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Crude drives today's rally; Microsoft's power agreement offers a second, longer-duration demand channel. Summary

Oil supplies Chevron’s immediate upside while AI infrastructure builds an additional route to cash flow.

Chevron CVX, the integrated energy giant, climbed approximately 1.5% to $213 Wednesday as Brent crude broke above $100 per barrel for the first time in more than six weeks. Energy stood alone as the S&P 500's only advancing sector in early trading, with escalating Middle East tensions putting supply risk—and oil profits—back in focus.

The timing matters. Chevron's second-quarter results showed what the business can deliver when Brent prices remain elevated. With Brent averaging roughly $104 per barrel, the company produced $18.1 billion in free cash flow, lifted production 20% to 4.07 million barrels of oil equivalent per day and cut debt by $8.4 billion.

The picture shows Chevron trading 31.8% above its GF Value™ of $161.61, suggesting investors already expect powerful cash generation. Oil remains the near-term earnings engine, but Chevron's 20-year agreement to supply Microsoft with 2.67 gigawatts of behind-the-meter power opens a second lane tied to booming AI data-center demand. That combination looks potent, although today's valuation leaves less room for weaker oil prices or power-project costs that run ahead of plan.

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

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Chevron (CVX.N) will more than double the number of oil rigs it ​operates in Venezuela as part of its five-year plan ‌to increase production in the country, Chief Financial Officer Eimear Bonner said at a Barclays conference on Tuesday.

Last week, the U.S. ​oil major said its joint venture partnerships in Venezuela ​would invest more than $7 billion to more than double oil ⁠output to 600,000 barrels per day by 2031.

The company ​has long maintained its presence despite years of political ​upheaval, and the administration of U.S. President Donald Trump has been urging oil producers to invest in Venezuela following the removal of President Nicolas Maduro ​by U.S. forces.

Once the joint ventures achieve 600,000 bpd, ​Chevron anticipates production will reach a plateau level between 600,000 to 700,000 ‌bpd, ⁠Bonner said.

"The large resource base gives us the opportunity to extend that plateau for five to 10 years, and that's just the initial recovery from the reservoirs," she ​said. "There's a lot ​more upside ⁠there."

Chevron also received the right to international arbitration as part of its new contract ​terms that were signed last week, Bonner ​added.

The ability ⁠to resolve potential disputes under international arbitration courts has been a key requirement cited by other oil producers including ⁠ExxonMobil ​and ConocoPhillips, which exited Venezuela in ​2007 when their assets were nationalized and say they are still owed ​money.

The global energy market has been upended by the geopolitical conflict in the Middle East, with reduced supply driving up oil and natural gas prices. However, companies like Chevron (CVX -1.29%), while benefiting from today's high energy prices, think in decades, not days, weeks, or months. In fact, volatility is the norm for the energy sector. Management's long-term approach is why Chevron is actively looking to invest in the conflict-torn Middle East. But what does this really mean for dividend investors?

Chevron has a great dividend track record There are many reasons to like Chevron as an investment. For example, it is large and geographically diverse, with exposure to the entire energy value chain. But one of the biggest is the company's consistency, which is highlighted by a 38-year streak of annual dividend increases. Add in a well-above market 3.5% yield, and the story gets even better for dividend lovers seeking to add some energy exposure to their portfolios.

Image source: Getty Images.

Chevron's willingness to look beyond the conflict that is raging today is part of the story, too. In fact, it is planning to invest in Iraq and hopes to help build a pipeline that will allow energy companies to avoid traversing the Strait of Hormuz. Both could help the company maintain its impressive dividend growth streak, but they aren't the real dividend growth story investors need to be watching.

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The real dividend growth story is Chevron's ability to think and act with a long-term mindset. The Iraq investment and pipeline are merely examples of decisions that allow the company to keep increasing its dividend. But what enables such decisions in the first place is the company's financial strength, as highlighted by its impressive balance sheet. At the end of the second quarter of 2026, its debt-to-equity ratio was 0.2x, second only to ExxonMobil (XOM -1.69%) in its peer group.

Watch Chevron's balance sheet if you own it for the dividend The key is that Chevron has the financial strength to make big, long-term investments at just about any time in the energy cycle. And, notably, when energy prices are low, it has the leeway to take on debt to fund its business and dividend. When energy prices recover, as they always have historically, it reduces leverage ahead of the next downturn. It is this approach that has built Chevron's 38-year dividend streak, and that will extend it, not any single investment. So, if you own Chevron for the dividend, make sure you keep a close eye on the energy giant's balance sheet.

Washington just handed a 100-year lease on tens of billions of barrels of Venezuelan oil to a private company nobody has heard of, while Chevron quietly hit a 52-week high on a completely separate deal. The two stories are getting…

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Venezuela reportedly lays claim to over 300 billion barrels of proven oil reserves, and the U.S. has set its sights on more of them.

Bloomberg News correspondent Tyler Kendall reported from Caracas this week that the headline prize of Washington’s Venezuela deal, a 100-year lease on 17 strategic oil fields holding a claimed 65 billion barrels, went to a private, non-supermajor bidder: North American Blue Energy Partners, a private company that cannot develop the fields alone and has yet to sign on producing partners. Meanwhile, Chevron (NYSE:CVX | CVX Price Prediction) stock just printed a fresh 52-week high at $212.79 on a separate, parallel Venezuela commitment. The two developments deserve to be evaluated separately.

What Washington Actually Signed Kendall’s on-the-ground reporting laid out the mechanics. The US government is taking an equity stake in the private joint venture and securing the right to purchase 20% of the offtake at cost, below market, through a swap mechanism designed to help refill the Strategic Petroleum Reserve. US Energy Secretary Chris Wright told Bloomberg that Venezuelan production, already up 25%, with exports up 50%, could double by the end of this decade from the current 1.1 million barrels per day; that output is still far below the 3.5 million peak from nearly three decades ago.

The catch is that North American Blue Energy Partners cannot develop the 17 fields alone. It must bring in other producers, including some fields previously operated by Russian, Chinese, or smaller local companies. Constitutional questions surrounding Venezuela’s competitive-bidding requirements remain unresolved, although the State Department says the deal was fully vetted.

Chevron’s Separate Lane Chevron is executing a distinct, older track, separate from the 65-billion-barrel lease. On the Q2 2026 call, CEO Mike Wirth described Venezuela as one of Chevron’s “special situations,” revealing, “We’re in negotiations right now to try to improve the fiscal terms and enable more investment in Venezuela.”

Management also said the company operates three Venezuelan joint ventures and has bolstered production from those agreements from 40,000 to 250,000 barrels per day, with full debt recovery expected by early 2027. Chevron’s Q1 2026 growth-initiative slate specifically listed an agreement to expand its heavy oil interest in Petroindependencia and develop the adjacent Ayacucho 8 area, alongside its long-running Petropiar operations with PDVSA.

Wirth’s framing in the Q4 2025 8-K: “We have been a part of Venezuela’s past for more than a century. We remain committed to its present.” That century of ground presence is what separates Chevron’s exposure from the newer, splashier lease.

Economist Parallel Investors Should Weigh Not everyone is convinced. Bloomberg Economics’ Chris Kennedy compared the deal structure to the 1953 US-backed coup in Iran, warning it could rekindle nationalist and anti-American sentiment and affirming the view that “this was all about oil.” Iran’s oil was nationalized in 1979. Kennedy called a democratic transition in Venezuela “a matter of when, not if,” raising real questions about the durability of a 100-year lease under a future elected government. Wirth has emphasized contractual protections including dispute resolution and tax and royalty regime guarantees, though those provisions face a hostile-precedent problem.

What The Market Is Actually Pricing CVX is up 39.5% year to date and 35% over one year, backed by tangible Q2 2026 numbers: adjusted EPS of 6.06, revenue of $67.2 billion up 51.43% year over year, and free cash flow of $18.1 billion. The stock trades at a forward P/E of 15 with a 3.4% dividend yield backed by 39 consecutive annual increases.

Hess synergies, Permian scale, Guyana’s Stabroek block, and a 20-year Microsoft (NASDAQ:MSFT) power purchase agreement for 2.67 GW in West Texas are doing the heavy lifting. Venezuela is optionality on top of the core thesis. Investors pricing the 52-week high should separate the 65-billion-barrel headline from what Chevron actually holds itself.

Contact [email protected] for any questions or corrections.

Chevron (CVX.N) said on Wednesday it had agreed with Venezuela ​on updated terms for its joint ventures in ‌the country and plans to invest more than $7 billion over the next five years, targeting production of about 600,000 bpd.

The ​expansion is the culmination of several months ​of negotiation conducted separately from Washington's recent announcement ⁠of an unprecedented deal to take majority control of about ​65 billion barrels of Venezuela's oil reserves.

The agreements provide ​enhanced fiscal, commercial and legal terms and include additional acreage in Venezuela's Orinoco Belt, Chevron said.

Following the U.S. capture and ​removal of Venezuelan President Nicolas Maduro from office in ​January, U.S. President Donald Trump has pushed a $100 billion reconstruction plan ‌for ⁠Venezuela's energy sector, urging U.S. oil companies to invest in the country.

While Chevron's Venezuela operations have continued uninterrupted for at least 100 years, fellow oil producers ​ExxonMobil (XOM.N) and ConocoPhillips(COP.N) have ​remained on ⁠the sidelines.

