Chevron outlines five-year plan at investor day

At its investor day, Chevron (CVX) outlined its five-year plan to 2030. The company expects adjusted free cash flow annual growth greater than 10% at $70 Brent. Additionally, Chevron reduced capital expenditures guidance range to $18 to $21 billion per year and forecasts earnings per share annual growth greater than 10% at $70 Brent. In line with these objectives, the company expects to: maintain a capex and dividend breakeven below $50 Brent per barrel through 2030; improve return on capital employed by over 3% by 2030 at $70 Brent; increase Hess synergies to $1.5B and structural cost reductions to $3B to $4B by the end of 2026; grow oil and gas production 2% to 3% annually through 2030 and deliver its first AI data center power project in West Texas, targeting first power in 2027. “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.”