Shares of Chevron Corp. CVX rose 1.2% in premarket trading Tuesday, after the oil and gas giant raised its share repurchase guidance to $10 billion to $20 billion a year. The company also said it will raise its targeted annual buyback rate to $17.5 billion, starting in the second quarter. The announcement comes after Chevron announced in late-January a new $75 billion stock buyback program, and also raised its dividend by 6%. Separately, Chevron maintained its annual capital expenditures guidance range of $13 billion to $15 billion through 2027 and kept its oil and gas production guidance of more than 3% annual growth by 2027. Chevron said it was on target to reduce the carbon intensity of its oil and gas production to 24 kilogram per barrel of oil equivalent by 2028. The stock has dropped 8.7% over the past three months through Monday, while the Energy Select Sector SPDR exchange-traded fund XLE has lost 5.0% and the Dow Jones Industrial Average DJIA has slipped 2.8%.
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