From Dow Jones & Company:

Chevron Corp. stock increased by 1.5% after announcing record shareholder returns of $26.3 billion in 2023 through dividends and buybacks, while also raising its quarterly dividend by 8%. Despite lower fourth-quarter earnings due to impairment charges and a revenue shortfall of $3.7 billion, the company’s adjusted earnings of $3.45 per share beat the consensus. Chevron’s CEO highlighted portfolio strengthening and new energy acquisitions, and production grew to over 3.1 million barrels of oil-equivalent a day in 2023, with U.S. production up by 14%. Upstream and downstream earnings declined, with cash flow from operations rising to $12.4 billion. The stock is down 12.5% in the last year.



Read more: Chevron returns record sum to shareholders, offsetting a big revenue miss