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The US oil major said returns on capital will at least double over the next five years, while new targets have been set to cut carbon intensity 35% by 2028
Chevron CEO Mike Wirth said the firm s dividend will remain secure in any future oil-price scenario (Credit: Flickr/Tony Webster)
Chevron has promised to deliver higher returns on capital over the next five years while setting new targets to shrink its carbon footprint, as it seeks to reassure investors after a loss-making 2020.
At its annual investor meeting today (9 March), the California oil major said it plans to double its return on capital employed (ROCE) – currently around 3% – by 2025. That is in a scenario where Brent crude averages $50 per barrel – a price of $60 would further increase ROCE to around 10%.