Chevron to Buy Back $15B of Its Stock
Posted on: Wednesday, 26 September 2007, 12:00 CDT
No. 2 U.S. oil company Chevron Corp. Wednesday said it would buy back as much as $15 billion of its stock.
Our continuing strong cash flows have enabled us to fund a significant capital program budgeted at almost $20 billion in 2007, increase dividends to our stockholders, repurchase our shares in the market and reduce the company's debt, Chairman and Chief Executive David O'Reilly said.
We believe it is appropriate to continue to return cash to our stockholders through share repurchases, he said.
The stock repurchase, equaling about 7.5 percent of Chevron's $200 billion market value, comes after crude futures closed out last week at $81.62 a barrel, up 32.5 percent from a year ago.
Crude traded around $80.50 a barrel Wednesday, up almost $1, in late morning trading on the New York Mercantile Exchange.
Shares of the San Ramon, Calif., oil giant were up 62 cents, or 0.67 percent, to $92.50 in late morning trading on the New York Stock Exchange.
The stock reached a 52-week high of $95.50 a share Monday.
The company has completed three $5 billion repurchases since 2005.
The latest buyback will be made from time to time and may be discontinued at any time, Chevron said.
Rival Exxon Mobil Corp., the world's largest oil company, is buying back about $7 billion of its stock each quarter.
Source: United Press International
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