Chevron pledges $80bn in dividends as shale production rises
The oil major's strategy is also a recognition that shareholders need to be rewarded for owning fossil-fuel producers
03 March 2020 - 21:52
Houston — Chevron plans to hand investors billions of dollars more than it did during the heyday of $100-a-barrel crude as the US oil major ramps up oil output in the Permian Basin.
In a surprise move, CEO Mike Wirth pledged Tuesday to lavish as much as $80bn on dividends and share buybacks over the next half decade. The projected returns exceed levels paid out in the years preceding the worst-in-a generation 2014-2016 market collapse...
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