The buyback program will become effective on April 1, with no set expiration date, the company said in a press release.
Chevron’s market cap was roughly $350 billion as on Wednesday’s market close, meaning that the buyback would represent more than 20% of the company’s stock at current prices.
This buyback plan follows a $25 billion plan enacted in 2019. The old plan will be terminated at the end of March.
For the third quarter of 2022 — the most recent quarter that Chevron has reported — the company repurchased $3.75 billion of shares.
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