Chevron sets new $15-bon share buyback plan
Oil major Chevron's board had approved share buybacks of up to $15 billion over the next three years.
By TNN |
NEW YORK: Oil giant Chevron said on Wednesday that its board had approved share buybacks of up to $15 billion over the next three years, the latest in a series of huge repurchases by oil companies.
The repurchase programme is equal to the three $5 billion buybacks that were completed in 2005, 2006 and 2007, Chevron said. Oil companies have been buying up massive amounts of their own stock on the market to pass on the windfall profits from soaring energy prices in recent years.
Chevron’s buyback matches the $15 billion programme that peer ConocoPhillips announced in July. ConocoPhillips plans to complete those purchases by the end of 2008.
The repurchase programme is equal to the three $5 billion buybacks that were completed in 2005, 2006 and 2007, Chevron said. Oil companies have been buying up massive amounts of their own stock on the market to pass on the windfall profits from soaring energy prices in recent years.
Chevron’s buyback matches the $15 billion programme that peer ConocoPhillips announced in July. ConocoPhillips plans to complete those purchases by the end of 2008.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
