Chevron Corp. said Tuesday it is targeting a more than doubling of its return on capital employed by 2025 and expects free cash flow to grow more than 10% a year by 2025. In a statement released ahead of its annual investor day, the energy giant said it is increasing the expected synergies from its Noble deal to $600 million, more than double its original estimate. That is expected to contribute to a reduction in 2021 operating expenses of 10% compared with 2019. “The combination of a more capital efficient investment program and lower costs is expected to result in a doubling of the company’s return on capital employed and 10% CAGR of free cash flow by 2025 at $50 Brent,” the company said. Chevron reaffirmed its guidance for 2021 capital and exploratory expenditure of $14 billion to $16 billion. The company will invest more in its assets in the Permian basin, and less in Kazakhstan. The company is targeting 35% carbon intensity reduction by 2028, which would help it comply with the goals of the Paris Agreement on tackling climate change. Shares were slightly lower premarket, but have gained 30% in the last 12 months, while the S&P 500 has gained 39%.