Chevron will raise its targeted annual share buyback rate to $17.5 billion, up from $15 billion, as it looks to grow shareholder distribution, the U.S. supermajor said on Tuesday. High-return production growth supports growing shareholder distributions, Chevron said at its annual investor meeting today. At $60 a barrel Brent price, the company expects its annual free cash flow to grow by more than 10%. It is raising its share buyback guidance range to $10 billion to $20 billion per year and will raise its targeted annual share buyback rate to $17.5…
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