Chevron is planning a $75 billion dollar buyback of shares, and an increase in dividend payouts following a record year of profits which triggered angry castigations from politicians across the globe as soaring energy prices savaged economic outlooks and pummeled consumer’s pocketbooks.

According to a company statement Wednesday, the stock buyback will begin April 1st, and it will be roughly three times as large as the previous authorization of 2019. The program will equal almost a quarter of the company’s entire market value, and be five times as large as the current annual buybacks.

Although the plan is nowhere near as ambitious as Apple Inc’s $89 billion buybacks over the past year, it will be enough to set off criticism from critics who accuse the oil industry of profiting off the backs of consumers by exploiting the Russian invasion of Ukraine to send energy prices skyrocketing.

President Biden had castigated oil exploration companies for using their profits for the benefit of shareholders with initiatives like increased dividend payments and stock buybacks, rather than investing in increased production capacity which might lower prices for the average consumer.

Chevron’s stock was up as much as 3.9% in after-hours trading.

On Wednesday, Abdullah Hasan, a White House spokesman, said, “For a company that claimed not too long ago that it was ‘working hard’ to increase oil production, handing out $75 billion to executives and wealthy shareholders sure is an odd way to show it. We continue to call on oil companies to use their record profits to increase supply, and reduce costs for the American people.”

Chevron is also set to pay investors a $1.51 per share dividend March 10th, which is a 6.3% increase over the previous quarter.

Even as energy prices have moderated since the shock of Russia’s invasion of Ukraine, analysts do not expect oil companies will see profits drop anytime soon, since they have contained capital spending, unlike in prior boom cycles, when they invested in capacity, only to see prices plummet. Instead, companies have used profits to pay down debt, and increase investor returns.

Chevron will report fourth-quarter results on Jan. 27.