Chevron Corporation laid out an ambitious five-year roadmap at its investor day, promising sustained cash flow growth, portfolio expansion, and new energy ventures aimed at powering AI data centers.

“Chevron is stronger, more resilient, and better positioned than ever,” said Chairman and CEO Mike Wirth. “Never in my career have I seen a higher confidence outlook, further into the future and with lower execution risk.”

Flow Discipline Cash Growth

Chevron plans to maintain strict capital and cost discipline while investing for long-term growth. The company expects to keep its capital expenditure and dividend breakeven below $50 per barrel of Brent crude through 2030 and improve return on capital employed by more than 3% at $70 Brent.

The company also pledged to extend its track record of shareholder returns, highlighting a history of growing dividends for 25 consecutive years—averaging 7% annually—and share repurchases in 18 of the last 22 years. Chevron expects to repurchase $10–$20 billion per year through 2030 at $60–$80 Brent prices.

"Our advantaged assets, balance sheet strength, and disciplined capital program provide the foundation to thrive in any price environment,” said CFO Eimear Bonner.

Portfolio Strength and Growth Opportunities

Chevron’s portfolio spans premier upstream assets in top global oil and gas basins, complemented by strategically advantaged downstream and chemicals businesses. Two major chemicals projects are slated to launch in 2027.

“Chevron is poised to deliver resilient free cash flow growth with low execution risk,” said Mark Nelson, Vice Chairman and EVP of Oil, Products, and Gas. “Capital discipline and innovation position us to deliver long-term value for shareholders.” 

New Energy Ambitions

Chevron is pursuing pragmatic, returns-driven investments in new energy, including renewable fuels, hydrogen, carbon capture and storage (CCUS), lithium, and large-scale power projects. A key focus is a West Texas power initiative designed to supply electricity to AI data centers, positioning Chevron as an early mover in this growing market. 

“Our disciplined approach to investing in new energies positions us to deliver competitive returns,” said Jeff Gustavson, president of Chevron New Energies. “We are excited about our power business and its role in supporting U.S. leadership in Artificial Intelligence.” 

Chevron’s five-year blueprint underscores a confident, growth-oriented strategy that blends traditional energy dominance with new energy innovation, all while maintaining shareholder-friendly returns.