Chevron reaffirms long-term objectives at investor meeting

At its annual investor meeting, Chevron reported on its progress to leverage its strengths to safely deliver lower carbon energy to a growing world. 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 $13B to $15B 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 $10B to $20B per year. In addition, the company will raise its targeted annual share buyback rate to $17.5B starting in the second quarter.