These should increase to a volume of 10 to 20 billion US dollars per year, Chevron announced during a capital market day on Tuesday. “We have the capital discipline and the balance sheet strength,” CFO Pierre Breber said in a statement. The group confirms the forecast for oil and gas production. Chevron is targeting annual growth of more than 3 percent through 2027.
Specifically, the company is targeting an annual share buyback rate of $17.5 billion starting in the second quarter, up from $15 billion previously planned. US President Joe Biden had meanwhile asked the oil companies to put more money into production instead of dividends and share buybacks.
Oil majors like Chevron had thrived in recent quarters after Russia’s war with Ukraine pushed up oil and gas prices. In 2022, Chevron made the highest profit in its history with around 35.5 billion dollars.
Chevron shares fell 1.24 percent in trading on the NYSE to $160.80.
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