$CVX Chevron Slashes Buybacks as Trump Trade War, OPEC Hit Oil Prices
Chevron Corp. will slash share buybacks this quarter after oil prices have tumbled, indicating that President Donald Trump’s trade war is hurting a key US industry he pledged to help.
Chevron’s adjusted first-quarter earnings of $2.18 a share exceeded the analysts’ consensus of $2.10 a share, according to estimates compiled by Bloomberg. Capital expenditure was lower than a year ago as the company cut spending in its refineries.
Chevron will repurchase about $2.75 billion of stock in the second quarter, about 30% less than it bought in the first three months of the year, the Houston-based company said Friday. The move comes despite Chevron beating earnings estimates on more low-cost production from Kazakhstan and the Permian Basin. (Bloomberg)
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