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Company Research17 Jan 2024
The Largest Announced M&A Deals of 2023
Explore the biggest M&A deals of 2023, including major moves in energy, tech, and biotech sectors, reflecting a trend in strategic growth.
Chevron (CVX) investor relations material
Chevron Investor Day 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Day 2025 summary12 Nov, 2025
Strategic Direction and Portfolio Evolution
Focus on delivering affordable, reliable, and cleaner energy, leveraging over 145 years of innovation and global reach, with a diversified, resilient portfolio spanning upstream, downstream, chemicals, and new energies.
Portfolio reshaped over the past decade, with production up 40% and capital spending down nearly 40%, and ongoing asset high-grading and divestments of $1–2 billion annually through 2030.
Organizational changes and technology integration, including AI, drive efficiency, cost reductions, and value creation.
Exploration, M&A, and technology are balanced to add resources, with increased focus on exploration and new country entries.
Return on capital employed targeted to improve by more than 3% by 2030, with an 18% reduction in capital employed by year-end 2030.
Financial Guidance and Shareholder Returns
Expects adjusted free cash flow and earnings per share to grow annually by over 10% at $70 Brent through 2030, with a projected free cash flow growth rate 3x that of the nearest peer from 2024–2026.
Annual capex guidance reduced to $18–$21 billion through 2030, with affiliate capex at $1–2 billion annually.
Share buybacks expected at $10–$20 billion annually at $60–$80 Brent, representing 3–6% of shares outstanding per year, with a $10–$15 billion divestment target by 2028.
Dividend and capex breakeven maintained below $50 Brent, trending into the $40s through 2030, with a 25-year average annual dividend increase of 7%.
Strong balance sheet with Aa2 & AA- credit ratings, and capital return yields among the highest in the S&P 100.
Operational Performance and Cost Discipline
Structural cost reduction target raised to $3–$4 billion annual run-rate savings by end of 2026, with efficiency gains accounting for over 60% of savings.
Synergy target from Hess integration increased to $1.5 billion by 2026, with $1 billion achieved in three months.
Continuous improvement, benchmarking, and technology (digital twins, drones, AI) drive efficiency and safety.
Leaner operating model and centralization of technical work enable further cost reductions and best practice sharing.
Asset high-grading and divestments support portfolio optimization and capital discipline.
How will AI add billions in value beyond forecasts?
What drives mid-teen returns for data center power?
Permian plateau to 2040: capital allocation strategy?
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Q4 202530 Jan, 2026
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Frequently asked questions
A Warren Buffet favorite
As one of the successors of Standard Oil, a company that at its height was the largest petroleum company in the world, Chevron has operations in over 180 countries. The company is engaged in most of the different oil sectors and was one of the Seven Sisters that dominated the global petroleum industry from the 1940s to the 1970s.
By the end of Q1 2022, Warren Buffett increased Berkshire Hathaway’s stake in Chevron, making the oil giant Berkshire’s fourth-largest holding by then.
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