Both companies exited the country in 2007 when their assets were nationalized ​under the previous government of President Hugo ​Chavez.

Chevron ⁠said the investment would support production growth at its three Venezuelan joint ventures, which have increased output by 15% ⁠so ​far this year. Total costs ​are expected to remain below $20 per barrel, the company said.

Chevron (CVX +1.05%) posted stellar second-quarter results at the end of July, beating the street's estimates thanks to higher oil prices, increased production volumes, and strong margins.

However, even bigger news is that Chevron has entered into a 20-year power purchase agreement (PPA) to build a natural gas-powered facility to power Microsoft's (MSFT +1.68%) artificial intelligence (AI)-focused data center in Texas. The move comes as hyperscalers scramble to find energy for the ever-growing data center footprints.

For Chevron, it locks in long-term revenue, insulating it from volatile commodity prices. Here are details of its recent deal and what it means for Chevron investors.

Image source: The Motley Fool.

Breaking down Chevron's data center deal with Microsoft On June 22, Chevron inked a 20-year take-or-pay power purchase agreement with Microsoft to provide electricity for a Microsoft-operated data center. The agreement is part of Project Kilby, in which Chevron (through its subsidiary Energy Forge One), Engine No. 1, and Microsoft are working together to develop roughly 2.67 gigawatts (GW) of on-site power.

As part of this project, most of the power will come from GE Vernova's gas-powered turbines and related infrastructure. Additional capacity will come from Solar Turbines, a wholly owned subsidiary of Caterpillar. The modular approach enables the project to add capacity over time, and the power plant is expected to begin supplying power by 2028.

Chevron plays a key role as a co-investor and developer through Energy Forge One, as well as a fuel provider. Chevron will supply natural gas from its Permian Basin production field directly to the power plant, while Energy Forge One will manage the long-term operations, including maintenance and water management systems.

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The deal adds a diversified, stable revenue stream for Chevron The move into AI data centers provides Chevron with a targeted, high-margin commercial expansion. This behind-the-meter data center allows Chevron to use associated natural gas, a byproduct of crude oil drilling. Because of limited capacity, companies often have to burn off excess gas, but now Chevron has a place to redirect it as hyperscalers seek baseload energy from natural gas turbines.

The 20-year PPA take-or-pay contract provides Chevron with stable revenue over the life of the contract. The take-or-pay model ensures Chevron recovers its investment and eliminates upstream gas price volatility, while Microsoft secures scarce energy decades in advance.

The AI data center build-out continues to reveal the true bottleneck for hyperscalers: reliable power. This deal helps Chevron add another revenue stream benefiting from AI's secular growth and could pave the way for more deals in the future. It's the kind of news long-term investors should pay closer attention to.

Courtney Carlsen has positions in Chevron, GE Vernova, and Microsoft. The Motley Fool has positions in and recommends Caterpillar, Chevron, GE Vernova, and Microsoft. The Motley Fool has a disclosure policy.

Biondo Investment Advisors LLC acquired a new stake in shares of Chevron Corporation (NYSE:CVX – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 73,440 shares of the oil and gas company’s stock, valued at approximately $12,173,000. Chevron accounts for about 1.5% of Biondo Investment Advisors LLC’s investment portfolio, making the stock its 23rd biggest holding.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CVX. Blue Capital Inc. bought a new position in Chevron during the second quarter valued at about $786,000. OneAscent Wealth Management LLC bought a new stake in shares of Chevron during the 2nd quarter worth about $973,000. Global Retirement Partners LLC acquired a new position in shares of Chevron during the 2nd quarter valued at about $14,276,000. Indivisible Partners acquired a new position in shares of Chevron during the 4th quarter valued at about $1,923,000. Finally, Janney Montgomery Scott LLC raised its stake in shares of Chevron by 6.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company’s stock valued at $258,853,000 after acquiring an additional 79,439 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analysts Set New Price Targets Several equities research analysts recently weighed in on CVX shares. Dbs Bank upgraded Chevron to a “moderate buy” rating in a report on Thursday, August 6th. Sanford C. Bernstein lifted their price target on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Zacks Research cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Piper Sandler initiated coverage on shares of Chevron in a research note on Thursday, July 23rd. They issued an “overweight” rating and a $207.00 target price on the stock. Finally, Morgan Stanley lifted their target price on shares of Chevron from $210.00 to $218.00 and gave the stock an “overweight” rating in a report on Wednesday. Twenty equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $207.48.

View Our Latest Stock Report on Chevron Insider Transactions at Chevron In related news, Director John B. Hess sold 710,665 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the completion of the transaction, the director directly owned 363,711 shares of the company’s stock, valued at $70,596,305.10. This trade represents a 66.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew Benjamin Walz sold 16,800 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of the sale, the insider directly owned 14 shares in the company, valued at $2,814.84. This trade represents a 99.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,152,582 shares of company stock valued at $225,853,661 in the last ninety days. 0.56% of the stock is owned by company insiders.

Chevron Stock Down 0.0% CVX stock opened at $205.25 on Monday. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The company has a market cap of $405.53 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. The business’s 50-day simple moving average is $185.03 and its 200 day simple moving average is $188.17. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX – Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. During the same quarter in the prior year, the firm posted $1.77 EPS. The company’s revenue for the quarter was up 57.4% on a year-over-year basis. On average, research analysts anticipate that Chevron Corporation will post 16.17 earnings per share for the current year.

Chevron Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio is presently 68.26%.

Key Stories Impacting Chevron Here are the key news stories impacting Chevron this week:

Positive Sentiment: Brent crude recently approached $94–$95 per barrel amid renewed Middle East tensions and concerns about Strait of Hormuz disruptions. Sustained higher oil prices typically benefit Chevron’s upstream revenue, margins and cash flow. Chevron jumps as Brent crude approaches $94 Positive Sentiment: Chevron confirmed an oil and gas condensate discovery at the 105-4X well in offshore Angola. Its proximity to existing facilities could allow a lower-cost tie-back, creating a potential source of future production. Chevron Angola discovery analysis Positive Sentiment: Chevron’s $1.78 quarterly dividend, equal to $7.12 annually and an approximately 3.5% yield, reinforces its appeal to income investors. The company also recently exceeded quarterly earnings and revenue expectations. Chevron raises dividend Neutral Sentiment: Analysis comparing Chevron with Exxon Mobil highlights differing long-term strategies, including Chevron’s continued emphasis on oil and gas. The approach could benefit from strong commodity prices but leaves CVX more exposed to future oil-demand and price cycles. Chevron versus Exxon Mobil analysis Negative Sentiment: Iraq plans to more than double its oil output over the next six years. If achieved, the added supply could pressure global crude prices and reduce the earnings benefit Chevron receives from today’s elevated prices. Iraq oil output and Chevron Negative Sentiment: Two Chevron insiders sold shares recently: Andrew Benjamin Walz sold 16,800 shares, while R. Hewitt Pate sold 2,470 shares. Although such transactions may reflect personal financial planning, they can create a modest sentiment overhang. Chevron insider sale report Negative Sentiment: A separate analysis says concerns remain centered on Chevron, including issues surrounding its Hess Midstream exposure and broader execution risks. The report may temper enthusiasm after CVX’s recent advance. Hess Midstream: The Issue Remains With Chevron About Chevron (Free Report)

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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Allworth Financial LP purchased a new position in Chevron Corporation (NYSE:CVX – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 367,543 shares of the oil and gas company’s stock, valued at approximately $60,924,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. United Bank raised its position in shares of Chevron by 7.7% in the 2nd quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock worth $1,586,000 after buying an additional 796 shares during the period. Schnieders Capital Management LLC. increased its stake in Chevron by 9.0% during the second quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock worth $7,280,000 after acquiring an additional 4,214 shares during the last quarter. BNP Paribas increased its stake in Chevron by 76.4% during the second quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock worth $63,000 after acquiring an additional 191 shares during the last quarter. Osterweis Capital Management Inc. raised its holdings in shares of Chevron by 678.9% in the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company’s stock worth $195,000 after purchasing an additional 1,188 shares during the period. Finally, Main Street Financial Solutions LLC raised its holdings in shares of Chevron by 3.6% in the 2nd quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company’s stock worth $2,299,000 after purchasing an additional 553 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance Shares of NYSE:CVX opened at $205.25 on Friday. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The stock has a market cap of $405.53 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 0.62 and a beta of 0.49. The stock’s 50 day moving average price is $185.03 and its 200 day moving average price is $188.07. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98.

Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same period last year, the company posted $1.77 EPS. The firm’s quarterly revenue was up 57.4% on a year-over-year basis. Equities research analysts anticipate that Chevron Corporation will post 16.17 earnings per share for the current fiscal year. Chevron Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.5%. Chevron’s dividend payout ratio (DPR) is currently 68.26%.

Wall Street Analysts Forecast Growth A number of analysts have recently weighed in on CVX shares. Mizuho set a $224.00 price target on shares of Chevron in a research report on Monday, August 3rd. Bank of America upped their price target on shares of Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Piper Sandler initiated coverage on shares of Chevron in a research note on Thursday, July 23rd. They set an “overweight” rating and a $207.00 price objective on the stock. UBS Group reissued a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Finally, Barclays dropped their target price on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research report on Monday. Twenty equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $207.48.

