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Chevron Q4: Goodbye Buybacks, Hello Continued Shale Growth

After Chevron (NYSE:CVX) reported its Q4 2014 results, it announced that it was suspending its share buyback program. Chevron spent $5 billion in 2014 buying back shares at a pace of $1.25 billion a quarter. This move was expected. With oil prices hovering around $50 a barrel, Chevron isn't generating enough cash flow to cover its capex budget, let alone the ability to repurchase…