Chevron to buy back $75 billion in stock after record profit (2024)

SECTIONS

Chevron to buy back $75 billion in stock after record profit

BloombergLast Updated: Jan 26, 2023, 11:08:00 PM IST

Synopsis

The stock repurchase program will kick in April 1 and will be triple the size of the previous authorization unveiled in early 2019, the company said in a statement.

Chevron to buy back $75 billion in stock after record profit (1)

Chevron Corp plans to buy back $75 billion of shares and increase dividend payouts after a year of record profits that evoked angry denunciations from politicians around the world as soaring energy prices squeezed consumers.

The stock repurchase program will kick in April 1 and will be triple the size of the previous authorization unveiled in early 2019, the company said in a statement Wednesday. The program is equivalent to almost one-fourth of the company's market value and five times the current level of annual buybacks.

Want a Loan? Get cash against your Mutual Funds in 4 hours

Although Chevron’s plan pales in comparison to the $89 billion that Apple Inc. allocated to repurchases in the past year, it's likely to incense critics who've accused the oil industry of war profiteering after Russia's invasion of Ukraine sent energy prices surging.

President Joe Biden was among those who lambasted oil explorers for devoting cash to shareholder-friendly initiatives like dividends and buybacks instead of plowing it into more drilling that would swell crude supplies. Chevron rose as much as 3.9% in after-hours trading.

(You can now subscribe to our Economic Times WhatsApp channel)

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.

Prime Account Detected!

It seems like you're already an ETPrime member with

Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.

To read full story, subscribe to ET Prime

Get Unlimited Access to The Economic Times

₹34 per week

Billed annually at ~~₹2499~~ ₹1749

Already a Member? Sign In now

Super Saver Sale - Flat 30% Off

On ET Prime Membership

Claim Offer »

Already a Member? Sign In now

Sign in to read the full article

You’ve got this Prime Story as a Free Gift

Rs 49 for 1st month

Then Rs. 1,749 per year

SUBSCRIBE NOW

Valid only with UPI, Credit & Debit Cards Autopay

Choose Payment Mode & Plan

You can cancel your subscription anytime

Netbanking, Credit & Debit Card

Subscribe with Google

To Read the full Story, Subscribe to ET Prime

Sign in to read the full article

You’ve got this Prime Story as a Free Gift

Access the exclusive Economic Times stories, Editorial and Expert opinion

Unlock this story and enjoy all members-only benefits.

8 insight-rich stories published daily
4000+ in-depth Stock Reports
Print Edition, the digital Newspaper
2 Stock Researches everyday

Offer Exclusively For You

Save up to Rs. 700/-

ON ET PRIME MEMBERSHIP

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get Flat 40% Off

Then ₹ 1749 for 1 year

Avail Offer

Offer Exclusively For You

ET Prime at ₹ 49 for 1 month

Then ₹ 1749 for 1 year

Avail Offer

Steal Deal on ETPrime

Get Flat 20% Off

Avail Offer

Exclusive Student Only Offer

90 Days Prime access worth Rs999 unlocked for you

Claim Now

Already a Member? Sign In now

'; }); } if(listing) { var h3 = "You tried reading " + listArr.length + " locked stories in the past " + threshold + " days.", h4 = "Become an ET Prime member and don't miss out on these exclusive stories."; var html = '

' + h3 + '

' + h4 + '

' + listing + '

'; $('#paidSCWidget').html(html); var callback = $('#paidSCWidget').attr('data-callback'); if(callback && window[callback]) { window[callback](); } customDimension.dimension72 += ' | Shown SYFT no Trial_With Missed Paywalled Articles Collection'; } else { _processNormal() } } }); } else { _processNormal(); } } catch (e) { _processNormal(); } }, function () { _processNormal(); }); //console.log('storyCollectionLoad', $); }

Why ?

Exclusive Economic Times Stories, Editorials & Expert opinion across 20+ sectors
Stock analysis. Market Research. Industry Trends on 4000+ Stocks
Clean experience with
Minimal Ads
Comment & Engage with ET Prime community
Exclusive invites to Virtual Events with Industry Leaders
A trusted team of Journalists & Analysts who can best filter signal from noise
Get 1 Year Complimentary Subscription of TOI+ worth Rs.799/-

Chevron to buy back $75 billion in stock after record profit (2024)

The stock repurchase program will kick in April 1 and will be triple the size of the previous authorization unveiled in early 2019, the company said in a statement.

Read More News on

Read More News on

Uh-oh! This is an exclusive story available for selected readers only.

Prime Account Detected!

Sign in to read the full article

You’ve got this Prime Story as a Free Gift

To Read the full Story, Subscribe to ET Prime

Sign in to read the full article

You’ve got this Prime Story as a Free Gift

Unlock this story and enjoy all members-only benefits.

' + h3 + '

' + h4 + '

Why ?