• Most Popular
  • Most Shared

Stock Market Update - Wed Sep 26 09:33:46 EDT 2007

Wed Sep 26, 2007 9:33am EDT

Chevron Corp. (CVX 91.88) on Wednesday announced its board of directors has approved a $15 billion share repurchase program over the next three years, in a move to return value to shareholders.  Investors welcomed the news, sending shares of the oil giant more than 1% higher in pre-market trading.

The company's new buyback program follows three stock repurchases of $5 billion each by Chevron over the past three years and it is the latest in a string of repurchases by oil companies that have come amid soaring energy prices.  Chevron said its strong cash flows have enabled it to repurchase shares, as well as fund a significant capital program, increase its dividends, and reduce its debt. 

Under the program the company will make acquisitions occasionally at prevailing prices, depending on market conditions and other factors.  The company had roughly 2.13 billion shares outstanding as of June 30, 2007. 

--Richard Jahnke, Briefing.com


More from Reuters

Photo

Accused 9/11 plotters may face NY "Guantanamo"

NEW YORK (Reuters) - If the men accused of plotting the September 11 attacks wonder what conditions they might face when they are moved to New York from Guantanamo Bay for trial, they can expect solitary confinement, 23-hour-a-day lockdowns, constant video surveillance and almost no visitors.

» More Top News
A broker waits for a phone call as he trades on the dealing floor at ICAP in Jersey City, New Jersey December 9, 2009. REUTERS/Lucas Jackson

Easy come, easy go

After a run of easy money this year, fund managers cast a wary eye on investment prospects in 2010.  Full Article 

Investment Outlook Summit

"I don't think this is the bottom. We're going to have more problems in the world economy. We're papering over the problems more than anything else."

Well-known investorJim Rogers,
on the sinking greenback and the fundamental problems with the U.S. economy
    Currencies