By Sheila Dang

HOUSTON (Reuters) -Chevron said on Wednesday that it plans to grow free cash flow by more than 10% annually through 2030 and increase oil and gas production, while further reducing costs and capital expenditure.

The fresh guidance announced on Chevron’s investor day is the culmination of an effort by the U.S. oil producer to operate more efficiently following a restructuring that included layoffs earlier this year.

The company closed its $55 billion acquisition of Hess in July after a year’s delay, which had prevented it from giving long-term financial guidance until now. Its shares have risen 7.8% year-to-date, underperforming rival oil producers Exxon Mobil and Shell.

“Our advantaged assets, balance sheet strength and disciplined capital program provide the foundation

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