all the volatility in the sector during that period. Many other oil companies had to cut their dividends when oil prices slumped. In addition to paying a growing dividend, Chevron steadily repurchases shares. Wirth noted on the call, "We've repurchased shares 18 of the last 22 years, and bought back at record levels in the past two years." From 2004 through 2022, Chevron repurchased an average of $3 billion of its stock each year. It has significantly ramped up its buybacks in recent years, repurchasing an average of $15 billion annually in 2023 and 2024. Chevron's strong balance sheet is a big factor driving its ability to steadily return cash to its shareholders. Over the past decade, Chevron has routinely maintained a leverage ratio at or below its peer-group average. Wirth noted on the call, "Our balance sheet remains strong, with a net debt ratio of 14%, well below our target range of 20% to 25%. Chevron has spent several years investing heavily to build more resiliency into its upstream portfolio. The company has acquired low-cost resources to reduce its cost of supply. For example, in 2020, Chevron bought Noble Energy for $5 billion in a deal that increased its proven oil and gas reserves by 18% for a cost of less than $5 per barrel of oil equivalent. Meanwhile, in 2023, it bought PDC Energy for $7.6 billion, boosting its oil equivalent resources by 10% for less than $7 per barrel. As a result of these deals and its organic exploration efforts, Chevron has the lowest breakeven level for its base business in the industry at around $30 a barrel this year, according to an estimate by Wood Mackenzie. That highly resilient upstream portfolio will enable Chevron to continue generating lots of cash in the current environment. Meanwhile, the company is investing heavily in growing its low-cost production. Chevron's current slate of growth projects in the likes of Kazakhstan, the Gulf of Mexico (also known as the Gulf of America in the U.S.), and the Eastern Mediterranean will add significant incremental cash flow over the next two years. At $60 Brent, Chevron will produce an additional $9 billion in annual free cash flow by next year. Chevron is also working to close its $60 billion megadeal for Hess, which would add even more low-cost oil resources and free cash flow growth to its portfolio. This anticipated surge in free cash flow and its strong balance sheet positions Chevron to continue growing its dividend and buying back shares despite the recent downdraft in crude prices. The company expects to repurchase $10 billion to $20 billion of its stock each year over the next few years. It can adjust its repurchase rate up or down depending on oil prices. It currently expects to repurchase $2.5 billon to $3 billion of its shares in the second quarter, which is a $10 billon to $12 billion annual pace. Few companies are in a better position to thrive in an environment with lower oil prices than Chevron. The company has the lowest upstream breakeven level in the industry at around $30 per barrel this year and one of the strongest balance sheets in the sector. Meanwhile, it expects to deliver significant incremental free cash flow growth over the next two years, and that's before closing its needle-moving acquisition of Hess. These factors put Chevron in a strong position to grow shareholder value in the current environment, making it a great oil stock to buy and hold right now. Before you buy stock in Chevron, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Chevron wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $614,911!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $714,958!* Now, it's worth noting Stock Advisor's total average return is 907% — a market-crushing outperformance compared to 163% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 12, 2025 Matt DiLallo has positions in Chevron. The Motley Fool has positions in and recommends Chevron. The Motley Fool has a disclosure policy. Chevron's Resilient Business Positions It to Thrive at Lower Oil Prices was originally published by The Motley Fool
New York Post
04-05-2025
- Business
- New York Post
Chevron CEO warns against company's possible departure from Venezuela amid negotiations with Trump admin
Advertisement Chevron CEO Mike Wirth issued a stark warning about the firm's possible departure from Venezuela as a Biden-era license allowing the company to operate in the country is set to expire. Chevron, which is only allowed to export Venezuelan oil to the United States, has been under pressure from the Trump administration to halt drilling in the politically turbulent nation. But Wirth, who is currently negotiating with the administration, argued against the move over concerns about energy security and growing Chinese influence in the Western Hemisphere. 'We've seen this playbook before in Africa, in Latin America, in Central Asia,' Wirth told Maria Bartiromo on Sunday. 'And China has created a stronger presence, stronger influence, and control over economies and governments around the world through using their economic assets and position to do so.' Advertisement 'I think that's an important issue that is something that the administration is thinking about, and I think it's very appropriate for them to bear that in mind.' 3 Chevron CEO Mike Wirth issued a stark warning about the firm's possible departure from Venezuela as a Biden-era license allowing the company to operate in the country is set to expire. REUTERS President Donald Trump initially announced in February he was ending the license, calling Biden's agreement 'ineffective and unmet.' He ordered U.S. oil firms to begin winding down their presence in the country starting March 1. Advertisement 'We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro, of Venezuela, on the oil transaction agreement, dated November 26, 2022,' Trump announced on Truth Social. 'Additionally, the regime has not been transporting the violent criminals that they sent into our Country (the Good Ole' U.S.A.) back to Venezuela at the rapid pace that they had agreed to.' The president reportedly reversed course in March, extending the license until May 27, according to CNBC. Trump also mandated any countries buying Venezuelan oil pay a 25% tariff when trading with the United States. Even so, Wirth warned that if the company ceases oil drilling in Venezuela, it will have profound national security and energy security implications. Advertisement 'Refineries on the Gulf Coast are designed to run that specific type of oil, and so it's very important for energy security in the U.S.,' he said. 