Wells Fargo reports mixed Q2 results, plans dividend increase, positive.

From Investing.com: 2024-07-14 12:08:35

Wells Fargo & Company (WFC) reported Q2 financial results, showing growth in fee-based revenue and strategic improvements. CEO Charlie Scharf announced plans to increase the common stock dividend by 14%. Despite a decline in net interest income, the company saw positive growth in average deposits across all customer-facing businesses.
Shutdown of oil fields succeeds in putting a lid on production by maintaining strict compliance with the shutdown plan. Cuts were prompted by the drop in exports, as well as production costs that are now hovering around $40 per barrel. This move will see the companies operating at minimum levels, prompting a stabilization of the industry amidst ongoing challenges.
The oil shutdown, overseen by the NOC, is now contributing to stronger budgetary revenue for the Libyan economy. The move may prevent the accumulation of missed revenues. Revenues from oil sector contracts are recorded in local fuel and natural resources accounts to ensure the funds are allocated for different sectors within the government’s budget.



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