NIO: in trouble. Related to Covid-19 factory shutdowns. Transitory or deeper problems?
- NIO’s April deliveries dropped off steeply.
- Year-over-year delivery growth went negative for the first time.
EVs, Barron's: combined, the three delivered about 18,000 vehicles in April.
- That's the worse monthly result since 2021 -- NIO, Li, xPeng. Link here.
Oil:
- Pemex: swings to $6 billion profit in 1Q22; debt edges down; huge story;
- XOM: 1Q22 profits double despite $3.4 billion charge from Sakhalin, link here;
- Devon: boosts dividend by 27%; boosts share buybacks; does not boost production; link to Rigzone.
- BP: expands buybacks after "exceptional" trading performance
- accounting charge of $25.5 billion taken on Russia exit
- pledges major investments in UK energy production
- this was the company that was going to go "green"
- this was the company that did not like buybacks
Norway: rocky road ahead for Norway's $1.2 trillion wealth fund:
- Norway ordered the fund to first freeze and then divest its Russian assets, worth some 27 billion crowns ($2.85 billion) and equivalent to 0.2% of its total value at the end of 2021, after Moscow began its “special military operation” in Ukraine.However, the fund has not yet begun selling,
- fund manager said, adding that he did not know when this would be possible as the Moscow market was not functioning well with traded volumes not large enough for its needs.
- remember all those stories that this wealth fund was going to dump oil stocks; go "all" green? Look at this:
- the fund took its first ever direct stake in a renewable energy project, a Dutch wind farm, in April last year, but has not done so since.
- even though the fund has a mandate from parliament to invest up to
2% of its total value in renewables, it would take some time as
competition was fierce and “good prospects (are) hard to find”
Buffett / CVX: why Buffett bought Chevron.
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