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Chevron revives buyback with USD 3 billion pledge after oil rebound

US oil company Chevron revives share buybacks and leaves the first half of the year as the only Western oil giant to lift payouts above pre-pandemic levels.

Photo: Alan Diaz/AP/Ritzau Scanpix/AP / AP

Chevron Corp. is reviving share buybacks that were suspended more than a year ago, signaling confidence that strong cash flows from high commodity prices will be sustained well into the future.

The repurchases will begin during the current quarter and range between USD 2 billion and USD 3 billion a year, around half the amount it devoted to the program before it was suspended in early 2020. Chevron's move followed similar steps by Royal Dutch Shell Plc and TotalEnergies SE, which reinstated buybacks on Thursday. Stock repurchases are being revived or raised across the board as sectors as diverse as steelmakers, retailers and manufacturers ride the crest of economic expansion.

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