the oil giant Chevron unveiled its most ambitious program to distribute cash to shareholders, tripling the budget for share buybacks, after reporting record quarterly profits last year.
American oil producer increased its quarterly dividend by 6% at $1.51 per share and approved a $75 billion share repurchase program.
The program has no expiration date and replaces previous repurchase authorization of the board of 25,000 million dollars from January 2019 to March 31 of this year.
Energy firms that benefit from high demand for oil and gas are using a portion of their bumper quarterly profits to reward shareholders.
The White House has criticized oil producers for doling out cash to shareholders instead of investing in production to lower energy prices for consumers.
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