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Chevron Lifts Share Buyback While Holding Down 2022 Spending

  • Buyback range raised about 60% as oil giant rewards investors
  • Permian Basin budget raised 50% within a low capital spend
Gas Stations As Prices Continue To Rise
Photographer: Bridget Bennett/Bloomberg
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Chevron Corp. boosted its planned share buyback to as much as $5 billion per year, as the oil giant uses higher commodities prices to step up returns to investors rather than investing in production growth.

The repurchases are now seen at $3 billion to $5 billion a year, about 60% higher than previous guidance, the company said Wednesday in a statement. Capital spending next year will be $15 billion, the low end of a previous forecast and 25% below pre-pandemic levels.