Chevron said its fourth-quarter profits fell sharply from a year ago, weighed down by a number of impairment charges, but the second largest U.S. oil company still to managed to return a record amount of cash to its shareholders in 2023.
The oil major returned $23.6 billion to investors by paying out $11.3 billion in dividends and buying back $14.9 billion in shares last year.
It did so even as its profit fell about 40% to $21.3 billion from $35.5 billion in 2022.
Chevron said its board approved an 8% increase in the quarterly dividend to $1.63 beginning in March.
The segment sagged as U.S. refining profits fell due to lower margins on product sales.
Persons:
Wall, Brent
Organizations:
Chevron, LSEG, West Texas Intermediate, U.S, PDC Energy, ACES Delta
Locations:
U.S, Gulf of Mexico