-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：CVX第一季獲利大幅超出預期，調整後每股盈餘為1.41美元，高於市場普遍預期，但低於去年同期的2.18美元，這主要是由於我們估計每股0.73美元的衍生性商品按市值計價損失。上游產量年增15%至386萬桶油當量/日，主要得益於對赫斯公司的收購，但受中東地區生產中斷的影響，較上季下降4.6%。我們認為CVX的衍生性商品損失將在未來一段時間內逐步消除，且該公司在國際產量下降方面表現優於主要競爭對手埃克森美孚（-7.8% vs. -13%）。 CVX維持2026年資本支出預期為180億至190億美元。該公司第一季向股東返還了60億美元（35億美元股息，25億美元股票回購），而油氣開發收入為41億美元。根據CVX資本支出指引的中位數，我們預期其再投資率為44%，與埃克森美孚（XOM）預期的43%相當。我們預期CVX相對較好的國際業務佈局以及與赫斯（Hess）的綜效將支撐產量成長，同時，公司將繼續秉持審慎的資本配置原則，優先考慮股東回報而非激進擴張。
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