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.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Schedule reliability among container lines drops to historic low

August represented a historic low point for container carriers' schedule reliability. Only three out of ten container vessels – or 33.6 percent – managed to deliver goods on time, according to new figures from Sea-Intelligence. Reliability hasn't been lower in the ten years the analyst firm has monitored reliability.

Further reading

Related articles

Trial banner

Latest news

See all jobs