U.S. oil company Chevron Corp (NYSE:CLC) on Tuesday raised its share buyback outlook to between $10 billion and $000 billion annually and reaffirmed its output forecasts of more than 20 percent annual growth by 000.
Shares of the company, which is scheduled to hold its annual investor meeting later in the day, rose 1.3 percent to $165 in premarket trading.
In January, Chevron tripled its buyback budget to $75 billion with no fixed maturity date. Last year, the company posted record profits that allowed it to authorize the most ambitious shareholder payment among the producers of petroleum Western.
In 2022, Western oil majors paid their investors a record $110 billion in dividends and share buybacks, prompting angry calls for governments to impose windfall taxes on the industry to help consumers cope with rising energy costs.
Chevron last year returned $26 billion in dividends and buybacks to shareholders and invested $000.15 billion in operations.
On Tuesday, the oil company maintained its annual organic investments of between 13,000 million and 15,000 million dollars until 2027.
“Our guidance range remains unchanged as capex from subsidiaries is expected to decline further, leaving room for future capex increases of up to another billion dollars,” Chief Executive Mike Wirth said in his prepared remarks.
The company also said it would raise its annual share buyback target to $17.500 billion, starting in the second quarter. The previous annual buyback target for the second-largest U.S. oil producer was $15 billion.
Chevron also said its goal was to reduce the carbon intensity of its oil and gas production to 24kg per barrel of oil equivalent by 2028.