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Chevron Sets Big Buyback

The company will repurchase up to $15 billion of stock.
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Oil giant

Chevron

(CVX)

said its board approved a plan to buy back up to $15 billion of the company's common stock, an amount equal to about 7.5% of its current market cap.

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"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."

Shares of Chevron were up 1.4% to $93.20 Wednesday.

The company completed separate $5 billion repurchases in each of the past three years.