Chevron posts investor presentation highlighting free cash flow growth strategy and shareholder returns focus

Chevron outlined a strategy centered on sustained free cash flow growth, capital discipline, lower costs, shareholder returns, and lower carbon intensity.

• Capex guidance was cut to USD 18-21 billion per year, with affiliate capex of USD 1-2 billion.
• Share repurchase guidance was set at USD 10-20 billion annually for 2026-2030, implying about 3% to 6% of shares outstanding per year.
• Dividend plus capex breakeven is targeted below USD 50 per barrel Brent on a 2026-2030 average basis.
• Chevron is targeting more than 3% ROCE improvement by 2030, with expected average annual growth above 10% for adjusted free cash flow and EPS.