- Chevron reduces capex guidance to $18-$21 billion annually.
- Targets 2%-3% annual oil and gas production growth through 2030.
- Plans $10-$20 billion in share repurchases per year through 2030.
- First AI data center power project in West Texas by 2027.
Financial Outlook
Chevron projects over 10% annual growth in adjusted free cash flow and earnings per share at $70 Brent. The company has reduced its capex guidance to $18-$21 billion per year.
Operational Goals
Chevron aims to maintain a capex and dividend breakeven below $50 Brent per barrel through 2030. It plans to improve return on capital employed by over 3% by 2030 at $70 Brent and increase Hess synergies to $1.5 billion, with structural cost reductions of $3-$4 billion by the end of 2026.
Production and Projects
The company targets 2%-3% annual growth in oil and gas production through 2030. Chevron is set to deliver its first AI data center power project in West Texas, aiming for first power in 2027. Two major chemicals projects are expected to start in 2027.
Shareholder Returns
Chevron plans to continue leading in dividend growth and share repurchases, expecting to buy back $10-$20 billion in shares annually through 2030 at average Brent prices of $60-$80.
New Energies
Chevron is adopting a pragmatic approach to new energies, focusing on renewable fuels, hydrogen, CCUS, and lithium businesses. The company is developing a large-scale power project in West Texas to support data center growth, leveraging its core strengths and capabilities.