View Our Latest Research Report on Chevron

Insider Transactions at Chevron In other Chevron news, Director John B. Hess sold 710,665 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $194.10, for a total value of $137,940,076.50. Following the completion of the sale, the director directly owned 363,711 shares of the company’s stock, valued at approximately $70,596,305.10. This represents a 66.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew Benjamin Walz sold 16,800 shares of the firm’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the transaction, the insider owned 14 shares of the company’s stock, valued at approximately $2,814.84. This trade represents a 99.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,152,582 shares of company stock valued at $225,853,661 in the last three months. 0.56% of the stock is currently owned by insiders.

Key Headlines Impacting Chevron Here are the key news stories impacting Chevron this week:

Positive Sentiment: Brent crude recently approached $94–$95 per barrel amid renewed Middle East tensions and concerns about Strait of Hormuz disruptions. Sustained higher oil prices typically benefit Chevron’s upstream revenue, margins and cash flow. Chevron jumps as Brent crude approaches $94 Positive Sentiment: Chevron confirmed an oil and gas condensate discovery at the 105-4X well in offshore Angola. Its proximity to existing facilities could allow a lower-cost tie-back, creating a potential source of future production. Chevron Angola discovery analysis Positive Sentiment: Chevron’s $1.78 quarterly dividend, equal to $7.12 annually and an approximately 3.5% yield, reinforces its appeal to income investors. The company also recently exceeded quarterly earnings and revenue expectations. Chevron raises dividend Neutral Sentiment: Analysis comparing Chevron with Exxon Mobil highlights differing long-term strategies, including Chevron’s continued emphasis on oil and gas. The approach could benefit from strong commodity prices but leaves CVX more exposed to future oil-demand and price cycles. Chevron versus Exxon Mobil analysis Negative Sentiment: Iraq plans to more than double its oil output over the next six years. If achieved, the added supply could pressure global crude prices and reduce the earnings benefit Chevron receives from today’s elevated prices. Iraq oil output and Chevron Negative Sentiment: Two Chevron insiders sold shares recently: Andrew Benjamin Walz sold 16,800 shares, while R. Hewitt Pate sold 2,470 shares. Although such transactions may reflect personal financial planning, they can create a modest sentiment overhang. Chevron insider sale report Negative Sentiment: A separate analysis says concerns remain centered on Chevron, including issues surrounding its Hess Midstream exposure and broader execution risks. The report may temper enthusiasm after CVX’s recent advance. Hess Midstream: The Issue Remains With Chevron Chevron Profile (Free Report)

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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Bell & Brown Wealth Advisors LLC purchased a new stake in shares of Chevron Corporation (NYSE:CVX – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 30,707 shares of the oil and gas company’s stock, valued at approximately $5,090,000. Chevron accounts for 1.5% of Bell & Brown Wealth Advisors LLC’s holdings, making the stock its 25th biggest position.

A number of other large investors have also added to or reduced their stakes in CVX. Midwest Capital Advisors LLC bought a new stake in shares of Chevron in the first quarter valued at $25,000. Core Wealth Advisors LLC bought a new position in shares of Chevron during the 4th quarter worth $26,000. Phillip James Consulting Co. bought a new position in shares of Chevron during the 4th quarter worth $26,000. Basso Capital Management L.P. bought a new position in shares of Chevron during the 4th quarter worth $27,000. Finally, Karpus Management Inc. purchased a new stake in Chevron in the 4th quarter worth about $27,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron News Roundup Here are the key news stories impacting Chevron this week:

Positive Sentiment: Chevron announced an oil and gas condensate discovery at the 105-4X well in offshore Angola’s Block 0. The well encountered a hydrocarbon column exceeding 600 meters and more than 90 meters of net pay; its proximity to existing infrastructure could allow a relatively low-cost tie-back and support future production growth. Chevron Angola discovery article Positive Sentiment: Equinor agreed to acquire a 17.4% interest in Chevron-operated exploration licence PEL 90 offshore Namibia. The partnership shares exploration costs while Chevron retains operatorship, reducing financial exposure ahead of a planned 2026 drilling program in the Orange Basin. Equinor Namibia stake article Positive Sentiment: Traders purchased 62,675 CVX call options, roughly 45% above typical volume, signaling increased near-term bullish interest. Positive Sentiment: Chevron’s quarterly dividend of $1.78 per share is scheduled for September 10, representing a $7.12 annualized payout and an approximately 3.5% yield. The dividend supports CVX’s appeal to income-focused investors. Neutral Sentiment: Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $207.13, although the target implies limited upside from recent levels. Negative Sentiment: CEO Michael Wirth sold 317,100 shares for approximately $63.6 million, reducing his reported ownership by 92.34%. Another insider, Andrew Benjamin Walz, sold 16,800 shares for about $3.4 million. The transactions may weigh on sentiment, although insider sales can reflect personal or scheduled financial planning. Chevron insider filing Negative Sentiment: Recent weakness in oil prices remains a risk because lower commodity prices can reduce Chevron’s upstream revenue, earnings and cash flow. Chevron Stock Up 0.0% Shares of NYSE:CVX opened at $205.78 on Thursday. The firm has a fifty day moving average price of $184.27 and a two-hundred day moving average price of $187.75. The company has a market cap of $406.57 billion, a price-to-earnings ratio of 19.73, a PEG ratio of 0.63 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71. Chevron (NYSE:CVX – Get Free Report) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.51. The firm had revenue of $67.20 billion for the quarter, compared to analysts’ expectations of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business’s quarterly revenue was up 57.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.77 earnings per share. Analysts anticipate that Chevron Corporation will post 15.86 EPS for the current fiscal year.

Chevron Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio is presently 68.26%.

Insider Activity In other Chevron news, insider Andrew Benjamin Walz sold 16,800 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the sale, the insider directly owned 14 shares of the company’s stock, valued at $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael K. Wirth sold 317,100 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 1,150,112 shares of company stock worth $225,347,040. 0.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In CVX has been the topic of several research reports. TD Cowen boosted their price target on shares of Chevron from $200.00 to $205.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. Mizuho set a $224.00 price objective on shares of Chevron in a report on Monday, August 3rd. Wolfe Research upgraded shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a research note on Thursday, July 2nd. UBS Group reissued a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Finally, Dbs Bank upgraded Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. Twenty analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $207.48.

Get Our Latest Analysis on Chevron

Chevron Profile (Free Report)

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

Further Reading Five stocks we like better than Chevron Bloom Energy’s AI Surge Meets a Valuation Reality Check Target Is Winning Shoppers Back—Can the Rally Reach $180? IonQ’s Space Contract Points to a New Frontier for Quantum Investors Is Apple’s AI Strategy Smarter Than Skeptics Think? Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX – Free Report).

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AMG National Trust Bank purchased a new stake in Chevron Corporation (NYSE:CVX – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 42,697 shares of the oil and gas company’s stock, valued at approximately $7,077,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. Norges Bank purchased a new position in Chevron during the 4th quarter worth approximately $3,727,586,000. Bank of New York Mellon Corp purchased a new stake in shares of Chevron during the 2nd quarter worth approximately $2,378,114,000. State Street Corp lifted its holdings in shares of Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after purchasing an additional 12,789,399 shares in the last quarter. Berkshire Hathaway Inc lifted its stake in Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after buying an additional 8,091,570 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in Chevron by 822.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company’s stock worth $946,658,000 after purchasing an additional 5,537,580 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades Several brokerages have weighed in on CVX. Jefferies Financial Group reiterated a “buy” rating and issued a $216.00 price target on shares of Chevron in a report on Friday, July 10th. UBS Group reissued a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Wolfe Research upgraded shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a report on Thursday, July 2nd. Mizuho set a $224.00 price target on shares of Chevron in a report on Monday, August 3rd. Finally, Weiss Ratings raised shares of Chevron from a “hold (c)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and an average target price of $207.13.

Get Our Latest Report on Chevron Chevron News Roundup Here are the key news stories impacting Chevron this week:

Positive Sentiment: Major Angola discovery expands Chevron’s resource base. Chevron’s 105-4X exploration well in offshore Angola’s Block 0 encountered a hydrocarbon column exceeding 600 meters (about 2,000 feet), including more than 90 meters of net pay in the primary Pinda reservoir. The size of the find strengthens the company’s long-term production outlook and supports its strategic exploration program in Sub-Saharan Africa. Reuters article Positive Sentiment: Potential tie-in could reduce development costs. The discovery is located near existing Block 0 infrastructure, creating the possibility of a relatively efficient tie-back and potentially accelerating development while limiting capital requirements. However, commerciality, appraisal work and a development timeline have not yet been established. Chevron Stock Rises After Major Angola Discovery Positive Sentiment: Higher oil prices provide additional sector support. Reports that Brent crude was approaching $89 a barrel amid continued disruption and uncertainty around the Strait of Hormuz are supportive of Chevron’s upstream revenue and cash-flow prospects, although the geopolitical situation also raises market and operating risks. Brent Crude Nears $89 Neutral Sentiment: Income appeal remains part of the investment case. Chevron continues to be highlighted by analysts as a dividend-paying energy major with potential upside, but the dividend coverage and valuation were not materially changed by these reports. Dividend Stocks Article Insider Activity at Chevron In related news, CEO Michael K. Wirth sold 5,547 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value of $1,037,289.00. Following the completion of the sale, the chief executive officer owned 26,308 shares of the company’s stock, valued at approximately $4,919,596. The trade was a 17.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John B. Hess sold 100,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the completion of the transaction, the director owned 178,045 shares in the company, valued at $34,587,021.70. This represents a 35.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is currently owned by company insiders.

