Chevron Investors Aren’t Wowed by Stock Buybacks Anymore. Production Is the Focus.

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For the past two years, Investors have been rewarding big oil companies that increase their dividends and buy back their own shares. But the bounce those companies’ stocks got from those announcements appears to have disappeared.

At an investor day on Tuesday, Chevron said that it will raise its target for annual stock buybacks to $17.5 billion starting in the second quarter, a rate that would be 55% higher than last year. Nonetheless, shares had fallen 1% by the afternoon.