Chevron to start billion-dollar buyback in 4Q

Chevron Corp. said Monday that will begin buying back its stock this quarter as part of a program earlier approved by its board to repurchase between $500 million and $1 billion of its shares.

Chief Financial Officer Pat Yarrington said the move will help create value for and return cash to Chevron shareholders.

"Initiating repurchases at this time is evidence of our ongoing capital discipline and strong cash flows, including from newly developed oil and gas projects," Yarrington said.

Chevron's most recent earnings report saw net income triple in the second quarter on better refining margins and higher prices for oil and natural gas as revenue rose by a third from a year earlier.

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- Posted: 2010-10-04 20:40:42

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