Chevron Price Performance NYSE CVX opened at $202.75 on Tuesday. The company has a 50-day moving average price of $183.57 and a two-hundred day moving average price of $187.25. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The stock has a market cap of $400.59 billion, a price-to-earnings ratio of 19.44, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same period in the prior year, the company posted $1.77 EPS. The business’s revenue for the quarter was up 57.4% compared to the same quarter last year. Analysts forecast that Chevron Corporation will post 15.86 EPS for the current year.

Chevron Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron’s payout ratio is currently 68.26%.

Chevron Company Profile (Free Report)

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

See Also Five stocks we like better than Chevron Commodities Are Booming, But These 3 ETFs Tell Different Stories 3 Active ETFs Making Big Moves in August This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem Birkenstock Beats the Skeptics—But Not on EPS Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX – Free Report).

Receive News & Ratings for Chevron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chevron and related companies with MarketBeat.com's FREE daily email newsletter.

B & T Capital Management DBA Alpha Capital Management acquired a new stake in Chevron Corporation (NYSE:CVX – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 30,029 shares of the oil and gas company’s stock, valued at approximately $4,978,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVX. MidFirst Bank acquired a new position in Chevron during the second quarter worth $6,541,000. BlackRock Inc. acquired a new stake in Chevron in the second quarter valued at $25,663,729,000. Occidental Asset Management LLC acquired a new stake in Chevron in the second quarter valued at $966,000. Succession Financial Inc. purchased a new position in shares of Chevron in the second quarter valued at $373,000. Finally, Dunhill Financial LLC purchased a new position in shares of Chevron in the second quarter valued at $346,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades Several equities research analysts recently commented on CVX shares. Bank of America boosted their price objective on shares of Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Scotiabank raised their target price on shares of Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Jefferies Financial Group restated a “buy” rating and set a $216.00 target price on shares of Chevron in a report on Friday, July 10th. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Sanford C. Bernstein upped their price target on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Twenty equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $207.13.

Get Our Latest Analysis on CVX Chevron Trading Up 1.4% Shares of CVX opened at $202.75 on Tuesday. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The firm has a market capitalization of $400.59 billion, a P/E ratio of 19.44, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The stock’s fifty day simple moving average is $183.57 and its 200 day simple moving average is $187.25.

Chevron (NYSE:CVX – Get Free Report) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same period in the previous year, the company posted $1.77 EPS. Chevron’s revenue for the quarter was up 57.4% on a year-over-year basis. On average, equities research analysts forecast that Chevron Corporation will post 15.86 earnings per share for the current year.

Chevron Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio is presently 68.26%.

Insider Buying and Selling at Chevron In other news, Director John B. Hess sold 100,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the transaction, the director owned 178,045 shares of the company’s stock, valued at $34,587,021.70. This represents a 35.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael K. Wirth sold 5,547 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $187.00, for a total value of $1,037,289.00. Following the completion of the transaction, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at approximately $4,919,596. The trade was a 17.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,196,212 shares of company stock worth $231,819,366 over the last ninety days. 0.56% of the stock is owned by corporate insiders.

Key Headlines Impacting Chevron Here are the key news stories impacting Chevron this week:

Positive Sentiment: Major Angola discovery expands Chevron’s resource base. Chevron’s 105-4X exploration well in offshore Angola’s Block 0 encountered a hydrocarbon column exceeding 600 meters (about 2,000 feet), including more than 90 meters of net pay in the primary Pinda reservoir. The size of the find strengthens the company’s long-term production outlook and supports its strategic exploration program in Sub-Saharan Africa. Reuters article Positive Sentiment: Potential tie-in could reduce development costs. The discovery is located near existing Block 0 infrastructure, creating the possibility of a relatively efficient tie-back and potentially accelerating development while limiting capital requirements. However, commerciality, appraisal work and a development timeline have not yet been established. Chevron Stock Rises After Major Angola Discovery Positive Sentiment: Higher oil prices provide additional sector support. Reports that Brent crude was approaching $89 a barrel amid continued disruption and uncertainty around the Strait of Hormuz are supportive of Chevron’s upstream revenue and cash-flow prospects, although the geopolitical situation also raises market and operating risks. Brent Crude Nears $89 Neutral Sentiment: Income appeal remains part of the investment case. Chevron continues to be highlighted by analysts as a dividend-paying energy major with potential upside, but the dividend coverage and valuation were not materially changed by these reports. Dividend Stocks Article Chevron Profile (Free Report)

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

See Also Five stocks we like better than Chevron Commodities Are Booming, But These 3 ETFs Tell Different Stories 3 Active ETFs Making Big Moves in August This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem Birkenstock Beats the Skeptics—But Not on EPS Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX – Free Report).

Receive News & Ratings for Chevron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chevron and related companies with MarketBeat.com's FREE daily email newsletter.

Chevron Corporation (NYSE:CVX) shares are trading higher on Monday as the company has made a new discovery in its exploration program in Sub-Saharan Africa, signaling potential growth in its operations.

This positive news comes during a mixed market day, with the Energy sector gaining 0.56%, making it one of the top-performing sectors, while the broader S&P 500 is slightly down by 0.1%.

• Chevron shares are trending higher. What’s driving CVX shares up?

Discovery in Angola Drives Shares HigherChevron, through its subsidiary Cabinda Gulf Oil Company Ltd., confirmed an oil and gas condensate discovery at the 105-4X exploration well in Block 0 offshore Angola.

Block 0 is operated by CABGOC, which holds a 39.2% working interest, alongside Sonangol E&P (41%), TotalEnergies (10%) and Azule Energy (9.8%). The discovery strengthens Chevron’s Sub-Saharan Africa portfolio, where it produces about 300,000 boe/d net and continues expanding its resource base.

Drilled in the Lower Congo Basin, the well encountered a hydrocarbon column exceeding 600 meters (2,000 feet) in the Pinda reservoir, including more than 90 meters (300 feet) of net pay in high-quality reservoir rock.

Chevron will evaluate the discovery for potential development as a tie-back to nearby existing facilities, offering a capital-efficient route to production.

Read Next

CVX Technical Outlook: Momentum and Key Support LevelsThe stock is currently trading at $201.69, which is about 4.3% above its 20-day simple moving average (SMA) of $193.26. The moving average convergence divergence (MACD) is above its signal line, indicating that downside pressure is easing, suggesting improving momentum for the stock.

Key Resistance: $214.50 — Nearby level where rebounds can stall. Key Support: $186.00 — Nearby level where buyers previously stepped in. Chevron (CVX) Earnings Preview and Analyst Price TargetsChevron is slated to provide its next financial update on Oct. 30 (estimated).

EPS Estimate: $4.47 (Up from $1.85) Revenue Estimate: $56.23 billion (Up from $49.73 billion) Valuation: P/E of 19.2x (Indicates fair valuation) Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $211.71. Recent analyst moves include:

Barclays: Equal-Weight (Lowers target to $208 on Aug. 17) TD Cowen: Hold (Raises target to $205 on Aug. 5) Bernstein: Market Perform (Raises Target to $209 on Aug. 3) How Chevron (CVX) Ranks On Value, Growth and MomentumBelow is the Benzinga Edge scorecard for Chevron, highlighting its strengths and weaknesses compared to the broader market:

Value: 81.18 — Stock is considered a strong value relative to peers. Growth: 67.85 — Indicates moderate growth potential. Momentum: 64.1 — Suggests a neutral momentum profile. The Verdict: Chevron’s Benzinga Edge signal reveals a balanced profile, with strong value metrics and moderate growth potential. This suggests that while the stock is well-positioned in terms of valuation, it may face challenges in accelerating growth momentum.

Top ETFs Holding Chevron (CVX) and Why It Matters iShares Core High Dividend ETF (NYSE:HDV): 5.93% Weight First Trust Morningstar Dividend Leaders Index Fund (NYSE:FDL): 7.90% Weight State Street SPDR S&P North American Natural Resources ETF (NYSE:NANR): 6.53% Weight Significance: Because Cheveron carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

CVX Stock Price Today: Chevron Shares In FocusCVX Stock Price Activity: Chevron shares were up 1.39% at $202.79 at the time of publication on Monday, according to Benzinga Pro data.

Photo via Shutterstock 

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Bridgewater Advisors Inc. bought a new position in Chevron Corporation (NYSE:CVX – Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 8,091 shares of the oil and gas company’s stock, valued at approximately $1,543,000.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Chevron in the fourth quarter valued at approximately $3,727,586,000. State Street Corp increased its stake in Chevron by 9.1% during the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after acquiring an additional 12,789,399 shares during the last quarter. Berkshire Hathaway Inc lifted its stake in shares of Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after purchasing an additional 8,091,570 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Chevron by 822.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company’s stock valued at $946,658,000 after purchasing an additional 5,537,580 shares during the last quarter. Finally, Aristotle Capital Management LLC grew its holdings in shares of Chevron by 653.0% during the 1st quarter. Aristotle Capital Management LLC now owns 4,526,223 shares of the oil and gas company’s stock worth $936,492,000 after purchasing an additional 3,925,137 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 1.2% NYSE CVX opened at $199.99 on Friday. The firm has a 50 day simple moving average of $183.30 and a 200-day simple moving average of $186.88. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71. The firm has a market cap of $395.13 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 0.61 and a beta of 0.49.

