Chevron’s buyback boosts stock, get rebuke from White House

By The Associated Press

Shares of Chevron climbed Thursday after the oil company announced that it would repurchase $75 billion of its stock. Chevron Corp. said the buyback is effective on April 1, and does not have a fixed expiration date. It replaces a prior repurchase authorization of $25 billion from January 2019 that will end on March 31 after it completes stock buybacks in the first quarter. But the White House was critical of the announcement and called on Chevron and other oil companies to boost supply instead of reward shareholders.