Chevron Boosts Dividend; Reveals $75bn Stock Repurchase Program

(Chevron, 25.Jan.2023) — The Board of Directors of Chevron Corporation (NYSE: CVX) declared a quarterly dividend of one dollar and fifty-one cents ($1.51) per share, an increase of nine cents ($0.09) per share or approximately 6 percent. The dividend is payable 10 March 2023, to all holders of common stock as shown on the transfer records of the Corporation at the close of business 16 February 2023. This increase puts Chevron on track to make 2023 the 36th consecutive year with an increase in annual dividend payout per share.

The Board also authorized the repurchase of the company’s shares of common stock in an aggregate amount of $75bn. The $75bn authorization takes effect on 1 April 2023, and does not have a fixed expiration date. It replaces the Board’s previous repurchase authorization of $25bn from January 2019, which will terminate on 31 March, 2023, after the completion of the company’s repurchases in the first quarter 2023.

Repurchases of shares of the company’s common stock may be made from time to time in the open market, by block purchases, in privately negotiated transactions or in such other manner as determined by the company. The timing of the repurchases and the actual amount repurchased will depend on a variety of factors, including the market price of the company’s shares, general market and economic conditions, and other factors. The stock repurchase program does not obligate the company to acquire any particular amount of common stock, and it may be suspended or discontinued at any time.