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Oil Giant Chevron Reports Strong Quarter Figures Built On Strong Fuel Margins & High Prices – $CVX $DIA

By John F. Heerdink, Jr.

As per reports, Chevron Corporation (CVX) reported strong quarterly figures reporting a net profit of $11.6 billion, or $5.95 per share, more than triple the $3.1 billion, or $1.60 per share, compared to the same period last year. Chevron’s average U.S. sales price for a barrel of crude oil and natural gas liquids was $89 in the quarter, an increase from $54 a year earlier. The international sales price for crude was $102 per barrel, higher than $62 a year earlier.

The oil giant increased the top end of its annual share repurchase guidance range to $15 billion from $10 billion.

“We think we can do it all. Grow the dividend to investors, grow traditional and new energy, pay down debt, and buy back shares,” stated Chevron’s Chief Financial Officer Pierre Breber.

Pandemic closures, sanctions on Russia, and export quotas in China reducing refining capacity have increased fuel prices. Chevron has been increasing investments and expanding production in the United States, while its global output falls following the expiration of concessions in Thailand and in Indonesia.

“We more than doubled investment compared to last year to grow both traditional and new energy business lines,” stated Chief Executive Michael Wirth.

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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(Read Original Story: Chevron says it 'can do it all', after record profit and buyback lift in Reuters)


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