Chevron Corp (CVX) on Tuesday revised up its share buyback forecast to between $10 billion and $20 billion per year.
Its prior annual buyback target was up to $15 billion.
The company also reaffirmed its annual organic capital expenditure forecast of $13 billion to $15 billion through 2027.
“Our guidance range is unchanged as affiliate capex is expected to decrease further leaving room for future capex increases up to another billion dollars,” Chevron’s Chief Executive Officer Mike Wirth was quoted as saying by Reuters.
In January, the US oil major tripled its buyback budget to $75 billion with no fixed expiration date.
Last year, the company returned $26 billion through dividends and buybacks to its shareholders and invested $15.7 billion in operations.
The shares of Chevron Corp (CVX) closed 0.25% ($0.41) higher at $162.82 in New York on Monday, with the oil major’s total market cap now standing at $310.44 billion.
The shares of Chevron Corp went up 52.95% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
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