Yarrington confirmed that Chevron is at an advantageous stage in its evolution. "We have been in a stage where we have had very ... attractive projects. And so that is really what has given rise to the heavy investment period of time."

The CFO went on to elucidate clearly on the company's commitment to creating shareholder value. "We do take our dividend commitment to our shareholders very, very seriously. That is the first priority, of return of distributions to the shareholders. So you should expect that to continue to grow as long as earnings and cash flows continue to grow, and we of course are able to grow earnings and cash flows if we invest appropriately."

Investors and shareholders should read the entire transcript of the earnings call, which should be available soon on Chevron's website. Overall, it wasn't the best quarter ever for Chevron, but it lowered the bar for upside surprises for both revenue and EPS in the quarters ahead in 2013.

At the time of publication, the author was long Chevron and ConocoPhillips.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

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