Caterpillar CEO Joins Chevron Board
U.S. oil and gas producer Chevron Corp named Caterpillar Inc Chief Executive Jim Umpleby to its board of directors on Thursday, replacing the recently retired John Watson. Umpleby, who has led Caterpillar since January 2017, will join Chevron's board on March 1, bringing Chevron's board to 12 members. He will serve on the board nominating and governance committees, Chevron said in a statement. Umpleby doesn't serve on any other corporate boards besides Caterpillar's. John Watson retired on Wednesday as chairman of Chevron's board and chief executive. Umpleby's appointment was the first move by Chevron's board under Mike Wirth, the new chairman and CEO.
Caterpillar says Wall St "too optimistic" on 2017 Profit Estimate
Caterpillar Inc, the world's largest construction and mining equipment maker, said analysts' earnings expectations for 2017 were "too optimistic" as oil prices continued to remained volatile. The company, however, said it was encouraged by the potential of a U.S. infrastructure bill, tax reforms, commodity prices and the recent announcement by the Organization of the Petroleum Exporting Countries (OPEC) to curb production. Oil prices soared more than 10 pct on Wednesday as some of the world's largest producers agreed to curtail production for the first time since 2008 in a bid to support prices.
Trump Win Boosts Coal, Hits Renewable Stocks
The prospect of an abrupt shift in U.S. climate policy under President-elect Donald Trump lifted the shares of U.S. mining equipment giant Caterpillar Inc, North American railroads and other companies tied to fossil fuels, and slammed shares of renewable energy firms. Trump has called climate change a hoax, said he would rip up the Paris climate treaty and promised to revive the U.S. coal sector. His victory caused dismay at a climate policy conference in Morocco on Wednesday. In the United States, the prospect of a sharp turn in U.S. environmental…
Caterpillar Could Shed 2,000 Belgium Jobs
Heavy machinery maker Caterpillar Inc said it could lay off about 2,000 employees at a plant in Belgium, as it considers shifting production to other facilities as part of a restructuring program announced last year. The company, which manufactures construction equipment at the plant in Gosselies, Belgium said it may shift the production to its facility at Grenoble, France and other locations outside of Europe. Caterpillar said in September 2015 that it will cut as many as 10,000 jobs through 2018 and also might close or consolidate more than 20 plants around the world as it grappled with the mining and energy downturn.
Caterpillar CEO Joins ExxonMobil Board
Exxon Mobil Corporation announced today that its shareholders have elected Doug Oberhelman to its board of directors. Oberhelman is chairman of the board of directors and chief executive officer of Caterpillar Inc. With the election of Oberhelman, the ExxonMobil board stands at 12 directors, 11 of whom are non-employee directors. Oberhelman was named CEO and chairman of Caterpillar’s board in 2010. Prior to that, he served as group president of various divisions within Caterpillar from 2002 to 2010, and was elected a Caterpillar vice president and chief financial officer in 1995. Oberhelman earned a B.A. in finance from Millikin University.
Caterpillar CEO: Dip in Oil Prices a Headwind in 2015
Caterpillar Inc chief executive Doug Oberhelman said on Friday that oil prices have been a headwind for the manufacturer and will continue to be in 2015. Oberhelman, speaking at an Export-Import Bank conference, said the problem is partly offset by the fact that Caterpillar products use diesel fuel. He said a dip in diesel prices has helped the U.S. economy. Reporting by Krista Hughes
Caterpillar Forms New Analytics & Innovation Division
To better capitalize on the growing importance and excitement of data analytics and to drive innovation to support customers, Caterpillar Inc. today announced the formation of a new division, Analytics & Innovation (AI), which will be led by Caterpillar Vice President Greg Folley. The division will bring together the people and resources that will foster a culture with innovation at the core, form a broad and connected analytics ecosystem and manage strategic third party relationships with providers like Chicago, Illinois-based Uptake, a start-up with which the company recently announced a technology and predictive analytics agreement.
Reed Nominated to Caterpillar Board
Caterpillar Inc. announced today that the Caterpillar Board of Directors has nominated Debra L. Reed to join the Board, with the election to occur at the June 2015 annual stockholders meeting. Reed, 58, is the Chairman and CEO of Sempra Energy, a San Diego, California-based energy company. She began her Sempra Energy career in 1978 as an engineer and worked her way into leadership positions at Sempra Energy, as well as Southern California Gas Co. and San Diego Gas & Electric, Sempra Energy’s two regulated California utilities. “Energy is core to our business at Caterpillar…
Caterpillar to Stay in Peoria
After a multiyear study focused on modernizing its global headquarters, Caterpillar Inc. today reaffirmed it will remain in Peoria, Illinois, and revealed a design that will eventually span 31 acres on the city’s riverfront. A three-tower building located in the heart of a six-block campus, which includes innovative work spaces and amenities designed to retain and attract the finest talent in the world. A commitment to invest and act as a catalyst in Peoria, helping revitalize the downtown and the region as a vibrant destination. While Caterpillar is truly a worldwide company with facilities that span the globe, Peoria remains its headquarters.
