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Chevron Seen Offering Positive Risk-Reward on Improving Execution, RBC Says

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Chevron (CVX) continues to offer positive risk-reward as declining capital intensity across key upstream projects and emerging opportunities across its portfolio strengthen the company's long-term outlook, RBC Capital Markets said in a Thursday note.

The investment firm said Chevron has moved beyond a capital-intensive investment phase, with the Permian and Kazakhstan projects now contributing toward free cash flow harvest mode.

RBC also said the recently acquired Hess assets are expected to support volume growth over the coming years.

The firm said management remains focused on balance sheet strength and project execution despite recent oil price volatility.

RBC maintained its outperform rating on Chevron and $220 price target.

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