Chevron (CVX) investor relations material

Strategic and financial highlights

• Achieved record production in 2025, with a 12% increase and significant milestones in TCO, Permian, GOA, and Geismar projects.

• Completed the Hess acquisition, enhancing the upstream portfolio and supporting diversified growth.

• Adjusted free cash flow rose 35% despite a ~15% drop in oil prices, with $27 billion returned to shareholders, including $2.2B in Hess stock purchases.

• Maintains capital discipline with capex guidance lowered to $18-21 billion annually through 2030.

• Buybacks projected at $10-20 billion annually, targeting 3% to 6% of shares repurchased per year.

Operational performance and growth

• Industry-leading production and cash flow growth, with >14% CAGR in adjusted free cash flow and >10% CAGR in earnings per share through 2030.

• Upstream portfolio delivers highest cash margins and new project returns, with >20% IRR on new projects and leading natural gas position.

• Permian Basin and other shale assets provide long-term production plateau and $5B annual free cash flow through 2030.

• Major growth in Guyana, Eastern Mediterranean, and Gulf of America, with significant new project milestones and resource additions.

• Resource depth increased ~10% in 2025, with a 158% reserve replacement ratio for the year.

Cost management and efficiency

• Achieved $1.5 billion in structural cost savings in 2025, on track for $3-4 billion run-rate reduction by end of 2026.

• Efficiency gains account for over 60% of expected total cost reductions.

• Operating expenses excluding special items were $31.5 billion in 2024 and $32.4 billion in 2025.

• Capital employed reduced by ~18% from YE2025 to YE2030, supporting higher returns.