Commodity, Oil Prices hit Caterpillar Profit
Caterpillar Inc on Tuesday reported lower quarterly net profit that missed expectations as lower prices for copper, coal and iron ore hurt mining equipment orders, and warned the recent fall in oil prices would make for a difficult year in 2015. The report sent the company's shares down nearly 6 percent in premarket trading. The world's largest maker of construction and mining equipment said it expects only a modest improvement in the global economy in 2015 and gave an earnings outlook for the year below Wall Street estimates. "While 2015 will be difficult…
Caterpillar's Rich Moore to Speak at Goldman Sachs 2014
Caterpillar Inc. Director of Investor Relations Rich Moore will speak at the Goldman Sachs 2014 Industrials Conference on Thursday, November 13. He is scheduled to speak at 11:20 a.m. Eastern Time. No presentation materials will be available. The event will be webcast in real-time and available to the public at http://cc.talkpoint.com/gold006/111214a_ae/?entity=27_YBH7YN4. Listeners should go to the website at least 30 minutes before the live event to register and to download and install any necessary audio software. The webcast will be available for replay for 90 days; no transcripts from the presentation will be made available.
U.S. Natgas Engine Sales Lagging Fuel's Steep Price Plunge
Natural gas-fueled engines, touted as a clean, low-cost alternative to diesel, continue to struggle for acceptance in the U.S. transportation sector despite a surge in gas production that has sent the alternative fuel's domestic price plunging. U.S. natural gas prices closed on Friday at $3.766 per million British thermal units, down 42 percent since February. At its current levels, natgas is about $1.50 a gallon cheaper than diesel fuel, according to the U.S. Energy Information Administration. For U.S. railroads alone, which consumed 3.6 billion gallons of diesel in 2012, the potential savings are huge.
Caterpillar Sponsors 2014 High Horsepower Summit
Caterpillar Inc. now underway in New Orleans, Louisiana. The event is North America’s leading conference on the use of natural gas to fuel high horsepower operations. As an industry leader in the design and manufacture of dual-fuel and natural gas engines, Caterpillar plans to highlight its commitment to delivering the highest customer value for energy and power systems operations, as well as rail, marine and mining applications. “We’re proud of where our natural gas heritage has brought us today and excited to lead the next wave of natural gas products and services taking shape in the industry…
Caterpillar to Participate in Citi 2014 Industrials Conference
Caterpillar Inc. Vice President with responsibility for Strategic Services Mike DeWalt and Director of Investor Relations Rich Moore will speak at the Citi 2014 Industrials Conference on Tuesday, September 23. scheduled to speak at 2:45 p.m. Eastern Time. The presentation materials will be available at caterpillar.com/presentations. The event will be webcast in real-time and available to the public at http://www.veracast.com/webcasts/citigroup/industrials2014/09210239792.cfm. Listeners should go to the website at least 30 minutes before the live event to register and to download and install any necessary audio software.
Caterpillar Named to Dow Jones Sustainability Indices
Caterpillar Inc. has been named to the 2014 Dow Jones Sustainability Indices (DJSI), recognizing Caterpillar as a sustainability leader in the Industrial Engineering sector. This marks the 13th year for Caterpillar to be included in the list since DJSI debuted in 1999. The annual DJSI process involves a thorough analysis of corporate economic, environmental and social performance factors, assessing issues such as innovation management, supply chain management, climate strategy, product stewardship, labor practices and health and safety. “Caterpillar…
Cat Financial Announces Second-Quarter 2014 Results
Cat Financial reported second-quarter 2014 revenues of $728 million, an increase of $34 million, or 5 percent, compared with the second quarter of 2013. Second-quarter 2014 profit after tax was $146 million, a $35 million, or 32 percent, increase from the second quarter of 2013. The increase in revenues was primarily due to a $36 million favorable impact from higher average earning assets. Profit before income taxes was $206 million for the second quarter of 2014, compared with $158 million for the second quarter of 2013. The increase was primarily due to the absence of a $23 million currency loss in the second quarter of 2013…
Caterpillar Announces 17% Dividend Rate Increase
The Board of Directors of Caterpillar Inc. (NYSE: CAT) voted today to increase the quarterly cash dividend by 17 percent to seventy cents ($0.70) per share of common stock, payable August 20, 2014, to stockholders of record at the close of business on July 21, 2014. “This dividend increase demonstrates our financial strength and confidence in long-term prospects for the company. Despite business and economic uncertainties around the world, our balance sheet has remained strong – the strongest it’s been in more than two decades – positioning us to perform through the cycles.
