Chevron announces $75 billion stock buyback, dividend boost

Energy giant Chevron announced a $75 billion stock buyback program and a dividend hike on Wednesday evening.

Shares of Chevron were up 3% in extended trading.

The buyback program will become effective on April 1, with no set expiration date, the company said in a press release.

Chevron’s market cap was roughly $350 billion as on Wednesday’s market close, meaning that the buyback would represent more than 20% of the company’s stock at current prices.

This buyback plan follows a $25 billion plan enacted in 2019. The old plan will be terminated at the end of March.

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