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

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