Chevron Corp. plans as much as $80 billion in dividends and share buybacks over the next five years, boosting distributions by 20% compared with the most recent pace of payouts as the U.S. oil giant ramps up production and returns from the Permian Basin. Mike Wirth, who took over as chief executive officer little more than two years ago, promised shareholders a mix of cost-cutting and measured production growth to offer attractive financial returns even as customers and policymakers demand lower-carbon fuels. Production from the Permian in Texas and New Mexico will double over the next five years and eventually account for a third of its global output. The targets, unveiled by Chevron at its investor meeting in New York on Tuesday, are illustrative of the high-wire balancing act facing […]