Chevron (CVX) investor relations material

Strategic and financial highlights

• Achieved industry-leading free cash flow growth, projecting over $12.5B additional free cash flow by 2026 compared to 2024, driven by portfolio strength and the Hess merger.

• Maintained capital discipline with capex guidance lowered to $18-21B annually through 2030 and a dividend plus capex breakeven below $50/BBL Brent.

• Consistent dividend growth, robust share repurchases ($10-20B annual guidance), and a strong balance sheet with net debt to CFFO at 0.6x.

• Structural cost reductions of $3B captured six months early, with efficiency gains accounting for over 70% of total reduction.

• Adjusted ROCE reached 21.3% in 2Q26, with a target of >3% improvement by 2030 and a projected 18% reduction in capital employed by YE2030.

Portfolio and operational performance

• Premier upstream assets with highest cash margins, diversified growth, and leading natural gas position globally.

• U.S. production reached record levels in 2Q26, with strong performance from key assets and limited Middle East exposure.

• Significant progress in major projects: TCO FGP at full production, Gulf of America projects ramping, Permian plateau achieved, and Hess merger completed.

• Decades of natural gas resource in Australia and industry-leading resource in Guyana, with >30 major discoveries and >11 BBOE gross resource.

• Expanding U.S. natural gas value chains and growing energy supply in the Eastern Mediterranean, with multiple projects reaching FID or ramping up.

Growth, innovation, and sustainability

• Projected 2-3% production CAGR through 2030, with high cash margin barrels and ~10% average margin improvement.

• Leading in shale and tight with advanced chemical treatments, improving EUR and reducing decline rates.

• Advantaged refining and marketing value chain, with >$4B projected annual FCF and top-tier U.S. retail brand share.

• New Energies segment advancing hydrogen, lithium, and carbon capture projects, and scaling renewable fuels as the second largest U.S. producer.

• Achieved first quartile carbon intensity in both oil and gas, reducing upstream oil intensity by ~50% since 2016.