US energy giant Chevron announced that it aims to achieve more than 10% annual free cash flow growth by 2030 and plans to further reduce costs and capital expenditures while increasing oil and gas production.
The company announced these targets at the Investor Day event.Chevron, which transitioned to a more efficient structure after a restructuring that resulted in layoffs at the beginning of the year, lagged behind competitors such as Exxon Mobil and Shell despite a 7.8% increase in its $55 billion Hess acquisition.
Chief Financial Officer Eimear Bonner said, “Thanks to our strong balance sheet structure and disciplined capital program, we expect growth of over 10% at all price levels, including the $70 per barrel Brent oil price.”
Chevron’s daily production is currently 4, and this figure is expected to increase by 2–3% annually
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Chevron, even if the Brent price stays around $50,
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