Chevron’s buyback boosts stock, get rebuke from White House

FILE - The logo for Chevron appears above a trading post on the floor of the New York Stock Exchange on Nov. 1, 2021. Shares of Chevron climbed Thursday, Jan. 26, 2023, after the oil company announced that it would repurchase $75 billion of its stock, one of the largest-ever stock buyback plans.

FILE - The logo for Chevron appears above a trading post on the floor of the New York Stock Exchange on Nov. 1, 2021. Shares of Chevron climbed Thursday, Jan. 26, 2023, after the oil company announced that it would repurchase $75 billion of its stock, one of the largest-ever stock buyback plans. The company’s board also approved an increase of about 6% in its quarterly dividend, to $1.51 per share.

Chevron Corp. said the buyback is effective on April 1, and does not have a fixed expiration date. It replaces a prior repurchase authorization of $25 billion from January 2019 that will end on March 31 after it completes stock buybacks in the first quarter. The San Ramon, California, has a market cap of roughly $360 billion. Its stock is up more than 40% in the past year, outpacing the broader market which has posted negative returns. In midday trading, the stock more than 4% to $186.30.“For a company that claimed not too long ago that it was ‘working hard’ to increase oil production, handing out $75 billion to executives and wealthy shareholders sure is an odd way to show it,” White House spokesman Abdullah Hasan said in a statement.

Source: News Formal (newsformal.com)

Rippin people off at the pumps..silence from republicans

a couple of missing words and some odd grammar

Where did they get all that money? Couldn’t have been the high gas prices?

Crappy gas

People know you can own Chevron stock and participate in the profits right?

Wonder how they're able to afford that?

Awww, how nice for them.

BUT YEAH BLAME INFLATION FOR THE PRICE GAUGHING AT THE PUMPS!!!

Good. I hope these guys get their cut of the energy policy grift.

mista82u they are putting Google to shame brother.

Biden is so terrible for Big Oil.

So it was Biden's fault gas prices were high?... I call BS. Sounds like it was price gouging to me.

Because of course. 😡

jacobleesavage high gas prices are obviously Bidens fault 🙄

So much for “drill, baby, drill”. Not just stock buyback, but ample compensation to the executives. But spend billions to help make America self sufficient? Hard no.

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