Chevron Corp., San Ramon, Calif., (NYSE: CVX) reports it expects to begin purchases of its common stock in fourth-quarter 2010 under an ongoing share repurchase program approved by its board.
Chief financial officer Pat Yarrington says, "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. 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."
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