Thanks to careful spending in lower-risk projects with solid returns, U.S. oil supermajor Chevron has the capacity to distribute US$75 billion-US$80 billion in cash to shareholders over the next five years, chairman and CEO Michael Wirth said on Tuesday at the company’s annual Security Analyst Meeting. Chevron will continue to maintain its annual capital spending in a narrow range of US$19 billion-US$22 billion through 2024, maintaining strict spending discipline, unlike its U.S. rival ExxonMobil, which has been spending a lot to grow production. The disciplined approach to capex, investments in lower-risk and shorter-cycle projects, and a drive to cut costs are expected to boost Chevron’s adjusted operating cash flow per share by 9 percent each year through 2024, the company said. “We believe our advantaged portfolio and capital efficiency enable us to grow cash flows and increase returns without relying on rising oil prices. Through continued execution of our […]