Chevron profit rises 26.3% on higher output By Reuters

Chevron profit rises 26.3% on higher output

Stock MarketsAug 02, 2019 09:34AM ET

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Chevron profit rises 26.3% on higher output

HOUSTON (Reuters) - Chevron Corp (NYSE:CVX) reported a 26.3% jump in quarterly profit on Friday, as higher oil and gas production and a one-time breakup fee from its failed bid for a rival more than offset lower energy prices and a rise in expenses.

Results benefited from a $1 billion fee it received after Occidental (NYSE:OXY) Petroleum's intercepted its deal to buy Anadarko Petroleum (NYSE:APC) with a winning $38 billion bid. The termination fee added $720 million to the quarter's profit, Chevron said.

Its U.S. shale production rose 21% during the quarter, but was overshadowed by sharply weaker oil and gas prices. Like many of its rivals, Chevron also reported declining profits in its refining and chemicals units.

Chevron abandoned its pursuit of Anadarko in May, refusing to increase its $33 billion bid, saying it would not back down from a pledge to dilute the returns it promised investors.

The second-largest U.S. oil and natural gas producer's daily production of oil and gas rose 9.1% to 3.08 million barrels, a record for the company. Its production in the Permian Basin, the top U.S. shale field, rose 21.5% over a the same period a year ago.

The company said it has resumed share buybacks that were suspended during its acquisition talks with Anadarko. It expects to buy $5 billion in its own shares this quarter.

Net income attributable to the company rose to $4.31 billion, or $2.27 per share, in the second quarter ended June 30, from $3.41 billion, or $1.78 per share. [

Chevron shares were little changed in premarket trading. The stock is up about 11% year to date.

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