Chevron Shifts Focus to Profits, Efficiency

Chevrons new five-year plan prioritizes profits and efficiency over oil production growth, aiming to boost free cash flow and shareholder returns. The company plans to increase oil and gas output at a modest rate of two to three percent annually, focusing on cost reductions, synergies from the Hess acquisition, and careful capital spending. Chevrons strategy emphasizes smarter growth, with a capital expenditure and dividend breakeven point below fifty dollars per barrel of Brent crude through 2030. The company also plans to explore new ventures, such as its first AI data center power project in West Texas.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.