Summary
Chevron Corporation (CVX) filed an 8-K on February 1, 2019, reporting its unaudited fourth quarter 2018 financial results and announcing a significant new stock repurchase program. The company reported a net income of $3.7 billion for the fourth quarter of 2018, indicating continued profitability. This update provides investors with recent operational performance data and a clear signal of management's confidence in returning capital to shareholders.
Key Highlights
- 1Chevron reported unaudited fourth quarter 2018 net income of $3.7 billion.
- 2A new stock repurchase program with a maximum dollar limit of $25 billion was authorized by the Board of Directors.
- 3The new repurchase program has no set term limits and replaces a previous authorization from July 2010.
- 4Repurchases can be made through various methods including open market, block purchases, and privately negotiated transactions.
- 5The timing and volume of repurchases are subject to market conditions, share price, and other factors, with no obligation to repurchase a specific amount.
- 6The company retains the flexibility to suspend or discontinue the repurchase program at any time.