Chevron (NYSE:CVX – Get Free Report) last released its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. During the same period in the previous year, the firm posted $1.77 EPS. Chevron’s revenue for the quarter was up 57.4% on a year-over-year basis. Equities research analysts anticipate that Chevron Corporation will post 15.86 EPS for the current fiscal year.

Chevron Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.6%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio (DPR) is currently 68.26%.

Analyst Upgrades and Downgrades Several research analysts have weighed in on CVX shares. TD Cowen increased their target price on shares of Chevron from $200.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, August 5th. Sanford C. Bernstein boosted their price target on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Piper Sandler started coverage on shares of Chevron in a report on Thursday, July 23rd. They issued an “overweight” rating and a $207.00 target price for the company. Finally, UBS Group restated a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Twenty research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $207.48.

Get Our Latest Research Report on CVX

Insider Buying and Selling at Chevron In other Chevron news, CEO Michael K. Wirth sold 5,547 shares of Chevron stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total transaction of $1,037,289.00. Following the transaction, the chief executive officer owned 26,308 shares of the company’s stock, valued at $4,919,596. The trade was a 17.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John B. Hess sold 100,000 shares of Chevron stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the completion of the transaction, the director owned 178,045 shares in the company, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,196,212 shares of company stock worth $231,819,366 over the last quarter. 0.56% of the stock is owned by company insiders.

Chevron Profile (Free Report)

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

Further Reading Five stocks we like better than Chevron Is Best Buy the AI Winner Hiding in the Electronics Aisle? Applied Materials Beat Everything but Wall Street’s Expectations for Margins Back From Orbit, Intuitive Machines’ Share Price Enters the Buy Zone Texas Roadhouse and Brinker International Have the Recipe Rivals Are Missing Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX – Free Report).

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For the quarter ended June 2026, Chevron (CVX - Free Report) reported revenue of $70.06 billion, up 56.3% over the same period last year. EPS came in at $6.06, compared to $1.77 in the year-ago quarter.

The reported revenue represents a surprise of +21.78% over the Zacks Consensus Estimate of $57.53 billion. With the consensus EPS estimate being $5.80, the EPS surprise was +4.48%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Chevron performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

U.S. Upstream - Net oil-equivalent production per day: 2077 millions of barrels of oil equivalent per day versus 2046.62 millions of barrels of oil equivalent per day estimated by four analysts on average.U.S. and International Upstream - Total net oil-equivalent production: 4070 millions of barrels of oil equivalent versus the four-analyst average estimate of 4047.93 millions of barrels of oil equivalent.International Upstream - Net oil-equivalent production per day: 1993 millions of barrels of oil equivalent per day versus the four-analyst average estimate of 2001.05 millions of barrels of oil equivalent per day.U.S. Upstream - Net natural gas production per day: 3,520.00 Mcf/D compared to the 3,363.76 Mcf/D average estimate based on three analysts.International Upstream - Net natural gas production per day (Natural Gas Production): 5,390.00 Mcf/D versus the three-analyst average estimate of 5,348.14 Mcf/D.Segment sales and other operating revenues- Upstream- International: $11.87 billion compared to the $12.33 billion average estimate based on two analysts. The reported number represents a change of +69.5% year over year.Segment sales and other operating revenues- Upstream- United States: $5.66 billion versus $9.29 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +39.3% change.Revenue from net production- Crude- U.S. Upstream: $95.66 million versus the two-analyst average estimate of $87.82 million.Revenue from net production- NGLs- U.S. Upstream: $21.56 million compared to the $22.48 million average estimate based on two analysts.Revenues- Income (loss) from equity affiliates: $2.13 billion compared to the $1.12 billion average estimate based on two analysts. The reported number represents a change of +296.5% year over year.Revenues- Sales and other operating revenues: $67.2 billion compared to the $59.3 billion average estimate based on two analysts. The reported number represents a change of +51.4% year over year.Revenues- Other income: $731 million versus the two-analyst average estimate of $244.88 million. The reported number represents a year-over-year change of -921.4%.View all Key Company Metrics for Chevron here>>>

Shares of Chevron have returned +7% over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

War. Huh? What is it good for? Well, apparently it's good for oil prices and oil stocks -- Chevron (CVX +3.33%) in particular.

Global demand for oil amid Mideast turmoil spurred Chevron to raise its production forecast to between 4 million and 4.1 million barrels per day for this year, as TheFly.com reported late Friday. At the same time, Chevron advised that its capital spending will be closer to $18 billion than $19 billion.

Investors liked the news, and Chevron stock is up 3.2% through 10:15 a.m. ET this morning.

Image source: Getty Images.

More oil, less spending, more profit! More oil production at higher prices, and less capital spending? That's a recipe for higher profits and a near-term gusher of cash. Accordingly, Chevron told investors it anticipates growing its free cash flow by about $12.5 billion this year.

Added to the $16.6 billion the company generated last year, this implies 2026 FCF could surpass $29 billion, growing 75% year over year!

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How to value Chevron stock With $16.5 billion in FCF already produced this year, a $29.1 billion by year-end looks entirely achievable. Indeed, at its current pace, Chevron could potentially bury its own forecast and generate as much as $33 billion this year.

But let's work off the company's own, more conservative forecast.

Chevron has a $366 billion market capitalization. Dividing $29.1 billion into that gives us a 12.6x price-to-free cash flow ratio for Chevron stock. Factoring in a 3.8% dividend yield, I'd say any long-term growth rate of 9% or better would be good enough to make this stock a buy -- and analysts are forecasting more than a 16% long-term growth rate.

That's good enough for me. Chevron stock looks cheap enough to buy.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chevron. The Motley Fool has a disclosure policy.

ToplineChevron’s commodity derivatives—financial contracts used to hedge risks associated with oil shipments—trended upward for the company in its latest quarter after recording a $3.1 billion loss in the previous one amid “heightened volatility” during the Iran war.

Chevron submitted the SEC filing Thursday.

Photo by Brandon Bell/Getty Images

Key FactsChevron’s commodity derivatives raked in $368 million in the company’s second quarter, a significant jump from the $3.1 billion loss posted in its first quarter, according to an SEC filing.

Chevron disclosed $870 million in margin calls posted as cash collateral in its first quarter, which dropped to $139 million by the quarter ended June 30 and marked a cash recovery that came as oil prices dropped from their highs in March.

A footnote in the filing’s derivatives section said “heightened volatility in commodity prices associated with the ongoing conflict in the Middle East” created large losses and forced Chevron to pay out cash to cover its trading accounts.

Chevron stock traded up 1.4% to around $188 per share as of Thursday afternoon.

Big Number$12.1 billion. That was Chevron’s reported net income in its latest quarter, far above the $2.5 billion it reported in the same period last year. The figure was driven by increased production volumes and the Iran war, which sent commodity prices higher.

TangentEnergy firm Phillips 66 said in an earnings call Wednesday it became the third-largest buyer of Venezuelan crude oil, benefiting from maritime trading exemptions doled out by the Trump administration. Phillips 66 was excluded from President Donald Trump’s scrutiny of oil giants this week, as he has blasted Chevron and Exxon for “making too much money” amid the Iran war.

Key BackgroundBrent crude, one of the global pricing benchmarks for crude oil, averaged $81 per barrel in the first quarter and surged to an average of $92 per barrel as fears surged around the Iran war. Prices for the oil are up 33% since the start of the year, when the cost for a barrel was about $60. Chevron’s net short position in commodity derivatives means the company profits when oil prices fall. So, as Brent crude surged to well above the $100 mark in March and April, the company eventually benefited from a drop down to about $73 that came in the nick of time for its earnings window. Trump’s anger with Chevron and Exxon’s profits come as gas prices remain stubbornly high despite the recent slump in oil prices, with the president threatening to have the companies “give some of that back to the public,” though Trump did not elaborate on how that could be done.

Further ReadingPhillips 66 Says It’s The Third-Largest Buyer Of Venezuelan Crude As Trump Blasts Exxon And Chevron (Forbes)

Chevron Corporation (NYSE:CVX) on Friday reported better-than-expected second-quarter 2026 results.

Adjusted EPS of $6.06 beat the $5.56 estimate. Total revenues and other income rose 56.3% to $70.06 billion, topping the $61.97 billion estimate.

“Faced with geopolitical uncertainty and market volatility, Chevron’s people remain focused on safely delivering the reliable energy the world needs,” Chevron CEO Mike Wirth said. “Our strong second quarter performance is a result of disciplined investment and strong execution that drove record U.S. upstream production, record crude throughput in our U.S. refineries, and exceptional reliability across key assets.”

Chevron shares fell 0.8% to trade at $195.38 on Monday.

These analysts made changes to their price targets on Chevron following earnings announcement.

