Breakingviews – Chevron rewards investors
Chevron has kept its pledge to be a disciplined investor in the face of oil prices exceeding $100 a barrel. Now, with cash piling up, it can ramp up its rewards to shareholders. On Friday, the $300 billion oil producer said it churned out nearly $14 billion of cash flow from operations in the second quarter, four times as much as the same quarter last year. After increasing buyback plans in March to as much as $10 billion, on Friday it upped that number again by 50%.