Chevron last month reported its second-highest quarterly profit ever.
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Energy giant Chevron
Shares of Chevron were up 3% in extended trading.
The buyback program will become effective on April 1, with no set expiration date, the company said in a press release.
Chevron’s market cap was roughly $350 billion as on Wednesday’s market close, meaning that the buyback would represent more than 20% of the company’s stock at current prices.
This buyback plan follows a $25 billion plan enacted in 2019. The old plan will be terminated at the end of March.
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