Chevron Reaffirms Higher Returns, Lower Carbon Objectives

New York - Feb. 28, 2023

• Raises share buyback guidance to $10 to $20 billion per year
• Expects free cash flow annual growth greater than 10% at $60 Brent
• Updates progress toward targets for lower carbon intensity and new energies growth

At its annual investor meeting today, Chevron Corporation (NYSE: CVX) reported on its progress to leverage its strengths to safely deliver lower carbon energy to a growing world.

"Chevron intends to be a leader in both traditional and new energy businesses," said Mike Wirth, chairman and CEO. "We're growing energy supply, lowering carbon intensity, and returning more cash to shareholders." Last month, Chevron increased its dividend per share by 6%, and its Board authorized a new $75 billion share repurchase program.

Higher Returns
Chevron expects to maintain capital and cost discipline to deliver higher returns while growing energy supplies. In line with these objectives, the company announced it is:

• Maintaining its guidance for annual organic capital expenditures of $13 billion to $15 billion through 2027.

• Affirming its oil and gas production guidance of more than 3% annual growth by 2027.

• Extending its 12% return on capital employed target to 2027 at $60 Brent.

High return production growth supports growing shareholder distributions. The company expects annual free cash flow growth greater than 10% at $60 Brent and is raising its share buyback guidance range to $10 to $20 billion per year. In addition, the company will raise its targeted annual share buyback rate to $17.5 billion starting in the second quarter.

"We have the capital discipline and balance sheet strength to offer a differentiated value proposition," said Pierre Breber, Chevron's CFO. "We're winning back investors with consistent and growing cash returned to shareholders across the commodity price cycle."

Late last year, the company announced a more than 30% increase in its 2023 organic capital expenditure budget relative to 2022 levels.

"Chevron is investing in advantaged assets in the Permian Basin, Gulf of Mexico, Kazakhstan, Australia and elsewhere that we believe drive superior performance," said Nigel Hearne, executive vice president, Oil, Products, and Gas. "We're focused on executing with excellence to grow value across our portfolio."

Lower Carbon
Chevron updated investors on progress toward achieving its target to reduce the carbon intensity of its oil and gas production to 24 kg per barrel of oil equivalent by 2028, in part through execution of carbon abatement projects. Also, the company provided updates on its new energy business lines with the company halfway to its 2030 renewable fuels target and taking steps to build businesses in carbon capture, offsets, and hydrogen.

"We intend to be a leader delivering lower carbon solutions to our customers in hard-to-abate sectors," said Jeff Gustavson, president of Chevron New Energies. "We believe we have unique capabilities, well-positioned assets and long-standing customer relationships to safely deliver higher returns and lower carbon."

Chevron will conduct a webcast on Tuesday, February 28, 2023, at 8:30 a.m. ET to discuss the company's strategy at the annual investor meeting.

A webcast of the discussion will be available in listen-only mode to individual investors, media, and other interested parties on Chevron's website at under the "Investors" section. Presentations, prepared remarks and a full transcript of the meeting will also be available on the Investor Relations website.

Chevron is one of the world's leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines. More information about Chevron is available at

Chevron Corporation press release