-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：CVX第一季度盈利大幅超出预期，调整后每股收益为1.41美元，高于市场普遍预期，但低于去年同期的2.18美元，这主要是由于我们估计每股0.73美元的衍生品按市值计价损失。上游产量同比增长15%至386万桶油当量/日，主要得益于对赫斯公司的收购，但受中东地区生产中断的影响，环比下降4.6%。我们认为CVX的衍生品损失将在未来一段时间内逐步消除，并且该公司在国际产量下降方面表现优于主要竞争对手埃克森美孚（-7.8% vs. -13%）。CVX维持2026年资本支出预期为180亿至190亿美元。该公司第一季度向股东返还了60亿美元（35亿美元股息，25亿美元股票回购），而油气开发收入为41亿美元。根据CVX资本支出指引的中值，我们预计其再投资率为44%，与埃克森美孚（XOM）预计的43%相当。我们预计CVX相对较好的国际业务布局以及与赫斯（Hess）的协同效应将支撑产量增长，同时，公司将继续秉持审慎的资本配置原则，优先考虑股东回报而非激进扩张。
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Stifel Canada Reviews Gildan Activewear's Q1 Results
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US Sanctions Iran's Shadow Banking Network for Aiding Oil Trade
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