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Chevron, Marathon raise quarterly dividend as energy prices rally

By:
Reuters
Updated: Jan 26, 2022, 22:37 UTC

(Reuters) - Chevron Corp on Wednesday raised its quarterly dividend by 8 cents to $1.42 per share as prices for oil and gas tick up on the back of rebound in fuel demand.

Dow Jones Industrial Average listed company Chevron (CVX)'s logo is seen in Los Angeles

(Reuters) -Chevron Corp and Marathon Oil Corp on Wednesday became the latest U.S. oil and gas companies to raise quarterly dividends as a rebound in fuel demand drives energy prices higher.

U.S oil prices jumped more than 50% last year, thanks to the global economic recovery from the coronavirus pandemic, pushing companies to return cash to shareholders through buybacks and dividends.

Chevron raised its quarterly dividend by 8 cents to $1.42 per share, while Marathon raised it by 16.7% to 7 cents per share.

Shares in Chevron touched an all-time high on Wednesday, with Brent crude hitting $90 for the first time in seven years, ahead of its fourth-quarter results on Friday.

(Reporting by Rithika Krishna in Bengaluru;Editing by Vinay Dwivedi)

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