– Chevron Hikes Annual Stock Buyback Target To $17.5 Billion:
Chevron will raise its targeted annual share buyback rate to $17.5 billion, up from $15 billion, as it looks to grow shareholder distribution, the U.S. supermajor said on Tuesday.
High-return production growth supports growing shareholder distributions, Chevron said at its annual investor meeting today. At $60 a barrel Brent price, the company expects its annual free cash flow to grow by more than 10%. It is raising its share buyback guidance range to $10 billion to $20 billion per year and will raise its targeted annual share buyback rate to $17.5 billion starting in the second quarter.
In January, Chevron’s Board authorized a new $75 billion share repurchase program without a fixed expiration date, which immediately drew criticism from the White House.
White House Assistant Press Secretary Abdullah Hasan said, commenting on the news, “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.”
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