Chevron Corporation announced today that it would begin purchases of its common stock in the fourth quarter 2010 under an ongoing share repurchase program approved by the Board of Directors and communicated previously.
Chief Financial Officer Pat Yarrington commented, “Our sole focus in deploying cash is to create value for our shareholders. We focus on sustaining and growing the dividend, funding our leading project queue, maintaining a strong balance sheet and returning cash to shareholders through share repurchases.
Initiating repurchases at this time is evidence of our ongoing capital discipline and strong cash flows, including from newly developed oil and gas projects. We are targeting a repurchase rate of $500 million to $1 billion a quarter.”
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Source: Chevron, October 5, 2010;