Chevron goes big with new $75 billion buyback, surpassing Exxon’s

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Chevron (NYSE:CVX) shares rose 2.5% after-hours Wednesday after the company announced a massive buyback plan and another dividend hike.

The oil giant’s Board authorized the repurchase of $75 billion of the company’s common shares. The new plan is three times the size of the prior $25B plan and goes into effect on April 1, 2023, with no fixed expiration date.

Chevron’s new buyback plan eclipses the $50B buyback rival Exxon (NYSE:XOM) announced in December.

The Chevron Board also declared a quarterly dividend of $1.51 per share, up 6% from the prior quarterly dividend of $1.42. This makes 2023 the 36th consecutive year with an increase in annual dividend payout per share for the company.

The dividend will be payable on March 10, 2023, to stockholders of record on February 6, 2023, with an ex-dividend date of February 3, 2023. The dividend hike brings the annual yield to 3.4 percent based on the current market price.

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