Jul 12, 2013

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Thursday Movers: ConocoPhillips (NYSE:COP) and Chevron Corp. (NYSE:CVX)

Thursday Movers: ConocoPhillips (NYSE:COP) and Chevron Corp. (NYSE:CVX)

Chevron Corp. (NYSE:CVX) made its presence felt, but Wall Street hardly looked over it. Chevron cautioned late Wednesday that less crude and natural-gas production and outages on its chemicals side would impact on its second-quarter results.

US oil and gas second-quarter production was meeting with the year-earlier quarter, but global production, courtesy to hiccups in Australia, Kazakhstan, Nigeria, and Thailand, was lower.

All total, Chevron reported that it produced 2.1% less barrels in April and May, than in the complete second-quarter of 2012.

Chevron’s production is still on target to fulfill-year outlook of 2.65 million barrels of oil equivalent, higher 1.5% from the former year, the UBS experts reported.

ConocoPhillips (NYSE:COP) reported that its board has lifted its quarterly dividend by 4.5%, as the firm intends to improve worth for its stock owners.

A gripping dividend is a major part of our offering to stock owners and this hike is associated with our commitment to aim consistent dividend growth over time, Chief Executive Ryan Lance reported.

The lift to 69 cents per share, as compared to 66 cents, will cost the firm almost $147 million a year on its shares outstanding as of March 31. Dividend yield came in 4.3%.

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