Reportedly, Chevron Corporation (CVX) reported its highest profit in six quarters, reporting oil and gas production unit earnings of $3.18 billion in the quarter compared with a loss of $6.09 billion a year ago. Total production increased 5% to 3.13 million barrels of oil equivalent per day, while Chevron sold its U.S. oil for $54 a barrel last quarter, compared with $19 a year earlier. The company’s adjusted profit of $1.71 per share beat Wall Street estimates of $1.59. Oil and gas reach near multi-year highs as fuel consumption has set off pandemic losses and natural gas ride high on weather demand. Chevron lines up to reward investors with share buybacks, as reviving crude oil prices carried earnings and cash flow to pre-pandemic levels.
Share buybacks are expected to resume this quarter at an annual rate of between $2 billion and $3 billion, informed Chief Executive Michael Wirth, about half the annual rate it had planned.
“We’ve always said we would begin buybacks when we were confident that we could sustain it, and our breakeven is $50 per barrel and we are now well above it. We’re trying to win back investors… demand for our products has fully recovered, demand for our stock is recovering.” stated Chief Financial Officer Pierre Breber.
Dow 30 component Chevron Corporation (CVX), through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. To learn more about Chevron (CVX) and to track their progress please visit the Vista Partners Chevron Page.
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