Chevron pledges US$75-billion for share buybacks as high oil and gas prices pad profits

Chevron on Friday is expected to report profits for 2022 doubled to $37.2-billion, according to estimates by Refinitiv

Chevron’s disclosure of the share buyback and a 6 per cent increase in its quarterly shareholder dividend signalled it will allocate a big chunk of its profits to reward shareholders. It did not set a timetable for the buybacks.are poised to post record annual profits for 2022 of nearly $100-billion combined, analysts forecast.

U.S. oil producers overall are increasing their budgets for new energy projects this year, but the expenditures will be dwarfed by the amounts paid to shareholders. “For a company that claimed not too long ago that it was ‘working hard’ to increase oil production, handing out $75-billion to executives and wealthy shareholders sure is an odd way to show it,” said White House spokesperson Abdullah Hasan.

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