Oct. 31 at 5:14 PM
Falling oil prices continued to weigh on Chevron and Exxon’s earnings, but both companies beat Wall Street expectations by boosting production and generating strong cash flow. Exxon’s production rose 2.9% to 4.7 million barrels per day, including record output in the Permian Basin and Guyana. Chevron’s global production jumped 21%, with U.S. output up 27% to a company record, helped by the Hess acquisition and higher production in the Permian and Gulf of Mexico.
Exxon raised its quarterly dividend 4% to
$1.04 per share, implying a 3.63% yield, while Chevron maintained its dividend at
$1.71 per share, with a 4.46% yield. Exxon’s net income fell 12.3% to
$7.55 billion, and Chevron’s dropped 21.1% to
$3.54 billion, but both exceeded adjusted EPS forecasts. Cash flow from operations rose 28% for Exxon and 50% for Chevron, allowing increased shareholder returns of
$9.4 billion and
$6 billion, respectively.
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