Chevron Exceeds Profit Forecasts With Booming Oil Production

Chevron Corp. beat analysts’ estimates as oil production surged with supply growth from the US Gulf of Mexico and Kazakhstan helping blunt the impact of falling crude prices.

Fourth-quarter adjusted net income was $1.52 a share, 14 cents higher than the average estimate in a Bloomberg survey. Chevron raised its dividend by 4% to $1.78 a share, a penny less than forecast.