Energy
Chevron Lifts Dividend After Profit Disappoints on Oil Slump
- Underwhelming profit puts this year’s share price gain at risk
- Dividend’s 5% increase signals confidence in future cash flow
Oil well pump jacks operated by Chevron Corp. in San Ardo, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Chevron Corp. raised dividends by 5% even as profit underperformed expectations amid shrinking crude prices and fuel-making margins.
Adjusted fourth-quarter earnings were $2.06 a share, a nickel below the average estimate of analysts in a Bloomberg survey. The miss came a day after competitor Shell Plc also disclosed disappointing end-of-year profits.