Chevron Corp. generated the most free cash flow since the pandemic emerged as economies clawing their way out of more than a year of lockdowns and paralysis burn more fuel.
(Bloomberg) -- Chevron Corp. generated the most free cash flow since the pandemic emerged as economies clawing their way out of more than a year of lockdowns and paralysis burn more fuel.
The oil, natural gas and refining titan posted $3.4 billion in first-quarter cash flow on Friday, more than enough to cover its recently increased dividend, which is a closely watched metric for the oil supermajors. A key driver of the bonanza was a 43% spending cut as Chevron retreats from costly mega-projects to focus on less-risky endeavors such as shale drilling.