Chevron Sees 3%-4% Compound Annual Production Growth Through 2023

(RTTNews) - Chevron Corp. (CVX) said that it expects to deliver a three to four percent compound annual production growth rate through 2023. The Company reaffirmed a Capital & exploratory program and established an annual target of $19 billion to $22 billion from 2021 to 2023.

At its annual Security Analyst Meeting today, Chevron said that it refocused investment priorities and expects 70 percent of this year's spend to deliver cash flow within two years.

Permian unconventional net oil-equivalent production is now expected to reach 600,000 barrels per day by the end of 2020, and 900,000 barrels per day by the end of 2023.

Chevron expects approximately $30 billion of cash generation at $60 Brent in 2019 to be used to fund the 6 percent annual dividend increase, a ratable and high-return capital program, and $4 billion of expected share repurchases.