Barclays analyst Betty Jiang maintained the stock with an Equal-Weight rating and raised the price target from $213 to $216. Bernstein analyst Bob Brackett maintained the stock with a Market Perform and raised the price target from $204 to $209. Considering buying CVX stock? Here’s what analysts think:

Photo via Shutterstock

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Chevron (CVX +2.35%) is an integrated energy company. That's important for investors to remember, since it not only produces oil and natural gas, but it also transports the vital fuels and processes them. The power of the integrated business model was on full display in July, when Chevron reached an accord with Iraq on major energy investments in the country. Here's why it could change both Chevron and the energy sector as a whole.

What does Chevron do? Chevron is one of the world's largest energy companies. It has a globally diversified portfolio of energy assets, ranging from the upstream (production) all the way to downstream (chemicals and refining). One big benefit of this model is that Chevron can invest its capital where it believes it will produce the most economic benefit. That's not just a statement about production; it also involves investments in the midstream (pipeline) and downstream segments of its business.

Image source: Getty Images.

On the production front, Chevron reached an accord with Iraq in July about making investments in two of the country's oil fields. That's a big deal because it supports Chevron's production. Since oil is a depleting asset, the company is always on the lookout for new production to replace older fields where production is declining.

That alone isn't enough to reshape Chevron's business or change much about the broader energy industry. The big piece is that the accord highlights the importance of Chevron joining a consortium to build a pipeline that will allow Iraq's oil to bypass the Strait of Hormuz. The pipeline would run through Syria, reaching all the way to the Mediterranean coast.

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This could be the game changer, given that the big problem arising from the geopolitical conflict in the Middle East is the effective closure of the Strait of Hormuz. If energy companies find a way around that problem, energy security will improve materially. It will also make investing in the Middle East's energy industry far more attractive for companies like Chevron. Simply put, the investments Chevron is discussing making in Iraq will work out better if the pipeline is built. And that could lead to even more investment in the future.

It takes time to develop big energy projects There's a caveat here. Chevron's accord isn't a binding agreement. It still has to ink a final investment deal. And even then, it takes time to get energy fields up and running, and to build massive oil pipelines. This isn't a decision that moves the needle right now. But it could help to reshape Chevron and the entire oil industry over the next decade. For investors who think long term, you'll want to pay close attention to Chevron's moves in Iraq today.

Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chevron. The Motley Fool has a disclosure policy.

Key Takeaways Chevron discussed potential investments in West Qurna 2 and Nassiriya with Iraqi officials.CVX signed preliminary agreements to assess Nassiriya and study crude export pipeline projects.Chevron could expand its Middle East upstream portfolio if talks lead to operating contracts and approvals. Chevron Corporation (CVX - Free Report) is once again exploring opportunities in Iraq, signaling renewed interest in one of the world's largest oil-producing regions. The company recently held discussions with Iraqi officials regarding potential investments in the giant West Qurna 2 and Nassiriya oil fields. This move follows Russia's Lukoil's exit from the West Qurna 2 project, creating an opportunity for Iraq to bring in another international energy major as a potential operator.

Chevron Evaluates Multiple Growth Opportunities in IraqThe latest discussions suggest CVX is evaluating opportunities beyond a single producing asset. In addition to West Qurna 2, the company has signed preliminary agreements to evaluate development opportunities at Nassiriya, which includes four exploration blocks and the Balad oil field. CVX is also expected to participate in technical studies for proposed crude export pipeline projects linking Iraq with Turkey and Syria. Together, these initiatives indicate that Chevron is assessing a broader presence across Iraq's upstream sector and export infrastructure rather than pursuing an isolated investment.

Why Iraq Matters to ChevronThe potential opportunity is significant. Iraq possesses some of the world's largest proven crude oil reserves, while fields such as West Qurna 2 rank among the country's highest-producing assets. For CVX, gaining access to these conventional, long-life reservoirs could complement its existing portfolio by adding large-scale production assets capable of generating output for decades. Although the discussions remain preliminary and no final investment decisions have been announced, they underscore Chevron's growing interest in expanding its footprint in the Middle East.

Global Energy Majors Continue Expanding in IraqChevron is not alone in recognizing Iraq's long-term potential.

ExxonMobil Holdings Corporation (XOM - Free Report) established its presence through the development of the giant West Qurna 1 field, demonstrating the value international oil companies place on Iraq's low-cost conventional reserves. TotalEnergies SE (TTE - Free Report) has taken a broader approach through its Gas Growth Integrated Project, combining oil production, natural gas processing, water infrastructure and renewable energy investments.

Meanwhile, BP (BP - Free Report) recently strengthened its commitment by signing an agreement to redevelop the Kirkuk oil fields, while ConocoPhillips agreed to acquire a 42% interest in the project, reinforcing the industry's continued confidence in Iraq's resource base.

Chevron's Iraq Strategy Could Boost Its International PortfolioChevron's latest discussions therefore represent more than a return to Iraq — these reflect a potential effort to secure a stronger position in one of the world's most strategically important oil markets. If these preliminary agreements ultimately lead to operating contracts and investment approvals, the company could meaningfully expand its international upstream portfolio while joining other global energy majors that are increasing their investments in Iraq.

Over the past year, Chevron's shares appreciated 21.7%, delivering a solid positive return. However, the stock lagged key integrated energy peers, including ExxonMobil, TotalEnergies and BP’s rise of 38.8%, 38.1% and 29.6%, respectively.

One-Year Share Price Comparison
Image Source: Zacks Investment Research

How Chevron's Valuation Compares
Image Source: Zacks Investment Research

Chevron's trailing P/E ratio stands at approximately 13.5x, slightly below ExxonMobil's 14x. However, its valuation remains substantially higher than BP's 9.19x and TotalEnergies' 8.61x, suggesting investors are willing to pay a higher multiple for the stock than for those European oil majors.

Earnings Outlook and Zacks Rank
Image Source: Zacks Investment Research

Over the past 60 days, the Zacks Consensus Estimate for 2026 earnings has decreased 0.89%, while the estimate for 2027 has increased 3.6%.

Final ThoughtsCVX's renewed engagement with Iraq comes at a time when global energy companies are competing for access to large, low-cost, long-life oil reserves. While the company's discussions remain at an early stage, potential investments in West Qurna 2, Nassiriya and export infrastructure could strengthen CVX's international production portfolio and support long-term growth.

Currently, CVX has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Integrated energy outfit Chevron (CVX +1.92%) is looking beyond the traditional oil and gas business for growth opportunities. That's the chief takeaway from a late-June press release in which the company announced it was working with Microsoft to power one of its new artificial intelligence (AI) data centers in West Texas, bypassing local electric utilities.

This is just a taste, however, of the direction the energy company is moving in now that it has the option to do so.

Image source: Getty Images.

Adapting to the demands of the revolution It's not a complicated arrangement. Software powerhouse Microsoft's artificial intelligence data center in West Texas needs power. Rather than tapping a nearby utility for what may or may not be an adequate or affordable supply, the tech giant is installing 2.7 gigawatts' worth of natural gas power turbines made by GE Vernova, which will use gas supplied directly by Chevron for a contracted period of 20 years.

It's obviously not Chevron's usual business model. But these are unusual times. AI data center-driven demand for electricity is straining producers. So, operators are taking matters into their own hands, largely because they can. Reliable natural gas power turbines are now available at scale, and Chevron has the infrastructure in the region to make a direct natural gas supply feasible.

For now, the agreement looks more like a test than a new business venture, but that's apt to change eventually. As Chevron's president of new energies, Jeff Gustavson, commented in an interview following the announcement, "If we can get to a returns equation that works for our company and our shareholders, you can expect to hear more from us going forward." For clarity, Gustavson made a point of adding, "This does represent a platform for growth for us." High-opportunity areas include the Midwest, the Gulf Coast, the Rocky Mountains, and Utah -- all areas where the company's already got established infrastructure.

And it should pursue them. Although these so-called "behind-the-meter" natural gas-burning power plants aren't unheard of, they've also only scratched the surface of the underlying opportunity. For perspective on the sudden surge in demand, Bloomberg notes that roughly 100 gigawatts' worth of behind-the-meter gas power has been planned or permitted specifically for U.S. data centers, but only 2 GW is currently up and running. Separately but simultaneously, PwC believes AI-driven demand for natural gas could more than quintuple over the next 10 years, with much of it being directly burned by the end user rather than a utility company.

The more Chevron can steer this evolution, the better.

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Cool stories alone don't produce meaningful cash It's an exciting prospect to be sure, simply because the idea solves a very real problem that's only apt to grow before it starts to shrink. It's also just pretty cool to see companies collaborating creatively to come up with solutions that at one point would have been unthinkable. And, it's worth mentioning that Chevron is tinkering with man-made alternatives to natural gas, if and when that time comes.

Just don't let this be the chief reason you step into a stake. It will be years before this venture grows into something that could make a noticeable difference in Chevron's gas-and-oil-driven bottom line.

A Chevron logo at the Chevron building in Houston, Texas, U.S. August 19, 2025. REUTERS/Kaylee Greenlee Purchase Licensing Rights, opens new tab

SummaryCompaniesWest Qurna 2 currently produces about 460,000 barrels per dayFriday's preliminary agreement would progress commercial terms toward a final West ​Qurna 2 takeover deal, the executive saidChevron is also discussing ‌pipeline routes to bypass the Strait of Hormuz, the executive saidHOUSTON, July 16 (Reuters) - Chevron will sign memorandums of understanding on Friday with the ​Iraqi government to advance the U.S. oil major's interests ​in the West Qurna 2 and Nassiriya oilfields, according ⁠to a senior Chevron executive.

