CVX Chevron Corporation

By Colin Kellaher

Chevron Corp. Tuesday said it has the potential to distribute $75 billion to $80 billion in cash to shareholders over the next five years.

The San Ramon, Calif., energy giant, which in January raised its dividend by 8%, said it expects to buy back $5 billion worth of stock a year through 2024.

Chevron said disciplined capital spending, improved cost efficiency and continued cash flow growth over the next five years will help drive the shareholder returns.

The company said it expects 9% compound annual growth in adjusted per-share operating cash flow through 2024, adding that it will hold annual capital spending to a range of $19 billion to $22 billion over the same term.

The company also said it expects compound annual production growth topping 3% from 2019 to 2024, excluding any future unannounced asset sales.

"We believe our advantaged portfolio and capital efficiency enable us to grow cash flows and increase returns without relying on rising oil prices," Chevron said.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 03, 2020 07:41 ET (12:41 GMT)

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