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Chevron to Buy Back $75 Billion in Own Stock After Posting Record Profits in 2022

HeadlineJan 27, 2023

Chevron has announced plans to repurchase $75 billion of its own stock, angering consumer advocates who accuse the oil giant of price gouging even as it helps to accelerate the climate crisis. The stock buyback came as Chevron reported record profits in 2022, after Russia’s invasion of Ukraine helped drive up the cost of fuel. This week, Senate Democrats reintroduced the Fair and Transparent Gas Prices Act, which would crack down on unfair practices by fossil fuel companies.

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