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Friday, July 31, 2009

Chevron (CVX) Raises Qtr Dividend 4.6% to $0.68, Reports Q2 Earnings

Chevron Corp. (CVX - Quote) said Wednesday that its board hiked the quarterly dividend 4.6% to 68 cents. The dividend is payable Sept. 10 to shareholders as of Aug. 19.

Reports Q2 (Jun) earnings of $0.87 per share, $0.08 worse than the First Call consensus of $0.95; revenues fell 51.0% year/year to $39.65 bln vs the $33.41 bln consensus. Co said, "Operationally, we had another very successful quarter. In our upstream business, we had major project start-ups at Tahiti in the Gulf of Mexico and Frade offshore Brazil, and our company's net oil-equivalent production increased 5 percent from a year ago. In our downstream operations, refinery utilization was higher than in last year's second quarter."

Disclosure I am long CVX shares.

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