SAN RAMON, Calif., Sept. 26 /PRNewswire-FirstCall/ -- Chevron
Corporation (NYSE: CVX) announced today that its Board of Directors
approved a program to acquire up to $15 billion of the company's common
stock over a period of up to three years. This program follows three stock
repurchase programs of $5 billion each that were completed in 2005, 2006
and September 2007.
"Our continuing strong cash flows have enabled us to fund a significant
capital program budgeted at almost $20 billion in 2007, increase dividends
to our stockholders, repurchase our shares in the market and reduce the
company's debt," said Chevron Chairman and CEO Dave O'Reilly. "We believe
it is appropriate to continue to return cash to our stockholders through
share repurchases."
Acquisitions for the share repurchase program will be made from time to
time at prevailing prices as permitted by securities laws and other legal
requirements, and subject to market conditions and other factors. The
program may be discontinued at any time.
Cautionary Statement Relevant to Forward-Looking Information for the
Purpose of "Safe Harbor" Provisions of the Private Securities Litigation
Reform Act of 1995.
This press release of Chevron Corporation contains forward-looking
statements relating to Chevron's share repurchase program that are based on
management's current expectations, estimates and projections about the
petroleum, chemicals and other energy-related industries. Words such as
"anticipates," "expects," "intends," "plans," "targets," "projects,"
"believes," "seeks," "schedules," "estimates," "budgets" and similar
expressions are intended to identify such forward-looking statements. These
statements are not guarantees of future performance and are subject to
certain risks, uncertainties and other factors, some of which are beyond
our control and are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted in such
forward-looking statements. The reader should not place undue reliance on
these forward-looking statements, which speak only as of the date of this
press release. Unless legally required, Chevron undertakes no obligation to
update publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
Among the important factors that could cause actual results to differ
materially from those in the forward-looking statements are crude oil and
natural gas prices; refining margins and marketing margins; chemicals
prices and competitive conditions affecting supply and demand for
aromatics, olefins and additives products; actions of competitors; the
competitiveness of alternate energy sources or product substitutes;
technological developments; the results of operations and financial
condition of equity affiliates; the inability or failure of the company's
joint-venture partners to fund their share of operations and development
activities; the potential failure to achieve expected net production from
existing and future crude oil and natural gas development projects;
potential delays in the development, construction or start-up of planned
projects; the potential disruption or interruption of the company's net
production or manufacturing facilities or delivery/transportation networks
due to war, accidents, political events, civil unrest or severe weather or
crude-oil production quotas that might be imposed by OPEC (Organization of
Petroleum Exporting Countries); the potential liability for remedial
actions under existing or future environmental regulations and litigation;
significant investment or product changes under existing or future
environmental statutes, regulations and litigation; the potential liability
resulting from pending or future litigation; the company's acquisition or
disposition of assets; government-mandated sales, divestitures,
recapitalizations, changes in fiscal terms or restrictions on scope of
company operations; the effects of changed accounting rules under generally
accepted accounting principles promulgated by rule-setting bodies; and the
factors set forth under the heading "Risk Factors" beginning on page 31 of
the company's 2006 Annual Report on Form 10-K. In addition, such statements
could be affected by general domestic and international economic and
political conditions. Unpredictable or unknown factors not discussed in
this presentation could also have material adverse effects on
forward-looking statements.
SOURCE Chevron Corporation
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Related links:
http://www.chevron.com
CONTACT:
Donald Campbell, +1-925-683-8405, for Chevron
Corporation
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