…Names Mark A. Nelson Vice Chairman
The Board of Directors of Chevron Corporation has declared a quarterly dividend of one dollar and fifty-one cents ($1.51) per share, an increase of nine cents ($0.09) per share or approximately 6 percent. The dividend is payable March 10, 2023, to all holders of common stock as shown on the transfer records of the Corporation at the close of business February 16, 2023. This increase puts Chevron on track to make 2023 the 36th consecutive year with an increase in annual dividend payout per share.
The Board also authorized the repurchase of the company’s shares of common stock in an aggregate amount of $75 billion. The $75 billion authorization takes effect on April 1, 2023, and does not have a fixed expiration date. It replaces the Board’s previous repurchase authorization of $25 billion from January 2019, which will terminate on March 31, 2023, after the completion of the company’s repurchases in the first quarter 2023.
Repurchases of shares of the company’s common stock may be made from time to time in the open market, by block purchases, in privately negotiated transactions or in such other manner as determined by the company. The timing of the repurchases and the actual amount repurchased will depend on a variety of factors, including the market price of the company’s shares, general market and economic conditions, and other factors. The stock repurchase program does not obligate the company to acquire any particular amount of common stock, and it may be suspended or discontinued at any time.
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines.
Meanwhile, the company has announced Mark A. Nelson, executive vice president, Strategy, Policy & Development, has been named vice chairman and executive vice president, Strategy, Policy & Development, effective February 1, 2023.
In this new corporate officer role, Nelson will continue leading Chevron’s Strategy & Sustainability, Corporate Affairs, and Business Development functions, and take on additional corporate responsibilities.
“Throughout his career, and as a senior leader, Mark has made significant contributions to the company’s success,” said Michael K. Wirth, Chevron’s chairman and chief executive officer. “He has worked in every segment of our business, and his results-driven approach positions him well to help execute our strategy and represent Chevron more broadly.”
Nelson previously served as executive vice president of Downstream & Chemicals, vice president, Midstream, Strategy & Policy, and vice president of Corporate Strategic Planning.
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines.
