The No. 2 U.S. oil producer has faced production challenges including cost overruns and delays in a large Kazakhstan oilfield project. Its $53-billion deal to acquire oil producer Hess and gain a foothold in Guyana's lucrative oilfield is in limbo due to a court battle with larger rival Exxon Mobil, which has more aggressively expanded its own production.

Chevron also faces industry-wide weakness in the refining business and the expectation that oil prices could be under pressure over the next two years as global production growth outpaces demand.

Chevron has said it is targeting up to $3 billion in cost cuts through 2026 from leveraging technology, asset sales and changing how and where work is performed.