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Shares of Chevron Corp. (CVX - Get Report)   rose 3.2% to $118.37 by the close of trading Friday after the oil giant reported strong earnings led by a double-digit jump in revenue. 

The company reported fourth-quarter earnings of $1.95 a share on revenue of $42.5 billion. Analysts were expecting earnings of $1.85 on revenue of $46.34 billion. 

"Financial and operational results were strong in 2018," said Michael K. Wirth, Chevron's chairman and chief executive officer. "Earnings and cash flow continued to grow, and we delivered on all of our financial priorities. We increased the dividend, funded an attractive capital program, strengthened the balance sheet and returned surplus cash to our shareholders. During the second half of the year we repurchased $1.75 billion of the company's stock, and earlier this week we announced a quarterly dividend increase of $0.07 per share."

Rising oil prices helped Chevron's bottom line in the fourth quarter, as the company reported an average sales price per barrel of crude oil and natural gas liquids of $56 a barrel, up from $50 a year ago. 

Rival Exxon Mobil Corp. (XOM - Get Report)  was rising sharply riday after the company reported a strong earnings beat, though revenue missed analysts' estimates.

The company reported earnings $1.41 a share, well ahead of Wall Street's consensus estimate of $1.08. Revenue of $71.89 billion came in below expectations of $77.28 billion.

Exxon shares rose 3.6% on Friday.

"Strong results during a period of commodity price volatility demonstrate Exxon Mobil's ability to deliver superior cash flow in different market environments," said Darren W. Woods, chairman and chief executive officer. "Our continued focus on long-term fundamentals and portfolio improvements position us well to grow shareholder value. Exxon Mobil's 2018 results further demonstrate our advantages in technology, scale and integration, providing a strong foundation to successfully compete across commodity price cycles."

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