Chevron to Repurchase Up to $1 Billion of Stock in Fourth Quarter

Oil giant Chevron Corp. (CVX) said it will purchase as much as $1 billion of its common stock in the fourth quarter as part of an ongoing repurchase program.

"Our sole focus in deploying cash is to create value for our shareholders. We focus on sustaining and growing the dividend, funding our leading project queue, maintaining a strong balance sheet and returning cash to shareholders through share repurchases," CFO Pat Yarrington said in a statement.

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"Initiating repurchases at this time is evidence of our ongoing capital discipline and strong cash flows, including from newly developed oil and gas projects. We are targeting a repurchase rate of $500 million to $1 billion a quarter," Yarrington said.

Chevron shares moved more than 1% higher on the news.