Ford stock drops more than 5% as supply costs to jump by $1 billion, parts shortages to leave more cars unfinished
Ford Motor Co. shares dropped more than 5% in the extended session...
Ford Motor Co. shares dropped more than 5% in the extended session Mondayafter the company said inflation and parts shortages will leave it with more unfinished vehicles than it had expected, reminding Wall Street supply-chain snags are far from over for automakers.
Ford said it expects to have between 40,000 and 45,000 vehicles in inventory at the end of the third quarter “lacking certain parts presently in short supply.”
The automaker also said that based on its recent negotiations, payments to suppliers will run about $1 billion higher than expected for the quarter, thanks to inflation. The company reaffirmed its outlook for the year, however.
Ford’s warning “is evidence that auto parts shortages and supply-chain issues are still ongoing,” CFRA analyst Garrett Nelson told MarketWatch.
Chevron Offering Minority Stakes in Three Alaskan Oil Fields
Chevron Corp. is marketing its interest in more than 2,000 oil...
Chevron Corp. is marketing its interest in more than 2,000 oil and gas wells in Alaska, the company told Reuters on Sept. 19, in a move that could mark the oil major’s second exit from oil production in the state in three decades.
One of the earliest companies to prospect for oil in Alaska, Chevron helped develop the state's oil industry last century but later exited output there in 1992. It returned a decade later with its $20 billion purchase of Unocal.
The company is offering stakes in three oil fields, it confirmed. It holds around 10% in Alaska’s Endicott field, 5% in Kuparuk Field and 1.2% in Prudhoe Bay. Bids are due this month. The stakes are nonoperating interests that provide a share of profits.
A sale could fetch between $450 million and $550 million, according to a Rystad Energy analyst using comparable transactions.
Germany econ. minister says natural gas storage nearly at 90%, but will be ’empty’ after winter: report
Germany’s economy minister reaffirmed on Monday that the country’s effort to get its natural gas...
Germany’s economy minister reaffirmed on Monday that the country’s effort to get its natural gas storage tanks is going well, but that’s just enough for one winter.
“If everything goes well with gas savings and we are lucky with the weather, we have a chance to get through winter well,” said Robert Habeck, in a press conference according to media reports. But he also said that gas storage would likely be “empty” after winter.
“The question is when we get to the spring [of] 2023 with totally depleted, really, reserves, and gas is still not flowing,” said the CEO of Italian energy firm Enel SpA ENEL, +0.22%, Francesco Starace, earlier this month in an interview.
The vibes on Wall Street are decidedly bearish, with the major indexes sinking in four out of the last...
The vibes on Wall Street are decidedly bearish, with the major indexes sinking in four out of the last five weeks. And while many tech stocks have been hit hard by the Fed’s rate-hiking extravaganza, Meta is taking some of the worst licks. Following a 14% plunge last week, the company’s stock price is at its lowest level since the early Covid days of March 2020.
Australia’s Origin Energy Quits Shale Gas Exploration
Origin Energy on Sept. 19 agreed to sell its...
Origin Energy on Sept. 19 agreed to sell its stake in an early stage but potentially high-producing shale gas basin in Australia's Northern Territory and said it would exit some other gas exploration permits as it focuses more on renewable energy.
The Beetaloo Basin is a shale sub-basin in Australia’s Northern Territory considered comparable to the prolific Marcellus Shale, the biggest U.S. gas field, but needs billions of dollars of spending on roads and pipelines before it can be developed.
Origin, Australia’s no.2 power producer, said it would sell its 77.5% stake in the Beetaloo Basin joint venture to Tamboran Resources Ltd. and its top shareholder for A$60 million (US$40 million), looking to beef up investment in renewable energy and its retail arm instead.
