Investor Presentaiton
250
200
150
100
50
50
Upside leverage and downside resilience
Downside potential*
$ billions, 2023-2027
Raise annual buyback
guidance to
$10 - $20 billion
Other
Cash on B/S
Debt
Buyback
capacity
Cash from
ops
Capex
0
Sources
Dividend
Uses
Upside potential*
$ billions, 2023-2027
250
Other
Cash on B/S
200
Buyback
capacity
150
Cash from
ops
Capex
100
~3% to ~6%
of shares
outstanding per year
* Each case assumes a transition during 2023-24 from higher nominal prices to a lower flat nominal price for
the subsequent three years. The Downside case assumes $50 flat nominal for 2025-2027, resulting in $60
Brent average 2023-2027. The Upside case assumes $70 flat nominal for 2025-2027, resulting in $85 Brent
average 2023-2027.
See Appendix for reconciliation of non-GAAP measures and slide notes providing definitions, source information, calculations and other information.
© 2023 Chevron
Chevron
50
50
Dividend
0
Sources
Uses
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