Chevron to buy back up to $10 billion in stock this year
Shares of Chevron Corp. CVX, +2.58% rose 1.6% in premarket trading Tuesday after the oil giant doubled its guidance for per-year share repurchases and raised its target for return on capital employed. At the company's investor meeting, the company said it now expects to buy back $5 billion to $10 billion worth of stock per year, up from its previous guidance of $3 billion to $5 billion. That buybacks could represent 1.8% to 3.6% of Chevron's market capitalization of $280.
And the company now targets a 12% return on capital employed in 2026 at with Brent crude at $60 a barrel, and 10% compound annual growth rate of operating cash flow per share by 2026. Chevron also affirmed its targets to lower carbon intensity of operations and grow new energy businesses."We're aiming to grow cash flow and return more of it to shareholders, leveraging our strengths to deliver lower carbon energy to a growing world," said Chief Executive Michael Wirth.
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