Chevron is poised to reap the benefits from a difficult period of capital-intensive development. Successful ramp-up from its flagship Australian LNG projects will drive peer-beating near-term growth and free cash flow generation. The upstream strategy will now shift to exploiting a world-class shale position, spearheaded by a leading portfolio in the Permian tight oil play. M&A and more aggressive new ventures are both strategic options as free cash flow generation builds. But Chevron can afford to be choosy: its deep pool of unconventional opportunities can sustain growth well into the late 2020s.