Chevron Beats Estimates, Signaling Rebound From Difficult 2023

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Chevron Beats Estimates, Signaling Rebound From Difficult 2023

Bloomberg02-02

Oil explorer raises payout to investors more than anticipatedOil-production growth driven by advances in US Permian BasinThe Chevron Corp. logo.Chevron Corp. beat earnings estimates and raised ...

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The shares gained 1.6% in premarket trading on Friday.Adjusted earnings of $3.45 a share exceeded the Bloomberg Consensus estimate by 23 cents. Chevron raised its dividend by almost 8% to $1.63 a share, also ahead of forecasts.The No. 2 US oil explorer incurred $3.7 billion of charges stemming mostly from assets in its home state of California and the dismantling of decades-old infrastructure in the Gulf of Mexico. Annual production climbed 4%, primarily boosted by rising output in the Permian Basin and other US fields.Shell Plc was the first member of the Big Oil club to post fourth-quarter results, announcing on Thursday $7.31 billion in adjusted net income that was more than $1 billion higher than the average forecast.A Chevron gas station in Calgary, Alberta, Canada.Chevron had a tough 2023 in some respects, when its stock underperformed rivals, dropping 17% amid production disappointments and cost overruns from the Permian Basin to Kazakhstan. 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