Chevron will prioritise boosting shareholder returns over production growth over the next five years, according to a new business plan that emphasises cutting costs and reducing capital expenditure.
The US oil major said on Wednesday that it expected to increase earnings per share and free cash flow by more than 10 per cent a year to 2030 at an average Brent crude price of $70 per barrel.
Oil and gas production is forecast to rise 2 to 3 per cent annually over the same period, with the company cutting annual capital expenditure by about $1bn to a range of between $18bn and $21bn.
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