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3/3, 1:43 PM (Source: TeleTrader)
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Chevron aims to return $80B to shareholders by 2024

Chevron Corporation expects to deliver between $75 billion and $80 billion to its shareholders by 2024, the company unveiled on Tuesday. The United States-based energy firm asserted that disciplined capital spending, improved cost efficiency, and continued cash flow growth over the next five years should lead to an increase in return to shareholders.

The company estimated that its oil production will grow by around 3% from 2019 to 2024, expecting its output to reach 1 billion barrels per day by 2040 in Permian Basin solely.

"We remain focused on a returns-driven approach to capital allocation, investing in lower-risk projects that should drive solid earnings and cash flow growth. As a result, we expect return on capital to exceed 10 percent by 2024 at flat $60 Brent nominal prices, an improvement of over 300 basis points," Chevron’s Chief Financial Officer Pierre Breber said in a statement.

Breaking the News / GA