From Staff Reports
Chevron Corp. (CVX), the second largest U.S. oil company, yesterday (Wednesday) announced a three-year, $15 billion share buyback program, according to the Associated Press. The company has already spent $15 billion buying back shares over the past three years and is backing the market, doing it again.
"We believe it is appropriate to continue to return cash to our stockholders through share repurchases," Chairman and CEO Dave O’Reilly told the AP.
Chevron will make a series of gradual acquisitions, which will be subject to market conditions and other factors. As of June 30, Chevron had approximately 2.13 billion shares outstanding.
Shares closed at $92.51 yesterday, up 63 cents. They are up 24% in the past six months and 45% over the past year.