Chevron has been consistently upping its guidance for share repurchases. (Photo by Justin Sullivan/Getty Images)
Photograph by Justin Sullivan/Getty Images
Chevron increased fuel production, boosted its forecast for stock buybacks, and turned in solid earnings, sending its stock higher on Friday.
The group reported adjusted earnings of $5.82 per share, more than the $5.08 analysts’ tracked by FactSet expected for its June quarter. Revenue of $68.76 billion surpassed estimates of $58.66 billion.
Chevron ’s
(ticker: CVX) stock surged almost 4% to $155.89 in premarket trading.
The company said it is likely to buy back $5 billion to $15 billion of stock, up from the prior range of $5 billion to $10 billion. An even earlier forecast was for $3 billion to $5 billion.
CEO Mike Wirth said the company more than doubled its investment versus last year to expand its energy businesses. “With Permian production more than 15 percent higher than a year ago… Chevron is increasing energy supplies to help meet the challenges facing global markets,” he said in a news release.
Global oil prices shot up in the first half of the year after Russia’s invasion of Ukraine in February. Brent crude, the international benchmark, was up more than 55% by mid-June from the start of the year, benefting companies such as Chevron and Exxon .
Exxon reported a record quarterly profit. It delivered earnings of $4.21 a share, while Wall Street had been expecting $3.76. The stock rose 2.3% to $94.74.
Write to Karishma Vanjani at [email protected]