'The changes in the rules mean that oil won't flow to the U. S. now, so making us less secure.' 'China is actually the largest buyer of Venezuelan oil today, and I think the discussions that you reference, Venezuelan government officials have been in China very recently encouraging China to buy more… the policies could drive even more of that trade to China.' 3 Chevron, which is only allowed to export Venezuelan oil to the US, has been under pressure from the Trump administration to halt drilling in the nation. REUTERS He mentioned that if Chevron halts operations, that would create a void for Chinese and Russian companies to fill. 'We're the only American company that remains on the ground in Venezuela, which sits right across the Gulf of America from our country,' he said. 'And if we were to leave, as others have, the oil production continues and American companies are replaced by companies from other countries, and historically that's been Chinese companies, Russian companies, and others that are not necessarily in America's interest to see our hemisphere ceded to companies from other countries that we don't have the same kinds of relationships with.' Despite Wirth's rationale, Venezuelan opposition leader María Corina Machado — who also appeared on Fox News Channel, Sunday — praised Trump's strategy as 'absolutely correct and effective,' telling 'Fox & Friends Weekend' that Maduro is facing his 'weakest position yet.' Advertisement 'Maduro is the head of the criminal structure that has turned Venezuela into a safe haven of drug cartels, guerrilla, and the enemies of the Western Hemisphere, such as agents of Iran, Russia, and other international criminal groups,' she explained. 'What Maduro is allowing right now, it's just crumbs to get out of Venezuela. But Venezuela is, right now, the country with the largest proven oil reserves in the world and also in gas,' she added. 'So we can turn Venezuela from the criminal hub of the Americas into the energy hub of the Americas, but that can only happen with a democratic government.' 3 Venezuelan opposition leader María Corina Machado said President Nicolas Maduro is ' the head of the criminal structure that has turned Venezuela into a safe haven of drug cartels, guerrilla, and the enemies of the Western Hemisphere.' Venezuelan Presidency/AFP via Getty Images Chevron exports about 240,000 barrels per day of crude from its Venezuela operations, over a quarter of the country's entire oil output. Advertisement Fox News' Charles Creitz, FOX Business' Anders Hagstrom and Reuters contributed to this report.
Epoch Times
03-05-2025
- Business
- Epoch Times
Chevron's First-Quarter Profit Drops as Oil Prices Slide
Falling commodity prices cut deeply into Chevron Corp.'s first-quarter profits as the nation's second-largest integrated supermajor seeks to return to its roots as a global oil and gas explorer. For the period ended March 31, Chevron Excluding a one-time $175 million loss related to a tax levy on United Kingdom profits and an impairment charge tied to its $53 billion acquisition of former rival Hess Corp. in late 2023, Chevron's first-quarter earnings were $3.8 billion or $2.18 per share. Analysts surveyed by FactSet had expected adjusted earnings of $2.15 per share on revenue of $49.06 billion. During the company's first-quarter 'Recent macro uncertainty underscores the importance of cost and capital discipline,' Wirth said. 'Chevron has a proven track record of managing through uncertainty and commodity cycles, and with longstanding financial priorities as our guide, we're well-positioned to win in any environment.' Related Stories 5/2/2025 4/29/2025 Wirth also highlighted the company's recent major deep-water projects in the Last week, the former San Francisco-based oil giant announced plans to begin oil and natural gas production from its deep-water Ballymore project in the Gulf of America. In August 2024, Chevron announced plans to relocate its corporate headquarters to Houston, closer to its upstream and refining operations, where it employs more than 7,000 people. Wirth said the Ballymore project represents another step toward the company's goal to produce 300,000 net barrels per day of oil equivalent from the Gulf of America in 2026, a nod to President Donald Trump's Wirth also discussed the company's downstream operations in California, where Phillips 66 and Valero Energy have announced plans to shutter their refinery operations due to the state's stringent reformulated gas program to reduce carbon emissions. Phillip 66 recently shut its 139,000-bpd refinery complex near Los Angeles, while Valero has announced plans to shut down its Benicia, California-based facility by the end of 2026. 'We've been pretty vocal about the [climate-related] policy coming out of Sacramento. Particularly, it will make it nearly impossible to invest in California going forward,' said Wirth, adding that the former San Ramon, California-based oil giant has two large refineries in the state. In response to analysts' questions about oil and gas prices, Wirth said the company will buy back only $2.75 billion of its stock in the second quarter due to the downturn in global commodity prices. The company's stock buyback program totaled $3.9 billion in the first quarter. In December 2024, Chevron sold its interest in a Canadian shale play project for $6.5 billion, in line with plans to divest nearly $10 billion to $15 billion in aging assets and properties by 2028. The Houston oil and gas driller also slowed production and cut spending by $2 billion in the fourth quarter in the Permian Basin share play. That spending pause is part of the company's goal of generating $9 billion in free cash flow in 2026, up from $2.7 billion at the end of the first quarter, said Wirth. In the May 2 trading session, the West Texas Intermediate oil prices fell 73 cents to $59.71. Natural gas prices at Henry Hub rose 16 cents to $3.64 per MMBtu. Chevron's shares rose 1.73 percent to close at $138.5 on the New York Stock Exchange.
