DRIVE SMART RETURNS.

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Navigate competing priorities with intelligent insights, tailored benchmarking, and deep‑water foresight—powering Chevron’s path to sustainable growth and smart capital returns.

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How Rystad Energy Empowers You

Our platforms equip you with the intelligence to act decisively across capital, carbon, and growth.

What this means for Chevron

Every insight on this page is drawn from Rystad Energy’s independent research and tailored to Chevron’s position in the market. Maintaining record‑high shareholder returns while investing in growth and the transition will require careful trade‑offs. Deep‑water investments present opportunities for growth, but they also demand disciplined capital allocation and an understanding of frontier risks. Meanwhile, a credible decarbonisation strategy is essential to safeguard access to capital and maintain your licence to operate.

Chevron’s Shifting Energy Reality

High Returns, Higher Questions

Over the past year, major oil companies like Chevron have rewarded investors with record shareholder returns while commodity prices have drifted lower. Payout ratios are now well above historical norms, raising questions about how long this level of generosity can be sustained without compromising investment capacity.

Exploration Goes Deeper

At the same time, exploration spending has moderated. Industry outlays averaged about seven billion dollars annually over the last several years — down from the previous decade — yet the focus is shifting decisively toward deep‑water and ultra‑deep‑water prospects. Acreage awards in 2024 were overwhelmingly offshore, and the number of deep‑water wells planned for the year has risen markedly.

Energy Transition Expectations

Layered on top of these financial and operational headwinds is the imperative to accelerate the energy transition. Regulators, investors and customers are demanding credible pathways to reduce emissions and invest in low‑carbon technologies. To meet these expectations, Chevron must benchmark its strategy and performance against its peer group and understand how transition risks could affect future profitability.

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