Chevron Corporation (NYSE:CVX) hosted its Investor Day 2025 on Wednesday, highlighting its long- and near-term outlook.

Earnings & Return Growth Outlook

At a flat $70 Brent, the company projects average annual adjusted EPS growth above 10% through 2030, rising over 14% with escalating real prices.

Combined with disciplined capital management, Chevron anticipates a more than 3% increase in return on capital employed by 2030.

Oil & Gas Projection

The company targets 2%–3% annual growth in oil and gas production through 2030.

Chevron expects oil and gas demand to reach another record high this year and is expected to continue growing year after year.

Meanwhile, Gas demand is projected to rise faster than oil, playing a key role as the energy backbone for data centers and advanced computing.

Segment Guidance

Chevron targets total upstream production to grow 2%–3% at CAGR over the next five years, driven by high-margin barrels, which should boost margins by 10% at flat pricing.

On the other hand, the company anticipates refining and marketing to generate over $4 billion in annual free cash flow at mid-cycle margins through the end of the decade.

Permian Basis & Gulf of America

In the Permian, the oil & gas giant plans to cut ...