Chevron, Marathon raise quarterly…

The logo of Dow Jones Industrial Average stock market index listed company Chevron (CVX) is seen in Los Angeles, California, United States, April 12, 2016. REUTERS/Lucy Nicholson/File Photo

Jan 26 (Reuters) – Chevron Corp (CVX.N) and Marathon Oil Corp (MRO.N) 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. read more

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Reporting by Rithika Krishna in Bengaluru;
Editing by Vinay Dwivedi

Our Standards: The Thomson Reuters Trust Principles.

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