What were Chevron's earnings for the fourth quarter of 2022?

Chevron reported unaudited earnings of $6.4 billion for the fourth quarter of 2022.

What is the significance of the new share repurchase authorization?

The new $75 billion share repurchase authorization signifies a major commitment by Chevron to return capital to its shareholders. It is a substantial increase from the previous authorization and indicates the board's confidence in the company's financial strength and future prospects.

When does the new share repurchase program start, and when does it end?

The new $75 billion share repurchase program is set to take effect on April 1, 2023, and it does not have a fixed expiration date. It replaces the previous $25 billion authorization, which will terminate on March 31, 2023.

How will Chevron conduct these share repurchases?

Chevron may repurchase shares through various methods, including open market purchases, block purchases, or privately negotiated transactions. The actual timing and amount of repurchases will depend on factors such as the market price of the shares, overall market and economic conditions, and other considerations.

CVX 8-K: Earnings & Results

Summary

Chevron Corporation (CVX) announced its unaudited fourth quarter 2022 earnings of $6.4 billion on January 27, 2023. This filing also details a significant capital allocation decision by the Board of Directors regarding share repurchases. Investors should note that the financial information provided is unaudited and should not be considered 'filed' for certain regulatory purposes. The most impactful news for investors is the authorization of a new $75 billion share repurchase program, effective April 1, 2023, with no fixed expiration date. This substantially increases the capital being returned to shareholders and replaces a prior $25 billion authorization that will expire at the end of March 2023. This move signals strong confidence from the board in the company's financial position and its stock's valuation.

Key Highlights

1Chevron reported unaudited fourth quarter 2022 earnings of $6.4 billion.
2The company's Board of Directors authorized a substantial new share repurchase program.
3The new repurchase authorization totals $75 billion.
4This new authorization becomes effective on April 1, 2023.
5The $75 billion repurchase program has no fixed expiration date.
6The new program replaces a previous $25 billion authorization that expires on March 31, 2023.

CHEVRON CORP 8-K Report, Financial Results (Jan 27, 2023)

Summary

Key Highlights

Frequently Asked Questions