Chevron defends buybacks as it posts $35.5 bn in 2022 profit

Chevron defended its new $75 billion share repurchase program from White House criticism Friday, as it reported record profits of $35.5 billion in 2022.

The oil giant, which also raised its dividend in Wednesday’s buyback announcement, aims for stock purchases in a “steady, consistent way” through the ups and downs on the commodity price cycle, Chief Executive Mike Wirth said on a conference call with analysts.

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