Chevron posts record profit, lifts buyback guidance

On Friday, Chevron Corp (CVX.N) posted its biggest quarterly earnings, built on strong fuel margins and high prices for natural gas and oil, and boosted its share buyback target.
The oil major posted second-quarter net profit of $11.6 billion, or $5.95 per diluted share – more than triple the $3.1 billion, or $1.60 per share, in the same period last year.
Chevron’s ramped-up share buyback plan follows those of other oil majors, including European giants TotalEnergies (TTEF.PA) and Shell (SHEL.L), which this week increased buybacks to satisfy investors looking for bigger returns.
Energy demand rebounded sharply in the last 12 months, but high fuel and natural gas prices are hitting consumers worldwide.
Vanguard’s Energy Index Fund, an exchange-traded fund that includes major oil companies, is up 37 percent year to date.