Operationally, BP reported starting up seven new major projects and achieving a record in upstream plant reliability, which supported broadly flat underlying production versus 2024 and exceeded guidance provided a year earlier. The company’s reserves replacement ratio was 90% , up from an average of around 50% over the prior two years.However, Thomson said the board has decided to suspend the share buyback and fully allocate excess cash to accelerate strengthening the balance sheet. She added that the compa ...

BP (NYSE:BP) Q4 2025 Earnings call February 10, 2026 02:30 AM ET Company ParticipantsCraig Marshall - VP of Investor RelationsKate Thomson - CFOCraig MarshallHello, everyone, and thank you for your interest in BP's fourth quarter 2025 results. I'm here with Kate Thomson, Chief Financial Officer. This video presents our full year and fourth quarter financial results, and later this afternoon in London, we will have our live presentation to discuss our full-year performance and strategic progress in more deta ...

Group 1: Investment Outlook - Scotiabank raised its price target on Chevron Corporation (CVX) to $168 from $165, maintaining a Sector Perform rating, indicating a stable outlook for the stock amid a broader update on U.S. integrated oil and E&P companies [2] - The earnings picture for Chevron is expected to be clean this quarter, with no major winter weather events disrupting operations, which could positively impact investor sentiment [2] Group 2: Operational Developments - The U.S. is moving to grant Chevron a broader license to operate in Venezuela, allowing the company to pay the Venezuelan government in cash rather than crude, which would enable Chevron to sell all of its produced oil [3] - Current license terms restrict Chevron's exports to about half of its production in Venezuela, as the company has been paying royalties and taxes using oil [4] - An updated license is anticipated to support higher production and exports for Chevron, especially following political changes in Venezuela [4] Group 3: Company Overview - Chevron Corporation is one of the world's largest integrated energy companies, involved in the production of oil and natural gas, as well as the manufacturing of fuels, lubricants, petrochemicals, and other energy-related products [5]

Core Viewpoint - Phillips 66 (NYSE:PSX) experienced a 2.73% decline in share price from January 9 to January 16, 2026, making it one of the energy stocks that lost the most during that week [1]. Company Overview - Phillips 66 is a leading integrated downstream energy provider involved in refining, transporting, and marketing fuels [2]. Recent Performance - The stock reached a 52-week high earlier in January, attributed to investor optimism regarding the company's potential benefits from U.S. actions in Venezuela, as its refineries are designed to process heavy sour crude from the region. However, the stock has since seen a slight downturn, likely due to profit-taking by investors [3]. Analyst Ratings and Price Targets - On January 13, JPMorgan reduced its price target for Phillips 66 from $154 to $151 while maintaining an 'Overweight' rating, reflecting adjustments based on recent commodity price targets in a Q4 preview [4]. - On January 12, Piper Sandler lowered its price target from $155 to $153 but kept a 'Neutral' rating, indicating expectations that U.S. refiners will face significant near-term impacts from Venezuelan crude, with volumes expected to double from 200,000 bpd to 400,000 bpd due to U.S. involvement and sanction relief [5].

Company Overview - Valero Energy Corporation (NYSE:VLO) is a significant player in the oil and gas refining and marketing industry, known for its extensive network of refineries and commitment to high-quality fuel production [1] - The company competes with major industry players such as ExxonMobil and Chevron in the refining sector [1] Stock Performance - As of January 16, 2026, Scotiabank set a price target of $178 for Valero, indicating a potential decrease in stock price as the stock was trading at approximately $184.52, reflecting a price difference of about -3.53% from the target [2] - Valero's stock has risen by 14.5% over the past month, significantly outperforming the Zacks S&P 500 composite, which only saw a 1.6% increase [3] - The current stock price of Valero stands at $184.52, with a slight decrease of 0.035% today, and has fluctuated between a low of $182.86 and a high of $186.30 [4] Market Capitalization and Trading Volume - Valero's market capitalization is approximately $57.6 billion, indicating its substantial presence in the industry [5] - The recent trading volume for Valero is 1,066,671 shares, making it a stock of interest for investors [5][6]

Core Viewpoint - Phillips 66 is expanding its operations by acquiring the Lindsey Oil Refinery in England, which will enhance its presence in the UK energy market and improve its capacity to process heavy sour crude oil, particularly from Venezuela [3][4]. Group 1: Acquisition Details - Phillips 66 has agreed to acquire the assets and infrastructure of the Lindsey Oil Refinery in northern England, although the financial terms of the deal were not disclosed [3]. - The company does not plan to restart standalone operations at the Lindsey refinery but will integrate its assets into the Humber Refinery complex in North Lincolnshire [3]. Group 2: Strategic Positioning - The acquisition is seen as a significant step for Phillips 66 in investing in the UK's energy security [4]. - The company is well-positioned to benefit from the current situation in Venezuela, as its refineries are designed to process heavy sour crude oil, with the capacity to handle a couple of hundred thousand barrels per day from Venezuela at its Sweeny and Lake Charles refineries [4]. Group 3: Financial Performance - Phillips 66 has a robust annual dividend yield of 3.46%, making it an attractive option for investors looking for energy stocks [5].

