Chevron plans to return $80 billion to shareholders by 2024

(Reuters) – Chevron Corp said on Tuesday it could return as much as $80 billion to shareholders over five years even if oil prices remained low.

Chevron and other energy companies have pledged to curb spending after the collapse in oil prices earlier this decade forced many to borrow to cover costs of long-term projects.

The oil major said it had the potential to distribute between $75 billion and $80 billion over the next five years and would maintain its capital spending in a range of $19 billion to $22 billion annually through the period.

“We remain focused on a returns-driven approach to capital allocation, investing in lower-risk projects,” Chief Financial Officer Pierre Breber said.

Reuters reported on Monday that the company is offering buyouts to reduce its U.S. oil exploration and production workforce as it moves to cut costs in the face of sharply lower oil and gas prices.

(Reporting by Shariq Khan in Bengaluru; Editing by Anil D’Silva)