In its second-quarter 2026 investor letter, Gabelli's Equity Income Fund highlighted Chevron Corp. (CVX), citing the company's completion of major capital investment cycles and its entry into a period of declining capital intensity and accelerating cash generation. The firm expects Chevron's adjusted free cash flow to increase from approximately $20 billion in 2025 to about $30 billion by 2030, at a Brent crude price of $70 per barrel. Chevron plans to return most of this free cash flow to shareholders through $10-$20 billion in annual buybacks and a consistently growing dividend.