Group 1 - Exxon Mobil Corporation (NYSE:XOM) is facing a significant decline in Q4 earnings due to falling crude oil prices, with a potential reduction of up to $1.2 billion in upstream earnings compared to the previous quarter [3] - Brent crude futures have decreased by 19% in 2025, marking the third consecutive year of losses, while WTI crude prices have dipped nearly 20% year-over-year [3] - Wall Street analysts expect Exxon to report adjusted earnings of $1.66 per share in its upcoming Q4 report, down from $1.88 per share in the previous quarter [3] Group 2 - Exxon Mobil was previously forced to exit Venezuela after the nationalization of the oil industry in 2007, resulting in the country owing Exxon approximately $2 billion in arbitration claims [4] - Recently, Exxon was invited by President Trump to invest in Venezuela to help revive its oil industry, although the company remains cautious about the investment climate [5] - CEO Darren Woods described Venezuela as 'uninvestable' without significant changes to its legal and commercial frameworks, which reportedly displeased President Trump [5]

Group 1 - Chevron Corporation (CVX) is the only Western supermajor allowed to pump Venezuelan oil, experiencing significant market volatility with a nearly 4.5% drop following a 5.1% surge related to the U.S. capture of Venezuelan President Nicolás Maduro [1][2] - Chevron accounts for approximately 20% of Venezuela's crude oil production, positioning the company strategically to benefit from potential rebuilding of the Venezuelan oil industry, although analysts warn that achieving sustained production growth may take longer than expected [2][3] - The future of Venezuela's energy sector remains uncertain, with the timeline for rebuilding being highly speculative, as noted by analysts [3] Group 2 - Chevron is actively pursuing its interests in Venezuela, engaging in discussions with the U.S. government to expand its operating license, which could lead to increased crude exports [4] - The company is currently loading tankers at the fastest pace in seven months, indicating a proactive approach amidst tightening U.S. control over Venezuelan crude flows [4] - Chevron has a market capitalization of nearly $326.4 billion, with its shares rising approximately 7.86% over the past year and 5.94% in the last six months, driven by recent geopolitical developments [6] Group 3 - From a valuation perspective, Chevron's stock trades at 22.63 times forward adjusted earnings and 1.74 times sales, both metrics indicating a premium valuation compared to industry averages [7]

Core Insights - The article emphasizes the importance of looking beyond U.S. large caps for investment opportunities, particularly in undervalued international stocks [1][3][9] - The Benzinga Value Ranking is introduced as a systematic, numbers-driven tool to identify the cheapest stocks globally based on multiple valuation metrics [2][5] Investment Strategy - Investors are encouraged to focus on the top decile of the Benzinga Value Ranking, specifically targeting non-U.S. stocks to access the cheapest part of the global market [7][9] - The current market environment is characterized by extreme valuation dispersion outside the U.S., with many profitable companies trading at low earnings multiples [4][6] Company Highlights - **POSCO Holdings (NYSE:PKX)**: A leading steel producer in South Korea, trading at discounted multiples despite controlling high-quality assets [11] - **Sasol Ltd. (NYSE:SSL)**: An integrated energy and chemicals company in South Africa, generating substantial cash flow but heavily discounted due to past operational issues [12] - **Korea Electric Power Corp. (NYSE:KEP)**: The backbone of South Korea's power system, facing extreme low valuation multiples due to government pricing controls [13] - **LuxExperience (NYSE:LUXE)**: A niche luxury travel company in the Netherlands, undervalued due to lack of investor attention rather than demand collapse [14] - **Gerdau (NYSE:GGB)**: Brazil's largest long steel producer, trading at low multiples despite consistent cash flow generation [15] - **Honda Motor (NYSE:HMC)**: A global manufacturing leader in Japan, undervalued due to lack of hype around its steady profits and cash flow [16] - **SK Telecom (NYSE:SKM)**: South Korea's largest wireless carrier, undervalued due to low growth expectations despite reliable cash generation [18] - **Jiayin Group (NASDAQ:JFIN)**: A Chinese fintech company facing regulatory uncertainty, leading to extreme valuation discounts [19] - **FinVolution Group (NYSE:FINV)**: Another Chinese fintech platform, similarly undervalued due to regulatory challenges and investor distrust [20] - **KT Corp. (NYSE:KT)**: A leading telecommunications provider in South Korea, generating stable cash flow but facing compressed valuation multiples [21]

Core Insights - Phillips 66 (PSX) has agreed to acquire the assets and infrastructure of the Lindsey Oil Refinery in the U.K., pending regulatory approvals and other closing conditions [1][6] - The refinery was auctioned in June 2025 after its previous owner went bankrupt, with PSX emerging as the winning bidder [1][6] Company Strategy - Phillips 66 will not reopen the Lindsey Oil Refinery as an independent operational facility but will integrate key assets, particularly storage and infrastructure, into its Humber Refinery operations due to the site's unviability in its current form [2] - This integration is expected to enhance the U.K.'s energy security by increasing fuel production and supply from the Humber Refinery while preserving high-quality jobs [3] Financial Implications - The acquisition and integration are anticipated to generate additional cash flow, contributing to business stability for Phillips 66 [3] - Phillips 66 is positioned to expand into cleaner fuels while continuing to supply conventional fuels, aligning with the global energy transition [3] Market Context - Phillips 66's refining operations are sensitive to crude price volatility, with current West Texas Intermediate crude prices below $60 per barrel, benefiting refining operations due to lower raw material costs [4] - Other downstream players in the market include Valero Energy Corporation, PBF Energy Inc., and Par Pacific Holdings, each with varying Zacks Ranks [4][5]