Source AP ©

Chevron approves 3-year, $15 billion stock repurchase program

Chevron corp. said Wednesday its board approved a three-year, $15 billion (EUR10.6 billion) share buyback program.

Chevron has already spent $15 billion over the past three years buying back common shares.

"We believe it is appropriate to continue to return cash to our stockholders through share repurchases," said Chairman and CEO Dave O'Reilly.

Under the program announced Wednesday, Chevron will make occasional acquisitions, subject to market conditions and other factors.

As of June 30, Chevron had about 2.13 billion shares outstanding.

Chevron shares gained more than $1 in premarket trading to $92.99 from a close of $91.88 on Tuesday.