US-based oil and gas company Chevron forecasts more than 10% growth in its annual adjusted free cash flow and annual earnings per share through 2030, assuming Brent crude prices of $70 per barrel (bbl). 

The company reduced its capital expenditure (capex) guidance range to $18bn–21bn per year. 

Chevron aims to maintain capital and cost discipline, while investing to extend cash flow growth into the next decade. It plans to keep its capex and dividend breakeven below $50/bbl of Brent crude through 2030.

According to Reuters, the new guidance is a result of the company’s efforts to operate effectively after a restructuring earlier this year that affected up to 20% of its workforce. 

The $55bn acquisition of Hess in July this year had prevented the company from announcing long-term financial guidance, the report noted. 

Chevron chairman and CEO Mike Wirth said: “We believe Chevron is uniquely positioned to grow earnings and free cash flow into the next decade. 

“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.” 

Chevron intends to improve return on capital employed by more than 3% by 2030 at $70/bbl of Brent and plans to grow oil and gas production at 2–3% annually through to 2030. 

The company will raise the expected Hess synergies to $1.5bn and target structural cost reductions of $3bn–4bn by the end of 2026. 

It plans to repurchase shares worth $10bn–20bn each year through 2030 at average Brent prices of $60–80. 

The company noted its track record of dividend increases including a 7% increase in average annual dividend per share over the past 25 years and share repurchases in 18 of the past 22 years. 

Chevron vice-chairman and oil, products and gas executive vice-president Mark Nelson said: “Chevron is poised to deliver resilient free cash flow growth with low execution risk. 

“We are continuing to demonstrate that capital discipline and innovation position us to deliver long-term value for shareholders.” 

Chevron plans to advance a range of projects across its portfolio. It intends to deliver its first AI data centre power project in West Texas, targeting first power in 2027. 

The company described its upstream holdings as premier assets in major basins and said its downstream and chemicals business is strategically advantaged and growing. 

Two of its major chemical projects are expected to begin operations in 2027. 

Chevron CFO Eimear Bonner said: “Chevron’s sustained cash generation underpins superior shareholder returns. 

“Our advantaged assets, balance sheet strength and disciplined capital programme provide the foundation to thrive in any price environment.” 

Chevron said it will adopt a pragmatic, returns-driven approach to new energies, focused on areas that leverage existing capabilities. 

These capabilities include renewable fuels, hydrogen, carbon capture, usage and storage and lithium, in addition to the large-scale power project in West Texas to serve data centre demand. 

The company reduced its capex guidance and reiterated priorities of cash generation, portfolio resilience and shareholder distributions. 

Chevron New Energies president Jeff Gustavson said: “Our disciplined approach to investing in new energies positions us to deliver competitive returns and keep pace with the evolving market. 

“We are excited about our new power business, where we have an early-mover advantage and look forward to providing the power required to support US leadership in artificial intelligence.” 

Recently, Chevron reported 21% growth in worldwide production in the third quarter of 2025, compared to the same period the previous year.