Stock buybacks, also known as share repurchase programs, are a common strategy we see implemented by companies to boost shareholder value. With these companies buying, it raises a valid question: Are shares undervalued?

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After a rough 2022 full of geopolitical instability and skyrocketing inflation, the concept of stocks to buy for the new year may have appeared imprudent just a few weeks ago. However, the equities sector generally responded well, encouraging investors to take a shot.

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CNBC's Kayla Tausche and Bob Pisani join 'Power Lunch' to discuss remarks made by President Biden about Chevron's decision to commence a buyback program instead of reinvesting funds into oil production.

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Earnings continue to roll in and Thursday had no shortage of news to digest. Even with the news flow, investors are still looking at the hot stocks for tomorrow — Friday.

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James Pethokoukis, economic policy analyst at the American Enterprise Institute, joins 'The Exchange' to discuss the White House's issues with Chevron amidst the companies buyback, why Chevron's buyback may be too big and more.

What Chevron's $75 billion stock buyback plan suggests

Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant. The Downstream segment engages in refining crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels; transporting crude oil and refined products by pipeline, marine vessel, motor equipment, and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. It is also involved in the cash management and debt financing activities; insurance operations; real estate activities; and technology businesses. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in 2005. Chevron Corporation was founded in 1879 and is based in San Ramon, California.