Chevron Learns To Love Its Downstream Business
Chevron's refining, marketing and transportation operations struggle when it comes to profitability. We estimate that EBITDA margins for this segment declined from 3.9% in 2006 to about 1.2% in 2009. This margin recovered to about 2.3% in 2010 as a result of improving prices and the company's own strategic efforts. Chevron has been cutting employee count in its downstream business and plans to focus on the more profitable oil & natural gas exploration and production business. Our price estimate for Chevron stock stands at $104, in line with market price.
Source: http://blogs.forbes.com/greatspeculations/2011/05/13/chevron-learns-to-love-its-downstream-business/
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