Shares of Chevron climbed Thursday after the oil company announced that it would repurchase $75 billion of its stock, one of the largest-ever stock buyback plans.
FILE - The logo for Chevron appears above a trading post on the floor of the New York Stock Exchange on Nov. 1, 2021. Shares of Chevron climbed Thursday, Jan. 26, 2023, after the oil company announced that it would repurchase $75 billion of its stock, one of the largest-ever stock buyback plans.
Shares of Chevron climbed Thursday after the oil company announced that it would repurchase $75 billion of its stock, one of the largest-ever stock buyback plans. The company’s board also approved an increase of about 6% in its quarterly dividend, to $1.51 per share. Chevron Corp. said the buyback is effective on April 1, and does not have a fixed expiration date. It replaces a prior repurchase authorization of $25 billion from January 2019 that will end on March 31 after it completes stock buybacks in the first quarter. The San Ramon, California, has a market cap of roughly $360 billion. Its stock is up more than 40% in the past year, outpacing the broader market which has posted negative returns. In midday trading, the stock more than 4% to $186.30.“For a company that claimed not too long ago that it was ‘working hard’ to increase oil production, handing out $75 billion to executives and wealthy shareholders sure is an odd way to show it,” White House spokesman Abdullah Hasan said in a statement. “We continue to call on oil companies to use their record profits to increase supply, and reduce costs for the American people.”
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