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FOR RELEASE AT 8:30 AM ET MARCH 9 , 2021 ● Chevron news release ● Chevron Reinforces Plan to Deliver Higher Returns , Lower Carbon Targets more than doubling return on capital employed by 2025 Expects free cash flow to grow more than 10 % per year by 2025 Increases expected Noble synergies to $ 600 million , twice the initial estimate Targets 35 % carbon intensity reduction by 2028 SAN RAMON , Calif . , March 9 , 2021 — At its annual investor meeting today , Chevron Corporation ( NYSE : CVX ) announced plans to increase return on capital employed and lower carbon intensity to enable superior distributions to shareholders . " Chevron's message to investors is summarized in four words - higher returns , lower carbon , " said Michael Wirth , Chevron's chairman and CEO . " We're building on our track record of capital and cost discipline to deliver higher returns . And we're taking action to advance a lower carbon future . " Higher Returns Chevron will continue to drive a disciplined capital and cost program to deliver higher returns for shareholders . In line with this objective , the company announced it has : Reaffirmed its 2021-2025 guidance for organic capital and exploratory expenditures of $ 14 billion to $ 16 billion . Doubled its initial estimate of Noble synergies to $ 600 million , which contributes to an expected reduction in 2021 operating expenses of 10 % from 2019 . The combination of a more capital efficient investment program and lower costs is expected to result in a doubling of the company's return on capital employed and 10 % CAGR of free cash flow by 2025 at $ 50 Brent . " The path to increase return on capital employed is straightforward - invest in only the highest - return projects and operate cost efficiently , " said Pierre Breber , Chevron's CFO . " Capital discipline and cost efficiency always matter . We have the portfolio and investments that position us to increase returns and grow free cash flow . " Over the next five years , as capital is expected to decrease for its major expansion in Kazakhstan , the company expects to increase its investment in a number of Chevron's attractive assets , including its world class position in the Permian . " Our Permian Basin asset is advantaged relative to others . The long - term outlook is positive and capital efficiency is improving , ” said Jay Johnson , executive vice president , Upstream . “ We expect to grow production while generating strong free cash each year along the way . " -MORE 1