Oil major Chevron raises share buyback rate.

The company plans to repurchase stock at a rate of USD 17.5bn annually, beginning in the second quarter, up from previously planned USD 15bn, writes Bloomberg News.

Long-term guidance is also raised to USD 10bn-20bn annually. Nowhere does the company say, however, what the previous buyback rate was.

“We’re winning back investors with consistent and growing cash returned to shareholders across the commodity price cycle,” says Chevron CFO Pierre Breber in a statement.

Oil company’s stock climbs 1.1% in US pre-market trading.