Subject: Re: Chevron Buyback & Dividend Raise
Chevron issues a ton of shares over time, the share count doesn't go down.

They care more about the dividend over the buyback. From the last earnings call:

I'll just point out that we increased our dividend 6% earlier this year. We've been growing our dividend at a compounded annual growth rate of 6% for 15 years. And that is our first financial priority. So there's a lot of tension on the buyback, but it's clearly our fourth priority after sustaining and growing the dividend, investing to grow both traditional and new energy businesses, maintaining a strong balance sheet. And as Mike said, we intend to do it across the cycle for multiple years.