{"id":109329,"date":"2021-11-01T10:00:00","date_gmt":"2021-11-01T14:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=109329"},"modified":"2023-01-19T17:37:52","modified_gmt":"2023-01-19T22:37:52","slug":"less-is-more","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/less-is-more\/","title":{"rendered":"Less Is More"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-what-s-going-on\">What&#8217;s going on?<\/h2>\n\n\n\n<p>Chevron\u2019s third-quarter earnings packed a punch on Friday, as the ongoing shortages prove that less really does mean more for the oil tycoon.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-does-this-mean\">What does this mean?<\/h2>\n\n\n\n<p>Energy prices are on the up and up, and Chevron has been more than happy to take its cut:&nbsp;the company sold an average barrel of oil and liquefied natural gas for 90% more in the US than the same time last year, and natural gas for over three times as much. That led Chevron to&nbsp;<a href=\"https:\/\/www.cnbc.com\/2021\/10\/29\/chevron-cvx-exxon-xom-earnings-q3-2021.html\">post<\/a>&nbsp;its biggest quarterly profit since 2013. All the extra cash looks like it\u2019ll get put to good use too, with the company revealing it\u2019s thinking about buying back more of its own shares \u2013 on top of the $3 billion a year it already tucks away.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-should-i-care\">Why should I care?<\/h2>\n\n\n\n<p><strong><em>For markets:&nbsp;<\/em><\/strong><em>Oil giants are buying time.<\/em><br><br>Investors are keen on&nbsp;<a href=\"https:\/\/www.finimize.com\/wp\/definition\/share-buybacks\/\">share buybacks<\/a>&nbsp;in part because they reduce the number of shares on the market and push up the value of those remaining, and in part because they prove a company is optimistic about its own valuation. Energy companies, meanwhile, might be keen on buybacks because they\u2019re a good way to convince investors to stick with them through their inevitably costly&nbsp;<a href=\"https:\/\/www.finimize.com\/wp\/news\/greenwashing\/\">transitions<\/a>&nbsp;to clean energy. Or at least, they&nbsp;<em>were&nbsp;<\/em>keen: the US government\u2019s on the cusp of introducing new taxes on the tactic, which might suddenly make them a less appealing option.<br><br><strong><em>The bigger picture:&nbsp;<\/em><\/strong><em>Ain\u2019t nothin\u2019 but a coal digger.&nbsp;<\/em><br><br>The oil and gas shortage has come at an inopportune time, coinciding with low wind and nuclear output. That\u2019s forced some electricity producers to burn coal instead, which has pushed up both demand for and the price of the dusky rubble. That\u2019s good news for coal mining companies Arch Resources, Peabody Energy, and Glencore: the latter alone is up 12% in the last three months versus the UK stock market\u2019s 3%.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted on October 29, 2021 &#8211; <a href=\"https:\/\/www.finimize.com\/wp\/news\/small-but-mighty\/\">Less Is More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chevron\u2019s third-quarter earnings packed a punch on Friday, as the ongoing shortages prove that less really does mean more for the oil tycoon.<\/p>\n","protected":false},"author":186,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,5924,5,6,8,9,22,26,3],"tags":[4991,267,40],"contributors-categories":[13597],"class_list":{"0":"post-109329","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-commodities","7":"category-esg","8":"category-europe-middle-east-africa","9":"category-north-america","10":"category-region","11":"category-securities","12":"category-stocks","13":"category-text-articles","14":"category-traders-insight","15":"tag-chevron","16":"tag-earnings","17":"tag-oil","18":"contributors-categories-finimize"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - 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