Chevron pledges $75 billion for share buybacks as cash grows

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Reuters

By Sabrina Valle (Reuters) – Chevron Corp on Wednesday said it would triple its budget for share buybacks to $75 billion, the oil industry’s most ambitious shareholder payouts to date, as high oil and gas prices pad profits. The oil industry has been facing calls from investors and the White House to put last year’s record earnings from sky high energy prices into more drilling, acquisitions, or to reduce prices for consumers. Chevron on Friday is expected to report profits for 2022 doubled to $37.2 billion, according to estimates by Refinitiv. It has budgeted $17 billion on new oil and gas pr…

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