The company is also continuing talks ​with Iraq to produce technical studies and evaluate potential pipeline routes ​to transport crude out of the country and bypass the Strait of Hormuz, the executive said.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

Iraqi Prime Minister Ali al-Zaidi, who took office in May, ​visited Chevron's Houston headquarters on Thursday as part of a ​five-day trip to the U.S., which included a meeting with President Donald Trump ‌on ⁠Tuesday.

Iraq's government is seeking to secure U.S. partnerships during this week's visit to the U.S. to help boost its oil output. In February, Chevron moved into exclusive talks with Iraq for ​West Qurna 2, ​one of the ⁠world's largest oilfields that currently produces about 460,000 barrels per day.

The preliminary agreement on Friday will ​progress commercial terms and help lead to a ​final agreement ⁠for Chevron to take over the oilfield, the senior executive said.

Chevron and Iraq signed an agreement in principle last August to develop ⁠the ​Nassiriya oilfield project that consists of ​four exploration blocks in addition to the development of other producing oil fields.

Reporting by ​Sheila Dang in Houston; Editing by Nathan Crooks and Chizu Nomiyama

Our Standards: The Thomson Reuters Trust Principles., opens new tab

The US energy industry is bracing for a huge windfall from the Iran war, but oil majors aren’t planning to ramp up drilling – even as the Trump administration pushes them to lower gasoline costs.

President Trump has repeatedly pressured American energy giants to “Drill, baby drill!” and recently threatened to investigate the industry for price-gouging as Americans feel pain at the pump – a concern for Republicans ahead of the midterms.

But oil majors are reluctant to build out more rigs and wells, resisting White House pressure as they claim their bumper profits are just a temporary boost.

The US energy industry is bracing for a huge windfall – but oil majors are hesitant to ramp up production. USA TODAY Network via Reuters Connect “I think the industry is strong,” Joe Adamski, managing director of ProcureAbility, a supply chain consultancy, told The Post. “We are sitting at a very good position compared to the rest of the world … [but] oil companies are looking at it and saying this is a blip on the radar.”

In a preview of its second-quarter earnings, Exxon Mobil said this week it could see a $5 billion jump in profits – pushing adjusted earnings to $15.7 billion, or triple the previous quarter. 

Experts said Chevron and Shell are also expected to report blowout second-quarter earnings later this month, similar to their first-quarter results – which came in 45% and 37% higher than expected, respectively.

“It’s going to be extra billions of dollars, as we saw with Exxon Mobil,” Jeff Krimmel, founder of Krimmel Strategy Group, told The Post. “It’ll be a multibillion gain across the industry just based on all the disruptions that continue to exist that really peaked toward the end of the second quarter.”

Big markups The huge windfall for US oil majors comes as attacks on vessels and airstrikes in the Middle East have largely choked off the Strait of Hormuz, a vital maritime route for 20% of the world’s oil. That has sent demand skyrocketing for alternatives like US crude, which peaked above $110 a barrel in April.

Markups on US crude jumped to an all-time high – as much as an extra $30 to $40 a barrel – as Asian and European refiners competed for the limited supply while scrambling to replace Middle Eastern oil stuck in the strait.

As of Friday, US crude oil futures traded at $71.25 a barrel while Brent crude hit $75.61 – set to end the week higher after Trump said the ceasefire with Iran was “over” and military strikes near the Persian Gulf again derailed traffic through the strait.

Trump has been pushing for more fossil fuel output, repeatedly urging companies to expand drilling operations and declaring a national energy emergency on the first day of his second term in January 2025.

US crude oil production hit a new record in 2025, according to the US Energy Information Administration. Bloomberg via Getty Images Last year, the Interior Department issued an aggressive proposal to expand offshore drilling near Florida and along the entire California coastline – fueling fierce pushback from local politicians fearful of oil spills.

In March, the Trump administration exempted drilling in the Gulf of America from the Endangered Species Act, citing “national security” concerns about oil supplies amid the war in Iran. Conservationists have decried the move, citing a risk to wildlife, particularly endangered whales.

Despite the policy changes, oil majors have been reluctant to spend their profits on building out more rigs and wells, as they expect demand to normalize quickly once the war ends unless there is severe lasting damage.

In a worst-case scenario for the oil industry, OPEC – the world’s most powerful oil cartel – could fall apart, and dominant Saudi Arabia could ramp up its energy production too far for others to compete, potentially sending oil as low as $40 a barrel, according to a CNN report.

Efficiencies, not new drilling US giants’ stance does not mean production has been slowing. US crude oil production hit a new record in 2025 of 13.6 million barrels per day according to the US Energy Information Administration. By comparison, the entirety of Europe, excluding Russia, reportedly produced about 4 million barrels per day – or less than 4% of the global share.

However, it was efficiencies like better equipment and technology – not extra drilling – that helped boost production last year, according to Krimmel. 

In a preview ahead of its second-quarter earnings, Exxon Mobil said this week that it could see a jump of $5 billion. Christopher Sadowski The number of active rigs and wells that were drilled in the US actually dipped, according to the EIA.

“We saw oil prices get above $90, even $100 temporarily during this war, and there was no huge rush to add rigs, to add production,” Krimmel said. “We already had a production surplus going into the war. A lot of analysts are expecting to reapproach that surplus as these flows normalize now.”

In May, Exxon Mobil and Chevron said that despite the Iran war, they did not intend to drill much more oil than initially planned.

Adamski said fears of political blowback are also likely keeping oil majors from building out new rigs, an expensive process that can take years and face opposition from environmentalists.

“They are sensitive to being in a political storm, that they would have a target on their back and Congress will start talking again about windfall profit taxes and things like that,” Adamski said.

“So they want to avoid putting in the appearance that they are taking advantage of this, so instead they’re doing share buybacks, they are paying down debt. They’re doing things like that.”

Pain at the pump But oil majors’ massive profits could draw scrutiny as the war in Iran eats into wallets, costing Americans roughly $1,000 per household in higher fuel, food and other expenses, according to economist Mark Zandi. 

Trump has been eager to lower gasoline prices ahead of the November midterms, most recently heralding a new chain of gas stations on social media that are selling gas for $3.479 a gallon – well below market prices and wholesale costs. 

The White House said these “Freedom Fuel” stations, which are mostly located near Philadelphia and in southern New Jersey, are run by a private company with no government support. It is unclear who is running the stations and for how long.

Last week, the Department of Justice asked state attorneys general to investigate potential antitrust violations by energy giants – after Trump accused them of price-gouging.

“I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!” the president wrote in a Truth Social post in June.

Gas has been slower to come down than oil, hitting $3.88 a gallon Friday after peaking at $4.56 this spring, according to AAA – but experts said that is a normal reaction since there is typically a lag between gasoline and oil prices.

“It really is just politics. The public gets angry when gas prices go up, and politicians need to be seen as being responsive to that anchor,” Krimmel told The Post.

“That’s about the extent of the action that you’ll see out of the federal government…There is zero indication that anything nefarious is happening there.”

Warren Buffett spent decades assembling Berkshire Hathaway’s equity book around a simple principle: Own high-quality businesses that produce predictable cash flow and share it with owners. Three of the longest-tenured holdings in that portfolio, Coca-Cola, American Express, and Chevron, all pushed their dividends higher over the past six months, and each offers a distinct income and growth profile heading into the back half of 2026. Here’s why July is a reasonable window for investors to examine each one.

Coca-Cola (KO) Coca-Cola (NYSE:KO | KO Price Prediction) has been the archetypal Buffett income holding for decades, and the fundamentals still look sturdy. The company delivered $816 million in dividend income to Berkshire in 2025 alone, on a cost-basis yield that Berkshire’s disclosures pegged at 65%. That is what compounding at scale looks like.

Q1 2026 results reinforced the thesis. Coca-Cola posted EPS of 86 cents against the 81 cents expected, with revenue of $12.47 billion up 12.1% year over year and organic revenue growth of 10%. Operating margin expanded to 35.0% from 32.9%, and Coca-Cola Zero Sugar volume grew 13%. Management guided FY2026 organic revenue growth to 4-5% and comparable EPS growth to 8-9%.

The current quarterly dividend sits at 53 cents per share, up from 51 cents in 2025, extending a streak of annual increases that now stretches back more than six decades. Shares traded around $83.93 on July 8, up more than 21% year to date. The forward P/E of 26 is not cheap and a dividend yield of 2.53% reflects that.

The risk: FX headwinds, a $960 million BODYARMOR impairment, and roughly 4% headwind from divestitures including the pending Coca-Cola Beverages Africa sale can weigh on reported growth even as the underlying business hums.

American Express (AXP) American Express (NYSE:AXP) is the growth engine of the Buffett dividend trio. The company recently raised its quarterly dividend from $0.82 to $0.95 per share, roughly a 16% bump, and Berkshire collected $479 million in AXP dividend income during 2025 on a 44% cost-basis yield. The stock has gained nearly 125% since the start of 2023, elevating its weight in Berkshire’s equity portfolio.

