(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.
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