Chevron Corporation has unveiled an ambitious growth plan aiming to boost free cash flow by over 10% each year through 2030, while tightening capital spending and cutting costs across its global operations.
The U.S. oil major outlined the strategy during its investor presentation in New York, highlighting its focus on efficiency and disciplined capital management following a major company-wide restructuring earlier this year that affected around 8,000 employees.
Chevron said it expects to grow annual oil and gas production by 2% to 3%, maintaining a daily output of about 4.1 million barrels of oil equivalent. The company also assured investors that it can sustain both capital expenditure and dividend payouts even if Brent crude prices fall to around $50 per barrel.
“We’re positioning Chevron to stay resilient and deliver value through any market conditions,” Chief Executive Mike Wirth told investors.
Under the new guidance, Chevron plans to lower annual capital spending to between $18 billion and $21 billion—slightly below its previous range—and increase targeted cost savings to as much as $4 billion by the end of 2026.
Chief Financial Officer Eimear Bonner said roughly half of the targeted savings are already underway, supported by technology-driven efficiency measures such as remote operations monitoring.
The plan follows Chevron’s $55 billion acquisition of Hess Corporation in July, which expanded its global portfolio after months of legal delays.
Looking ahead, the company intends to ramp up exploration efforts, increasing its annual drilling program to as many as 20 new wells, with key focus areas including the U.S. Gulf of Mexico, South America, West Africa, and the Mediterranean.
Chevron also revealed plans to build its first natural gas-powered data center in West Texas, targeting a 2027 start-up date as part of its broader move into energy solutions for artificial intelligence infrastructure.
On the global market outlook, Wirth cautioned that liquefied natural gas (LNG) prices could face temporary pressure from rising supply, though demand growth remains steady.
Chevron shares slipped 1.6% in Tuesday’s session, in line with declines across the broader S&P 500 energy index.
