Chevron targets over 10% annual growth in adjusted free cash flow through 2030

Core Viewpoint - Chevron forecasts over 10% growth in annual adjusted free cash flow and earnings per share through 2030, assuming Brent crude prices of $70 per barrel [1] Group 1: Financial Guidance and Capital Expenditure - Chevron has reduced its capital expenditure guidance to a range of $18 billion to $21 billion per year [1] - The company aims to keep its capex and dividend breakeven below $50 per barrel of Brent crude through 2030 [1] - The new guidance follows a restructuring that affected up to 20% of its workforce [2] Group 2: Growth and Production Targets - Chevron plans to grow oil and gas production at an annual rate of 2% to 3% through 2030 [3] - The company intends to improve return on capital employed by more than 3% by 2030 at $70 per barrel of Brent [3] - Chevron has raised expected synergies from the Hess acquisition to $1.5 billion and targets structural cost reductions of $3 billion to $4 billion by the end of 2026 [3] Group 3: Shareholder Returns and Capital Discipline - Chevron plans to repurchase shares worth $10 billion to $20 billion each year through 2030 at average Brent prices of $60 to $80 [4] - The company has a track record of dividend increases, including a 7% increase in average annual dividend per share over the past 25 years [4] - Chevron emphasizes that capital discipline and innovation are key to delivering long-term value for shareholders [5] Group 4: Strategic Projects and Innovations - Chevron intends to deliver its first AI data center power project in West Texas, targeting first power in 2027 [5] - Two major chemical projects are expected to begin operations in 2027 [6] - The company describes its upstream holdings as premier assets in major basins, with a strategically advantaged and growing downstream and chemicals business [5]