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(Reuters) - Caterpillar Inc said on Thursday Chief Executive Officer Jim Umpleby would take on the additional role of chairman, effective immediately.
The move reverses Caterpillar’s decision to split the CEO and chairman positions last year. Corporate governance experts say that having a separate chief executive and board leader can improve oversight and decision-making for many companies. Caterpillar said on Thursday that the board reviews the leadership structure every two years and agreed to give Mr. Umpleby both roles at the board’s Dec. 12 meeting.
In today's stock market, Procter & Gamble and Caterpillar were top gainers in the Dow Jones. PayPal and Tesla buoyed the Nasdaq 100.
On December 12, US crude oil January futures fell 1% and closed at $51.15 per barrel. The market wasn’t expecting a decline of 1.2 million barrels in US crude oil inventories for the last week, which might have dragged oil prices. OPEC and its allies’ production cut might not have boosted the bullish sentiment for oil prices, which we discussed in the previous part.
On December 5–12, our list of oil-weighted stocks rose 7.4% compared to the 3.3% fall in US crude oil January futures. On average, our list of oil-weighted stocks underperformed US crude oil prices. All of the oil-weighted stocks closed in the red during this period.
Private equity-backed oil firm Chrysaor has hired advisers ahead of talks to buy Chevron's British North Sea oil and gas fields for over $2.5 billion, industry and banking sources said. Chrysaor has signed up investment banks Jefferies and BMO for the discussions as a deadline for bids approaches before Christmas, the four sources said. Chevron said earlier this year it was selling its assets in the central North Sea, which are expected to fetch around $1.5 billion.
United Rentals (URI) shares rose 6.3% on December 12 after the company reaffirmed its guidance for 2018 and provided an optimistic outlook for 2019. The shares also got a boost from the announcement that the company will resume its share repurchase program.
Following what the majority of brokers are saying about a particular stock can help understand its potential. Hence, when a broker upgrades a stock, one can easily rely on it.
Shares of Boeing (BA) and Caterpillar (CAT) have fallen victim to the larger market selloff over the last three months. With that said, both Boeing and Caterpillar's fourth quarter and fiscal 2019 outlooks appear strong.
Chevron (CVX) expects more than two-thirds of its spending to realize cash flows in two years of investment - most of these being shorter-cycle, high-return projects.
Investing.com - The Dow rallied, but closed well below its session highs Wednesday, even as positive news on U.S. and China trade raised hopes that both nations may be able to find a way to resolve their bitter dispute.
U.S. supermajor Chevron continues to channel a significant portion of its upstream investment into the major capital-intensive Tengiz field in Kazakhstan
At the investor day executives said they want to achieve a discipline operating model and focus on more profitable growth. Under Armour sees a low-single-digit revenue compund annual growth rate in North America for fiscal years 2020-2022, Briefing.com reported.
Equinor (EQNR) receives a drilling permit in the North Sea from the NPD. The company plans to stay in U.K. continental shelf despite Brexit.
A major chunk (almost 53% or C$900 million) of Pembina's (PBA) projected capital expenditure for 2019 is likely to be allocated toward its Pipelines Division.
With the production cut agreement that’s set to be implemented in 2019, US crude oil’s downside could be limited. Traders think that the recent flow of funds from oil to the natural gas market might stop, which could be a negative development for natural gas prices.
Andy Agg, the interim chief financial officer of UK infrastructure operator National Grid will take on the position on a permanent basis from next year. Mr Agg has held the role on an interim basis since his predecessor Andrew Bonfield left in July to take up a position as CFO of US construction equipment manufacturer Caterpillar. “Andy has done a great job since stepping into the role on an interim basis in July and I am personally delighted that he has now been formally appointed to the role,” said John Pettigrew, National Grid chief executive.
Chevron (CVX) set its investment budget for 2019 at $20 billion, while Schlumberger (SLB) warned of weakness in the North American hydraulic fracturing market.