Chevron CFO says we're going to grow production at 7% to 10% - CNBC

Chevron Corporation’s Chief Financial Officer, Eimear Bonner, stated that the company is targeting production growth of 7% to 10% annually, reflecting its broader strategy to expand output and strengthen its competitive position in the global energy market. This growth projection aligns with Chevron’s five-year plan through 2030, which includes increasing oil and gas production by 2% to 3% annually. The company has emphasized capital discipline and operational efficiency as key drivers of its growth strategy, with plans to reduce capital expenditures to a range of $18 to $21 billion per year.

Bonner highlighted that Chevron’s ability to sustain production growth is supported by its strong portfolio of high-margin assets and a disciplined approach to capital allocation. The company also aims to leverage synergies from its acquisition of Hess Corporation and implement structural cost reductions totaling $3 billion to $4 billion by 2026. Additionally, Chevron is expanding into new energy markets, including power solutions for AI data centers, with a project in West Texas expected to begin operations in 2027.

Chevron’s production growth strategy is underpinned by its ability to generate consistent free cash flow, with expectations of annual growth exceeding 10% at $70 Brent. The company also plans to maintain a capex and dividend breakeven below $50 Brent through 2030, ensuring resilience across varying commodity price environments.