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Chevron, Marathon raise quarterly dividend as energy prices rally

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FILE PHOTO: Dow Jones Industrial Average listed company Chevron (CVX)'s logo is seen in Los Angeles
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(Reuters) -Chevron Corp and Marathon Oil Corp on Wednesday became the latest U.S. oil and gas companies to raise quarterly dividends as a rebound in fuel demand drives energy prices higher.

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

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

(Reporting by Rithika Krishna in Bengaluru;Editing by Vinay Dwivedi)

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