By Kathryn Hardison

 

Chevron Corp. on Wednesday announced a $75 billion stock repurchase program and an increase to its quarterly dividend.

The company's board of directors authorized the repurchase of the company's shares in an aggregate amount of $75 billion.

The authorization takes effect on April 1 and replaces the previous repurchase program of $25 billion from January 2019, the company said.

Chevron's board also declared a quarterly dividend of $1.51 per share, an increase of 6%.

The new payout, equal to $6.04 a year, represents an annual yield of roughly 3.4% based on Wednesday's closing price of $179.08.

The dividend is payable on March 10 to shareholders of record by the close of business on Feb. 16.

 

Write to Kathryn Hardison at kathryn.hardison@wsj.com

 

(END) Dow Jones Newswires

January 25, 2023 16:59 ET (21:59 GMT)

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