Q1 2026 numbers were strong across the board. AXP reported EPS of $4.28 versus $3.99 expected, revenue of $18.91 billion, and net income of $2.97 billion, up 15%. Billed business hit $428.0 billion, and card member spending climbed 10%, the highest quarterly growth in three years. Net card fee revenues grew double digits for a 30th consecutive quarter. The write-off rate improved to 2.0% from 2.1%. Management reaffirmed FY2026 guidance of 9% to 10% revenue growth and EPS of $17.30 to $17.90.

CEO Stephen J. Squeri said, “We had a very strong start to the year, reflecting continued momentum across our premium customer base.” Shares traded around $337.34 on July 8 after an 8.02% rally over the past month, with a forward P/E of 20 and analyst target of $366.58.

The risk: Macro and geopolitical uncertainty, potential credit card interest rate caps, and rising variable engagement costs could compress margins if premium spending slows.

Chevron (CVX) Chevron (NYSE:CVX) is the highest-yielding name in this group and the one most tied to the commodity cycle. The quarterly dividend was recently raised to $1.78 per share, up from $1.71, extending a 39-year streak of annual increases. Trailing yield sits near 4.08%.

Q1 2026 marked Chevron’s sixth consecutive EPS beat. Adjusted EPS came in at $1.41 versus 97 cents expected, a 45.56% beat. Worldwide net oil-equivalent production jumped 15% to 3,858 MBOED, powered by the Hess acquisition and record U.S. output above 2 million bpd for a third straight quarter. Chevron repurchased $2.5 billion in Q1, its 16th consecutive quarter returning more than $5 billion to shareholders. In 2025 alone, the company returned $27.1 billion to shareholders.

Wolfe Research upgraded CVX to Outperform with a $210 price target on July 6, citing Guyana as a near-term free cash flow catalyst. CEO Mike Wirth said, “Chevron delivered solid first quarter performance, underscoring the resilience of our portfolio and the value of disciplined execution.” Shares traded around $175.66 on July 8, still up nearly 13% year to date despite a roughly 17% pullback from their 2026 high.

The risk: Citigroup sees Brent falling to $60–$65/barrel by year-end, and Goldman Sachs forecasts a 3 million bpd global oil surplus by 2027. Political friction in California and Venezuela operational uncertainty add to the volatility.

What to Watch Next Each of these Berkshire mainstays offers a different flavor of the same underlying thesis: durable brands, disciplined capital returns, and dividends that keep climbing. Coca-Cola gives defensive stability, American Express supplies dividend growth with premium-consumer torque, and Chevron delivers the highest current yield with commodity optionality. Upcoming Q2 earnings reports across all three will be the next major test.

Contact [email protected] for any questions or corrections.

Item 1 of 2 A sample of shale rock, which Chevron uses to test its chemical surfactant technology, is shown in this handout photo provided by Chevron on July 7, 2026. Chevron/Handout via REUTERS

[1/2]A sample of shale rock, which Chevron uses to test its chemical surfactant technology, is shown in this handout photo provided by Chevron on July 7, 2026. Chevron/Handout via REUTERS Purchase Licensing Rights, opens new tab

SummaryCompaniesZL Chemicals will sell Chevron's surfactants to other oil producersChevron said surfactants improved first-year output in new wells by up to 20%Average shale oil recovery across industry is 10%HOUSTON, July 8 (Reuters) - Chevron (CVX.N), opens new tab will allow rival oil producers to buy a chemical technology it ​developed to boost production from shale wells, the company said on Wednesday, as part of a broader push ‌to increase U.S. oil output.

The move comes as the U.S. shale industry, which transformed global energy markets nearly 20 years ago through the fracking boom, grapples with declining well productivity, which experts say is pushing companies either to drill more wells or adopt new technology to sustain output.

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Chevron said it will license its ​chemical surfactants technology to chemicals manufacturer ZL Chemicals, which will oversee the sales process to other oil companies.

The chemicals that ​are being licensed to ZL have improved production from newly drilled wells by up to 20% during ⁠the first year, and also reduced production decline in existing wells by between 5% and 8%, Chevron said.

"With constraints on energy in ​the world today, there's a call on oil and gas companies to get more energy to market," Chevron's Chief Technology and Engineering Officer Ryder ​Booth said in an interview. "This is a way that we can answer the call to help boost production."

U.S. President Donald Trump recently urged oil companies, including Chevron and ExxonMobil (XOM.N), opens new tab, to increase oil output and help bring down gasoline prices during the U.S.-Israeli war with Iran.

IMPROVING OIL RECOVERYChemical surfactants can help reduce damage to the ​shale formation from the fracturing process and act similarly to soap, cleaning out particles that can get lodged in cracks in the ​shale rock and prevent oil from flowing. The chemicals then aid the separation of the oil from the underground rock so that it can more ‌easily reach ⁠the surface.

During a recent Reuters tour of a Chevron technology lab in Houston, researchers showed a glass vial of crude oil that clung to the sides of the bottle when shaken around.

In another vial that contained both crude and chemical surfactants, the oil flowed easily through the bottle without sticking to the glass, and the oil eventually separated from the surfactants, illustrating how the process can help oil detach ​from shale rock.

Industry experts say the ​oil recovery rate in shale ⁠is just 10%, with the industry leaving the remaining 90% in the ground because technology is not yet advanced enough to squeeze the rest of the oil out of tight, compacted rock.

Improving the recovery ​rate is critical because the best drilling areas have been tapped out over time.

"We're at the point ​where big gains ⁠are not there anymore," said Bob Fryklund, chief upstream strategist at S&P Global Energy, though he added that technology advancements have helped the oil industry consistently beat forecasts.

In addition to its own wells, Chevron also holds a royalty interest in some wells in the Permian Basin that are ⁠operated by ​other companies. Licensing the previously proprietary chemical technology means the company could benefit ​from higher oil production across the top U.S. oilfield.

"This helps unlock production at a bigger scale beyond just the Chevron-operated areas," Booth said.

The company will begin testing a new ​version of the chemicals technology in the third quarter, he added.

Reporting by Sheila Dang in Houston; Editing by Nathan Crooks and Sonali Paul

Our Standards: The Thomson Reuters Trust Principles., opens new tab

America’s biggest oil companies are poised to post their strongest quarterly earnings in years — as President Donald Trump has been ramping up pressure on the industry to lower gas prices ahead of November’s midterm elections.

Exxon Mobil and Chevron are expected to report second-quarter profits that are more than three times higher than in the first three months of the year, fueled by a surge in crude prices after the US-Israeli conflict with Iran disrupted global energy markets, Reuters reported.

LSEG estimates project Exxon will earn roughly $15.9 billion in adjusted net income, while Chevron is forecast to post about $9.9 billion.

The anticipated windfall could create political headaches for the White House, which has made lowering fuel costs a priority as drivers continue to face elevated prices at the pump.

Exxon Mobil is expected to report second-quarter profits that are more than triple its first-quarter earnings, according to analyst estimates. Christopher Sadowski for NY Post “Gasoline Retailers must get their Prices down, IMMEDIATELY!” Trump wrote in a June 29 social media post.

Although benchmark crude has largely retreated to levels seen before the conflict, gasoline prices remain significantly higher.

Analysts attribute the disconnect to tight fuel inventories, strong export demand and unusually high refining margins rather than crude prices alone.

The administration has intensified scrutiny of the industry, with the Justice Department examining potential gasoline price gouging.

Treasury Secretary Scott Bessent has also warned refiners and producers that additional administrative measures remain possible if retail prices fail to fall.

Behind the scenes, oil industry lobbyists have increased outreach to lawmakers and administration officials as companies seek to counter criticism over fuel prices.

Chevron is forecast to benefit from higher refining margins and robust fuel export demand during the second quarter. Weston Hancock/SOPA Images/Shutterstock Industry executives argue they have only limited control over what consumers ultimately pay, noting that refining costs, transportation, marketing expenses and taxes account for much of the final price.

Trade groups echoed that argument, saying gasoline prices are influenced by numerous factors beyond crude oil, including regulatory requirements such as renewable fuel mandates.

“Gasoline prices don’t move in lockstep with crude oil, especially during a major global disruption affecting supply, refining and inventories,” Bethany Williams, a spokesperson for the American Petroleum Institute, told Reuters.

Analysts expect the second quarter to produce the industry’s strongest results since 2022, when Russia’s invasion of Ukraine sent energy markets soaring.

Gasoline prices remain elevated even as crude oil has retreated to near pre-conflict levels. John McCoy for CA Post Much of the earnings growth is being driven by a sharp rebound in refining profitability.

According to energy advisory firm TPH, gasoline refining margins averaged about $25 per barrel during the quarter, while diesel margins climbed to roughly $45 per barrel — their highest levels since mid-2022.

President Trump has pressed oil producers to lower gasoline prices ahead of the November midterm elections. AP Photo/Julia Demaree Nikhinson Strong overseas demand for US fuel exports further boosted refiners after supply disruptions abroad.

Despite continued frustration among motorists over gasoline prices, analysts at BMO Capital Markets expect the major oil companies to keep prioritizing shareholder returns through expanded stock buybacks rather than increasing production.

Industry executives maintain that profits naturally rise and fall with market cycles, arguing that periods of high earnings often follow times when companies absorb significant financial risk during weaker markets.