Chevron CEO Michael Wirth is confident he'll win a battle with Occidental Petroleum, keeping a $5 billion buyback program on track.
Chevron's plans to boost its buyback program by $1 billion depends on the oil giant winning a battle with Occidental Petroleum to take control of Anadarko, the company's chairman and CEO, Michael Wirth, confirmed Friday.
"The step up to $5 [billion] was a signal that this deal makes us even stronger," Wirth told analysts during a conference call Friday. Once the transaction is complete, Chevron intends to resume the purchases at a rate of $1.25 billion each quarter, he said. "Of course the answer to that is yes there is," Wirth said."This isn't the time to address that specifically, but we've said we will do things that are value-creating for our shareholders. And we don't need to do anything. We've got a very strong story without doing a transaction."
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