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1 day agoOil Surges 7% on Hormuz Blockade, U.S. Gulf Tanker Rush -- 3 Stocks to Buy Now
Oil prices surged 7% due to a blockade of the Strait of Hormuz, impacting global supply and boosting U.S. crude exports.
The company's record production jumped 12% year-over-year, driven by the Hess acquisition, which added 261 thousand barrels of oil equivalent per day. CEO Mike Wirth called it a "significant achievement...integrated Hess, started-up major projects, delivered record production." Chevron's integrated model spans upstream production, refining, chemicals, and emerging energy ventures, including lithium and hydrogen projects. The company returned $12.1 billion in share buybacks for the year and raised its dividend 4% to $1.78 per share.