CVX Chevron Corporation

By Dave Sebastian

Chevron Corp. said it plans to more than double its return on capital employed by 2025 and reduce carbon intensity by 35% by 2028.

"Chevron's message to investors is summarized in four words: higher returns, lower carbon," Chairman and Chief Executive Michael Wirth said.

The company said it doubled its initial estimate of savings from its acquisition of Noble Energy to $600 million, contributing to an expected reduction in 2021 operating expenses of 10% from 2019.

The company said it expects capital to decrease for the next five years for its expansion in Kazakhstan, and plans to increase investment in attractive assets such as its position in the Permian.

Chevron also affirmed its 2021-25 guidance for organic capital and exploratory expenditures of $14 billion to $16 billion.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

March 09, 2021 09:27 ET (14:27 GMT)

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