Chevron Increases Share Buybacks, Reaffirms Production Guidance

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Oil giant Chevron said it will increase its share buyback target this year to $17.5 billion starting in the second quarter. 

It also raised its share buyback guidance to a range between $10 billion and $20 billion per year. It was able to do so because it expects annual free cash flow growth of more than 10% with oil prices at $60 a barrel. It reaffirmed that it expects to increase production by 3% a year on average through 2027.