Chevron boosts its annual share buyback target to up to US$20-billion

U.S. oil major Chevron also reaffirmed its production guidance of more than 3% annual growth by 2027

on Tuesday raised its share buyback outlook to between $10-billion and $20-billion per year and reaffirmed its production guidance of more than 3 per cent annual growth by 2027.

Chevron in January tripled its budget for buybacks to $75-billion with no fixed expiration date. The company last year posted record earnings that allowed it to authorize the most ambitious shareholder payout among Western oil producers. Chevron last year returned $26-billion via dividends and buybacks to shareholders and invested $15.7-billion in operations.

“Our guidance range is unchanged as affiliate capex is expected to decrease further leaving room for future capex increases up to another billion dollars,” Chief Executive Officer Mike Wirth said in his prepared remarks.

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