Overview
- Chevron projects more than 10% annual growth in free cash flow and earnings per share through 2030 based on a $70 Brent price case.
- Annual capital spending is cut to $18–$21 billion, with total cost reductions raised to $3–$4 billion by the end of next year, including $2 billion from upstream simplification and about $1 billion from technology.
- Oil and gas production is guided to increase 2%–3% per year as the company integrates Hess, with current output around 4.1 million barrels of oil equivalent per day.
- Management says it can fund capital expenditures and the dividend through 2030 at roughly $50 Brent, emphasizing financial resilience across price cycles.
- Chevron is advancing a natural gas–fired project in West Texas to power an AI data center with first power targeted for 2027, as it negotiates customer commitments and a final investment decision early next year.