Nov 12, 2025 – Chevron (CVX.N) announced plans on Wednesday to grow free cash flow by more than 10% annually through 2030, while boosting oil and gas production and further reducing costs and capital expenditure. The targets were revealed during Chevron’s investor day, following a year of restructuring and operational efficiency initiatives.

Key Financial and Production Targets

• Free cash flow and earnings per share expected to grow >10% annually through 2030, assuming Brent crude at $70 per barrel.
• Oil and gas production to increase 2%-3% per year, building on current output of 4.1 million barrels of oil equivalent per day.
• Capital expenditure reduced to $18-$21 billion annually, down from previous guidance of $19-$22 billion.
• Cost-reduction targets increased to $3-$4 billion by end of 2026, up $1 billion from prior targets.

Chevron’s CFO Eimear Bonner highlighted that upstream divestments, operational simplifications, and technology deployment—including remote monitoring of operations—are expected to save $3 billion by next year.

“We’re confident in increasing the range because we’re already halfway there with the work that’s underway,” Bonner said.

The company noted it could cover capex and dividends even if Brent crude drops to $50 per barrel, demonstrating confidence in the resilience of its portfolio.

Technology and AI Initiatives

Chevron is advancing projects leveraging artificial intelligence to improve efficiency and data analysis:

• A natural gas-powered AI data center project in West Texas aims for start-up by 2027, with discussions ongoing with tech firms like OpenAI and Meta (META.O).
• AI tools will also accelerate exploration, analyzing geological data faster and shortening the traditionally long timeline for new projects.

Strategic Outlook

Following the $55 billion acquisition of Hess in July, Chevron now has clearer long-term guidance and a stronger asset base to drive growth. Shares have gained 7.8% year-to-date, slightly trailing peers Exxon Mobil (XOM.N) and Shell (SHEL.L).

Bonner emphasized that Chevron’s advantaged assets, strong balance sheet, and disciplined capital program position the company to thrive in any price environment, underscoring the focus on efficiency and shareholder value.

---

Summary:

• Chevron targets 10% annual free cash flow and EPS growth through 2030.
• Oil and gas production set to rise 2%-3% annually.
• Capex reduced to $18-$21B, cost-cutting increased to $3-$4B.
• AI-driven projects include natural gas-powered data center and faster exploration analysis.
• Resilient financial plan supports dividends even if Brent crude falls to $50/barrel.