Chevron (CVX) investor relations material

Financial guidance and shareholder returns

• Projected free cash flow growth exceeds 10% CAGR through 2030, with a target of $29 billion at $70 Brent by 2030, underpinned by high-confidence, in-flight projects and a diversified asset base.

• Annual CapEx guidance reduced by $1 billion to $18–21 billion through 2030, supporting both short- and long-cycle projects across geographies.

• Share buybacks expected at $10–20 billion annually at $60–80 Brent, with a plan to return over 45% of current market cap to shareholders over five years.

• Dividend growth remains the top priority, with a track record of not cutting dividends during downturns and leading peer group growth over 25 years.

• Structural cost reduction target raised to $3–4 billion in annual run-rate savings by 2026, driven by divestments, organizational changes, and technology adoption.

Portfolio strategy and capital allocation

• Portfolio reshaped over the past decade, with production up 40% and capital spending down nearly 40%, emphasizing capital efficiency and high-grading.

• Growth driven by both organic (Kazakhstan, Australia, Gulf of Mexico, Permian) and inorganic (Eastern Mediterranean, DJ Basin, Guyana, Bakken) expansion.

• Future resource access will balance exploration, M&A, and technology, with increased exploration spend and new country entries in the Middle East and North Africa.

• Institutionalized capital discipline ensures only the highest-return projects are funded, with rigorous cross-segment vetting and a focus on minimum viable solutions.

• Asset sales of $1–2 billion per year expected through 2030, with a $10–15 billion divestment target by 2028, already $9 billion achieved.

Operational performance and technology

• Upstream production expected to grow 2–3% CAGR over the next five years, with margin expansion from higher oil weighting, cost reductions, and improved entitlements.

• Permian Basin production plateau expected through 2040, with capital spending declining and advanced chemical treatments delivering 10% recovery uplift.

• AI and digital tools (e.g., Apollo platform, digital twins) are being scaled across operations, targeting billions in annual value by decade’s end.

• Downstream and chemicals expected to deliver over $4 billion in annual free cash flow at mid-cycle margins, with new capacity in the US and Qatar enhancing competitiveness.

• Power business advancing with a 2.5 GW gas-fired project in Texas, targeting mid-teen returns and supporting data center growth, with potential expansion to 5 GW.