Chevron Corporation (NYSE: CVX) reported a 36% jump in earnings for the first quarter of 2020 driven by the inclusion of a gain associated with the sale of upstream assets in the Philippines and favorable tax items attributable to international upstream. However, top-line fell by 11%.
The commodity prices fell significantly in March and the weakness continued into the second quarter, primarily due to reduced demand resulting from the COVID-19 pandemic. Financial results in future periods are expected to be depressed as long as current market conditions persist.
Chevron is further reducing its 2020 capital expenditure guidance by up to $2 billion to $14 billion. In addition, the company estimates that 2020 operating costs will decrease by $1 billion. This follows the previously announced suspension of share repurchases and the completion of additional asset sales.
The massive slowdown in the IPO market continued in the second half as the challenges posed by high inflation and interest rate hikes weighed on investor confidence. Meanwhile, there is
The automotive sector is one of the worst affected by the combination of high inflation and rising interest rates. Consumers have become more cautious and are prioritizing their purchases with
The IPO market has witnessed muted activity this year, and things don’t seem to have improved in the second half. The upcoming public listing of video game technology firm Ultimax