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Chevron has been consistently upping its guidance for share repurchases. (Photo by Justin Sullivan/Getty Images)
Photograph by Justin Sullivan/Getty Images
Chevron
‘ stock was rising Friday after reporting solid second-quarter earnings. The oil giant also said it is going to boost its share repurchases.
The group reported adjusted earnings of $5.82 per share, more than the $5.08 analysts’ tracked by FactSet expected for its June quarter, according to FactSet. Revenue of $68.76 billion surpassed estimates of $58.66 billion.
Chevron
’s
(ticker: CVX) stock surged almost 4% to $155.99 in premarket trading Friday.
The company also said it is increasing the top end of its buyback guidance range. The annual estimate now stands at $5 billion to $15 billion, up from a prior range of $5 billion to $10 billion. An even earlier
Chevron
’s
forecast was for $3 billion to $5 billion.
Write to Karishma Vanjani at karishma.vanjani@dowjones.com
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