Settore oil e materie prime in generale - Pagina 5
Oro: torna a salire grazie a interventi banche centrali e chiusura raffinerie in Svizzera
Vontobel ha pubblicato la rubrica Investment Idea con un nuovo approfondimento sull?Oro. Anche il metallo prezioso non è stato esente dalla forte fase di volatilità che ha colpito il mercato, …
Fed: lockdown costerà a economia Usa 47 milioni posti lavoro, tasso disoccupazione oltre 32%
La Fed presenta uno scenario da incubo per l’economia americana alle prese con gli effetti del lockdown: a suo avviso, le misure di contenimento adottate dall’amministrazione Trump potrebbero costare 47 …
Mini Future Certificates per implementare strategie di copertura di portafoglio
I mercati azionari sono ormai da oltre un mese alle prese con un periodo di elevata volatilità con la scorsa settimana che ha visto un primo tentativo di ripresa dopo …
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  1. #41
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    Debunking Warren Buffett

  2. #42
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    zitti zitti siamo ringiovaniti di 20 anni:
    Why Commodities Are Back in the 1990s - Bloomberg View
    Immagini Allegate Immagini Allegate Settore oil e materie prime in generale-.jpg 

  3. #43
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  4. #44
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    How Big Oil Can Swing Big Dividends - WSJ

    Someone forgot to tell Exxon Mobil and Chevron that aristocrats are supposed to live on the other side of the pond. Not only did the stock market doff its hat to both companies on Friday when they reported third-quarter results that handily beat expectations. It is signaling that it doesn’t mind those companies putting on airs—for now, at least.
    Integrated oil and gas companies the world over are tightening belts by slashing staff and spending and even contemplating selling the family silver as oil prices remain low. But the two big U.S. supermajors still can call themselves “dividend aristocrats” by surpassing the quarter century mark in raising their dividends annually. Though neither Royal Dutch Shell nor BP are in the S&P 500, disqualifying them from that distinction, their payout policies would have kept them from becoming peers anyway.
    The fear is that the peasants may become restless on both sides of the Atlantic if big oil companies continue to distribute more cash than they earn while allowing opportunities to pass them by. All are committed to multiyear projects, but the cost of obtaining a barrel of oil or a cubic foot of gas reserves is cheaper than it has been in years through the checkbook than the drill bit. An index of oil and gas exploration companies maintained by S&P Dow Jones Indices is off by 56% since June 2014.
    Doing deals and maintaining chunky dividends may be difficult for some, though. Moody’s said in September that integrated oil producers globally will have an $80 billion cash shortfall this year. Even so, Shell’s chief said recently he was “pulling out all the stops” to protect the payout and Chevron’s chief said Friday that the producer’s “first priority is to maintain the dividend.” In that respect, the U.S. majors would appear to be at a disadvantage since they actually are committed to raising and not just maintaining dividends. But appearances can be deceiving.
    Their growing reliance on share buybacks in recent years means slashing those—Chevron stopped them entirely and Exxon has cut them by about 85%—can preserve cash and the favor of coupon-clippers. Between 1995 and 2000, a weak period for energy prices, Exxon and Chevron paid about 30% of operating cash flow as dividends. In the past 10 years both averaged under 20%. Assuming cost savings and a slight rebound in prices, both will pay out a third of operating cash flow as dividends in 2016.
    Noblesse oblige is less of a burden than it seems.
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  5. #45
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    il celebre value investor Richard Pzena sullo shale oil:
    http://www.pzena.com/Cache/100120583...37&iid=4162576

  6. #46
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    Why Exxon Is the Get-Rich-Slow Oil Play - WSJ

    Investors buying beaten-down energy stocks have been repeatedly bitten by renewed, vicious plunges in oil. A safer and possibly more-rewarding approach is to put a tiger in their tank with Exxon Mobil.
    Value seekers might balk at how little Exxon actually has been affected by the industry rout. While dozens of energy-related companies fetch under half or even a 10th of their peak 2014 values, often due to fears of financial distress, the integrated giant is off by less than a third. On Thursday, when a quickly discredited Russian news report of an emergency meeting of oil producers briefly sent crude surging, Exxon shares rallied by a little over 3%. An index of pure-play exploration and production companies jumped 7%.
    So buying Exxon shares, even if an investor timed the bottom in oil prices perfectly, hardly would be a get-rich-quick move. But investors shouldn’t lose sight of the get-rich-slow nature of a company that seems to emerge from each industry washout a bit stronger.
    Since 1970, through four booms and four busts in petroleum prices, $100 invested in Exxon has turned into $33,000, including dividends, nearly four times the gain of the S&P 500. Part of that success has been due to Exxon’s penchant for shoveling cash to shareholders rather than investing aggressively during booms. So far this century, it has paid out over $380 billion through buybacks and dividends, enough to buy rivals BP, Chevron and Total combined at today’s values and have $30 billion left over.
    Those capital returns left less for investing in its business. True, in 2014 Exxon marked the 21st consecutive year in which it added more hydrocarbon reserves than it produced, averaging a replacement ratio of 123%. Much of that growth has come through the checkbook, though, not the drill bit. It has mostly done so when oil prices were near a trough such as its merger with Mobil announced in 1999 and the acquisition of XTO Energy in 2009.
    With the industry in a rut again, it is only natural to speculate that Exxon will once again pull the trigger. Another reason is that its reserve base isn’t as attractive as it seems.
    Of 25 billion barrels of oil equivalent at the end of 2014, less than nine billion is in liquids and nearly five billion is in high-cost bitumen and synthetic crude. And, highlighting that Exxon isn’t quite so prescient, the XTO deal added plenty of natural gas at a time when the fuel was cheap and continued to get cheaper.
    Raising the odds of a cash deal is that Exxon’s preference for buybacks in recent years over dividends gives it some financial flexibility. At its recent pace, it has been paying out just $2 billion annually to repurchase its own shares, down from nearly $13 billion in 2013.
    While its cash flows are much lower, too, Exxon has the ability to write larger checks than anyone in the industry. The main constraints are retaining its status as one of three U.S. companies with a triple-A credit rating and as a dividend aristocrat, a group that has managed to boost payouts annually for at least a quarter century. But those constraints also are attractions that have helped Exxon’s share price hold up better than any other large, integrated oil company globally. And that has preserved the value of its stock as an acquisition currency.
    Targets discussed by analysts include EOG Resources, Anadarko Petroleum and Whiting Petroleum, down between 45% and 90% from peaks hit in 2014. This tiger may be preparing to pounce again. Investors can, too.

