Chevron CEO: Our portfolio strength and growth remain resilient even in a low-price environment

Financial Performance & Shareholder Returns - Chevron aims to grow free cash flow at a 10% compound annual growth rate [3] - At a $70 oil price, Chevron could return 45% of its market cap to shareholders over the next 5 years through dividends and share repurchases [4] - Earnings per share growth is expected to be better than 10% annually if Brent stays above $70 through 2030 [4] - Break-even point to cover capital spending and dividends is below $50 [7] - Free cash flow is expected to triple from 2024 to 2026 at a $60 oil price [7] Production & Capital Expenditure - Production is growing at a 2% to 3% compound annual growth rate [9] - Capital expenditure is being reduced to a range of $18 billion to $21 billion per year through 2030 [8] - An additional $1 billion in cost cuts has been announced [9] - Synergies on the Hess transaction have been increased by 50% from $1 billion to $15 billion [9] Market Outlook & Strategy - The International Energy Agency's updated report shows demand for oil and gas growing to 2050 [13][14] - Chevron is in discussions to build data centers powered by natural gas, targeting large customers and off-grid power generation [19][20][21][22]