Chevron - Another Missed Opportunity
Chevron affirmed production goals and updated capital spending targets for 2017 and 2018.
The company missed an opportunity to set production targets reflective of the current market reality.
The plan to cover dividends in 2017 from cash flows remains in doubt.
With Analyst Day today, Chevron (NYSE:CVX) had another opportunity to take a step forward by making production cuts or at least making contingent plans for reducing production. The energy markets are over supplied with product and Goldman Sachs is warning that the recent rally has no merits. Chevron though isn't heeding this warning.
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