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SAN RAMON, Calif. -- Chevron Corp.'s board of directors approved a share repurchase program, which calls for the acquisition of up to $15 billion of the company's common stock, over a period of up to three years, the company stated.
"Our continuing strong cash flows have enabled us to fund a significant capital program budgeted at almost $20 billion in 2007, increase dividends to our stockholders, repurchase our shares in the market and reduce the company's debt," Chevron chairman and CEO Dave O'Reilly said in a statement. "We believe it is appropriate to continue to return cash to our stockholders through share repurchases."
This program follows three separate stock repurchase programs -- which totaled $5 billion each -- that were completed in 2005, 2006 and September 2007, according to the company.
Share acquisitions for the program will be made on an ongoing basis at prevailing prices, as permitted by securities laws and other legal requirements, and subject to market conditions and other factors, the company stated, noting the program may be discontinued at any time.