  7. #47
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  8. #48

  9. #49
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    e XOM ha tagliato il buyback (su seeking alpha c'è la trascrizione della conference call):
    Exxon Mobil: When Bad Oil News Isn

    It wasn’t much of a surprise party for Exxon Mobil shareholders—a reminder that not everything is relative.
    Following downbeat results from fellow supermajors BP and Chevron, the granddaddy of them all reported profits on Tuesday that beat analyst expectations for the fourth quarter and full year. Its stock promptly fell by more than 3% as the 10%-plus drop in oil prices so far this week trumped any sense of relief. Shareholders suffered the further ignominy of learning that Exxon, once the most valuable company on the planet, was overtaken by Facebook for fourth place overall on Monday.

    The fact that Exxon, even in an awful 2015, earned more than twice as much as the social media company has in its entire history is small solace. It is the direction of those profits—down 58% in the fourth quarter from a year earlier—that has set the tone.
    The first quarter should be even bleaker. Exxon indicated it is further battening down the hatches, eliminating already reduced net share buybacks. It paid out nearly $13 billion that way in 2013.
    Management minces no words about what it can and can’t control and commodity prices clearly fall into the latter category. In the fourth quarter alone, it earned a whopping $4.6 billion less than a year earlier in its upstream business and similar plunges lie ahead. At these prices, even eliminating buybacks won’t allow it to meet its cash needs without borrowing or touching its sacrosanct dividend.

    But no oil company can thrive, and some can’t survive, at $30-a-barrel crude. What is striking about Exxon is how well it can cope. That relative distinction may make an absolute difference for its shareholders when the environment improves for oil companies. Chevron is reeling from its worst quarterly loss in 13 years, BP from its worst annual loss ever, and Shell from a credit-rating downgrade. Exxon, one of three triple-A-rated U.S. companies in any industry (though it was placed on credit watch with negative implications Tuesday by Standard & Poor’s) doesn’t just have staying power. It also has buying power in what may turn into the sale of the century for hydrocarbon reserves.
    The party hasn’t even started.

  10. #50
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    Citazione Originariamente Scritto da Leite Visualizza Messaggio
    e XOM ha tagliato il buyback (su seeking alpha c'è la trascrizione della conference call):
    Exxon Mobil: When Bad Oil News Isn

    It wasn’t much of a surprise party for Exxon Mobil shareholders—a reminder that not everything is relative.
    Following downbeat results from fellow supermajors BP and Chevron, the granddaddy of them all reported profits on Tuesday that beat analyst expectations for the fourth quarter and full year. Its stock promptly fell by more than 3% as the 10%-plus drop in oil prices so far this week trumped any sense of relief. Shareholders suffered the further ignominy of learning that Exxon, once the most valuable company on the planet, was overtaken by Facebook for fourth place overall on Monday.

    The fact that Exxon, even in an awful 2015, earned more than twice as much as the social media company has in its entire history is small solace. It is the direction of those profits—down 58% in the fourth quarter from a year earlier—that has set the tone.
    The first quarter should be even bleaker. Exxon indicated it is further battening down the hatches, eliminating already reduced net share buybacks. It paid out nearly $13 billion that way in 2013.
    Management minces no words about what it can and can’t control and commodity prices clearly fall into the latter category. In the fourth quarter alone, it earned a whopping $4.6 billion less than a year earlier in its upstream business and similar plunges lie ahead. At these prices, even eliminating buybacks won’t allow it to meet its cash needs without borrowing or touching its sacrosanct dividend.

    But no oil company can thrive, and some can’t survive, at $30-a-barrel crude. What is striking about Exxon is how well it can cope. That relative distinction may make an absolute difference for its shareholders when the environment improves for oil companies. Chevron is reeling from its worst quarterly loss in 13 years, BP from its worst annual loss ever, and Shell from a credit-rating downgrade. Exxon, one of three triple-A-rated U.S. companies in any industry (though it was placed on credit watch with negative implications Tuesday by Standard & Poor’s) doesn’t just have staying power. It also has buying power in what may turn into the sale of the century for hydrocarbon reserves.
    The party hasn’t even started.
    Ecco questa cosa non la capisco..ok ..ridurre al massimo le uscite visto il momento pessimo,prezzo del petrolio ecc.
    Però è proprio quando il titolo è sui minimi che andrebbe fatto il buy back..

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