Chevron in $15 Billion Share Buyback
Chevron (NYSE: CVX) has approved a program to acquire up to $15 billion of the company's common stock over a period of up to three years. This program follows three stock repurchase programs of $5 billion each that were completed in 2005, 2006 and September 2007.
"Our continuing strong cash flows have enabled us to fund a significant capital program budgeted at almost $20 billion in 2007, increase dividends to our stockholders, repurchase our shares in the market and reduce the company's debt," said Chevron Chairman and CEO Dave O'Reilly. "We believe it is appropriate to continue to return cash to our stockholders through share repurchases."
Acquisitions for the share repurchase program will be made from time to time at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. The program may be discontinued at any time.
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