Chevron, Marathon raise quarterly dividend as energy prices rally

[BENGALURU] Chevron Corp and Marathon Oil Corp on Wednesday became the latest US oil and gas companies to raise quarterly dividends as a rebound in fuel demand drives energy prices higher.

US oil prices jumped more than 50 per cent 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 US$1.42 per share, while Marathon raised it by 16.7 per cent to 7 cents per share.

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