SAN RAMON (dpa-AFX) - Chevron Corporation (CVX) on Wednesday unveiled a five-year plan to 2030 at its Investor Day, aimed at sustaining cash flow growth, strengthening its portfolio, and enhancing shareholder returns.
The company plans to maintain capital and dividend breakeven below $50 Brent per barrel and improve return on capital by over 3% by 2030 at $70 Brent.
Chevron expects to grow oil and gas production 2-3% annually, realize $1.5 billion in Hess synergies, and achieve $3-4 billion in structural cost reductions by 2026. It also targets first power in 2027 from its planned AI data center power project in West Texas.
The company anticipates annual share repurchases of $10-20 billion through 2030, at average prices of $60 to $80 Brent per barrel.
Additionally, Chevron is pursuing a returns-focused New Energies strategy, including developing a large-scale power project in West Texas for data centers and expanding into renewable fuels, hydrogen, carbon capture, and lithium businesses.
'We believe Chevron is uniquely positioned to grow earnings and free cash flow into the next decade,' said Mike Wirth, Chevron's chairman and CEO. 'Never in my career have I seen a higher confidence outlook, further into the future and with lower execution risk; Chevron is stronger, more resilient, and better positioned than ever.'
On Tuesday Chevron shares closed at $156.24, up 0.38%.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
