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Company Research17 Jan 2024
The Largest Announced M&A Deals of 2023
Explore the biggest M&A deals of 2023, including major moves in energy, tech, and biotech sectors, reflecting a trend in strategic growth.
Chevron (CVX) investor relations material
Chevron Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Day 2025 summary12 Nov, 2025
Strategic direction and portfolio evolution
Focus on delivering affordable, reliable, and cleaner energy, leveraging 145+ years of innovation and global reach.
Portfolio reshaped with production up 40% and capital spending down nearly 40%, emphasizing diversified growth across Upstream, Downstream, Chemicals, and New Energies.
Organizational changes and technology integration, including AI, drive efficiency and cost reductions.
Exploration, M&A, and technology are balanced to add resources, with increased focus on exploration and new country entries.
Major projects include expansion in the Permian, DJ Basin, Bakken, Guyana, Australia LNG, and the Eastern Mediterranean.
Financial guidance and shareholder returns
Expects adjusted free cash flow and EPS to grow annually by over 10% at $70 Brent through 2030, with >10% CAGR in free cash flow and robust shareholder returns.
Annual CapEx guidance reduced to $18B–$21B through 2030, with affiliate capex at $1B–$2B annually.
Buyback program targets $10B–$20B annually at $60–$80 Brent, with $10B–$15B divestment target by 2028 and $1B–$2B in annual sales expected through 2030.
Dividend growth remains a top priority, with a 25-year track record of peer-leading increases and no cuts during downturns.
Return on capital employed targeted to improve by more than 3% by 2030, with an 18% reduction in capital employed by year-end 2030.
Operational performance and asset highlights
Upstream production expected to grow 2%–3% CAGR over five years, focusing on high cash margin barrels and margin improvement.
Key assets: Permian (plateau through 2040, $5B annual FCF), TCO ($6B FCF in 2026), Guyana (eight FPSOs by 2030), and Eastern Mediterranean (25% near-term production growth).
Advanced technologies and AI (e.g., APOLO) drive well performance, recovery, and cost efficiency across shale and tight basins.
Downstream and Chemicals expected to deliver >$4B annual FCF at mid-cycle margins, with new projects in the U.S. and Qatar enhancing competitiveness.
LNG portfolio expanded by 25% with new U.S. offtake, maintaining oil-linked pricing and diversified market exposure.
How will AI add billions in value beyond forecasts?
What drives mid-teen returns for data center power?
Permian plateau to 2040: capital allocation strategy?
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Q4 202530 Jan, 2026
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Frequently asked questions
A Warren Buffet favorite
As one of the successors of Standard Oil, a company that at its height was the largest petroleum company in the world, Chevron has operations in over 180 countries. The company is engaged in most of the different oil sectors and was one of the Seven Sisters that dominated the global petroleum industry from the 1940s to the 1970s.
By the end of Q1 2022, Warren Buffett increased Berkshire Hathaway’s stake in Chevron, making the oil giant Berkshire’s fourth-largest holding by then.
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