Chevron: 2022 Capital At Low End Of 2022-2025 Guidance; Raises Share Buyback Guidance

(RTTNews) - Chevron Corp. (CVX) announced a 2022 organic capital and exploratory spending program of $15 billion, at the low end of its $15 to $17 billion guidance range. The capital and exploratory budget for 2022 is up more than 20% from 2021 expected levels.

The company increased its share buyback guidance range to $3 to $5 billion per year, versus prior guidance of $2 to $3 billion per year.

"We're a better company than we were just a few years ago. We're more capital and cost efficient, guided by a clear and consistent objective to deliver higher returns and lower carbon. And this enables us to return more cash to shareholders," said Chevron CEO Mike Wirth.