Chevron extends $5bn programme

Chevron, the second-largest US oil company, is to spend $15bn on its own shares within the next three years, extending a $5bn-a-year programme that began in 2005.

The move reflects big oil companies’ difficulties in finding uses for their large cash flows, boosted by high oil prices.


Some of Chevron’s rivals among the “big five” international oil companies have been returning even larger sums to shareholders.

The rise of resource nationalism among oil and gas-rich countries, and growing competition from ambitious national oil companies from emerging economies, has made it harder for the international oil companies to find investment projects with attractive commercial terms.

Financial Times