A Chevron gas station sign is seen in Del Mar, California, April 25, 2013. REUTERS/Mike Blake/File Photoon Friday reported its highest profit in six quarters and joined an oil industry stampede to reward investors with share buybacks, as rebounding crude oil prices carried earnings and cash flow to pre-pandemic levels.
The company also cut its annual capital spending forecast. At about $13 billion, it is now below what it had spent last year. It had earlier budgeted $14 billion to $16 billion a year in annual capital and exploratory spending through 2025. Share buybacks will resume this quarter at an annual rate of between $2 billion and $3 billion, said Chief Executive Michael Wirth, about half the annual rate it had planned."We've always said we would begin buybacks when we were confident that we could sustain it, and our breakeven is $50 per barrel and we are now well above it," Chief Financial Officer Pierre Breber told Reuters.
The second-largest U.S. producer sold its U.S. oil for $54 a barrel last quarter, compared with $19 a year earlier. Total oil and gas production rose 5% over a year ago to 3.13 million barrels per day.
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