Investor Presentaiton
© 2023 Chevron Corporation
Consistent with financial priorities
Maintain and grow dividend
Fund capital program
Strong balance sheet
Return surplus cash
Dividend per share
increase of 8%'
Combined capex
$19 to $22 billion
Net debt ratio
<10%²
Annual buyback
raised to $20 billion³
Note: The dividend, capex and buyback items in this column are forward looking projections.
1 Subject to board of directors' approval in January 2024.
2 Combined company pro forma as of 6/30/2023. Net debt ratio is defined as debt less cash equivalents and marketable securities divided by debt less cash equivalents
Chevron and marketable securities plus stockholders' equity. See Appendix for reconciliation of non-GAAP measures.
3 Post closing in a continued upside oil price scenario.
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