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Chevron Falls After Posting Disappointing Quarterly Result

  • Oil giant’s US crude oil, gas output climb to all-time high
  • Huge share-repurchase program drew the ire of the White House
Bloomberg business news
Chevron Buyback May Be 'Smokescreen': Analyst Sankey
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Chevron Corp. posted disappointing fourth-quarter results, just days after surprising investors with a mammoth $75 billion share-buyback program, as the oil giat disclosed a surprise jump in corporate costs.

Profit excluding one-time items was $4.09 a share, according to a statement released Friday, 18 cents shy of the Bloomberg Consensus estimate. Chevron also incurred a $1.1 billion writedown in its overseas business. Chevron shares fell 3.6% at 10:34 a.m. in New York.