Chevron tops profit estimates, joins share buyback stampede By Reuters
By Shariq Khan (Reuters) -Chevron Corp on 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. Oil and gas are trading near multi-year highs as fuel consumption has thrown off pandemic losses and natural gas has soared on weather demand. OPEC's decision to carry production curbs into next year has kept oil above $70 per barrel. The company cut its annual capital spending forecast to about $13 billion, now below what it...
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