Chevron raises annual buyback outlook to up to $20 bln
Feb 28 (Reuters) - U.S. oil major Chevron Corp on Tuesday raised its share buyback outlook to between $10 billion and $20 billion per year and reaffirmed its oil and gas production guidance of more than 3% annual growth by 2027.
Shares of the company rose 1.1% to $164.64 in premarket trade.
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Chevron in January tripled its budget for buybacks to $75 billion with no fixed expiration date. The company last year posted record earnings that allowed it to authorize the most ambitious shareholder payout among Western oil producers.
The company also said it would raise its targeted annual share buyback rate to $17.5 billion, starting in the second quarter.
The No. 2 U.S. oil producer's previous annual buyback target was up to $15 billion.
Chevron also added that it aims to reduce the carbon intensity of its oil and gas production to 24 kg per barrel of oil equivalent by 2028.
The company is scheduled to hold its annual investor meeting later on Tuesday.
(Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber and Sriraj Kalluvila)