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Chevron Corporation

Chevron Corporation

$CVX
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232 stories mentioning Chevron CorporationUpdated just now

Chevron in focus as Moody's flagged windfall earnings for major oil producers from a Hormuz closure, while US-Iran peace news moved energy shares.

Oil & Energy

Iraq, US Reportedly Sign $200 Billion in Energy Deals

Iraq reportedly signed energy deals with the US worth $200 billion, to increase domestic production capacity and support associated gas developments, according to media outlets on Wednesday.The two countries inked seven agreements, including a deal with Halliburton (HAL) for the management of the Bin Umar and Sindbad oilfields, a deal with HKN Energy to develop the Himreen oilfield, and a contract with Chevron (CVX) to operate the West Qurna 2 field and develop the Nasiriyah and Balad oilfields, The National reported.The country's oil production capacity is around 4.8 million barrels per day at present, Reuters reported, citing Iraq's oil minister Basim Mohammed Khudair.The presence of US companies in Iraq highlights the attractiveness of the country's oil investment environment, Khudair reportedly said.Aside from the US, Iraq has also signed a deal with Syria for the rehabilitation of the Haditha-Baniyas oil pipeline and is currently in discussion with Turkey for the renewal of an agreement pertaining to oil exports through the Ceyhan pipeline, according to the oil minister.

$CVX$HAL
Equities

TD Cowen Adjusts Price Target on Chevron to $200 From $197, Maintains Hold Rating

Chevron (CVX) has an average rating of overweight and mean price target of $214.17, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$CVX
Commodities

Market Chatter: Caspian Pipeline Consortium Stops Receiving Kazakh Oil Amid Attacks on Oil Tankers

The Caspian Pipeline Consortium, which operates a major oil pipeline along the Caspian Sea, has stopped receiving oil from Kazakhstan after it suspended loadings at its Black Sea export terminal on Monday, following attacks on oil tankers, Reuters reported Tuesday, citing three industry sources.According to two of the sources, the consortium's oil reservoirs at the terminal were full, as Russia accused Ukraine of targeting CPC tankers in its bid to "further destabilise the situation on global oil markets."Chevron (CVX), which owns a 15% stake in the pipeline, told Reuters that it was monitoring the situation closely, and that the safety and security of its personnel remained its top priority.Meanwhile, the CPC, which accounts for 80% of Kazakhstan's oil exports and 2% of global oil volumes, did not respond to' request for a comment on this story.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$CVX
Commodities

Weatherford Q2 Results Highlight Global Contract Wins, Sees Stronger H2

Weatherford International (WFRD) reported Tuesday its Q2 results, highlighting several global contract awards, an agreement to acquire NCS Multistage and an improving second-half outlook despite continued geopolitical headwinds.Weatherford secured managed pressure drilling contracts from Noble Corporation (NE) in Nigeria and Constellation Oil Services, Ventura Offshore and Valaris (VAL) in Brazil. The Valaris award covers two years.The company also won a three-year, 247-well integrated drilling services contract from Petroleum Development Oman, a five-year framework agreement with Chevron (CVX) in Australia, a 22-month contract with PTTEP Thailand, and two five-year contracts from Kuwait Oil.The company also agreed to acquire NCS Multistage, expecting at least $15 million in annual cost savings within 18 months of closing.Management said H2 2026 margins should improve despite ongoing uncertainty in the Middle East, although it expects activity to recover gradually as regional stability returns.Weatherford also expects its proposed redomestication to Delaware to deliver $20 million to $30 million in annual cash savings beginning in 2027, subject to shareholder approval.Drilling and evaluation segment revenue declined to $291 million for the quarter ended June 30, compared with $335 million a year earlier, while well construction and completions revenue decreased to $433 million from $456 million.

$CVX$NE$VAL$WFRD
Sectors

Sector Update: Energy Stocks Edge Higher Premarket Tuesday

Energy stocks were edging higher premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.1%.The United States Oil Fund (USO) was up 2.3% and the United States Natural Gas Fund (UNG) was 0.8% higher.Front-month US West Texas Intermediate crude oil was 2.2% higher at $85.05 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.9% to $90.92 per barrel, and natural gas futures were up 0.2% at $2.87 per 1 million British Thermal Units.Halliburton (HAL) reported flat Q2 adjusted earnings year on year, while revenue increased. Shares of Halliburton were down more than 3% pre-bell.Icahn Enterprises (IEP) has struck a deal to sell auto-service chain Pep Boys to private-equity-owned Mavis Tire Express Services for about $700 million in cash, The Wall Street Journal reported, citing unnamed people familiar with the matter. Icahn Enterprises shares were up 0.1% premarket.Chevron (CVX) halted output at its Petronius site and evacuated all workers to land ahead of Tropical Storm Bertha, the company said. Chevron stock was marginally higher premarket.

$CVX$HAL$IEP$UNG$USO$XLE
Equities

Raymond James Adjusts Price Target on Chevron to $225 From $230, Maintains Outperform Rating

Chevron (CVX) has an average rating of overweight and mean price target of $214.26, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$CVX
Equities

Chevron Halts Petronius Output Ahead of Tropical Storm Bertha

Chevron (CVX) halted output at its Petronius site and evacuated all workers to land ahead of Tropical Storm Bertha, the company said Monday.The energy producer also removed unneeded staff from its Tubular Bells and Blind Faith offshore installations, but output at the rest of its Gulf of America locations is continuing normally, it said.Land-based properties are executing extreme weather protocols while management tracks the approaching storm, the company added.

$CVX
Commodities

Chevron Shuts In Petronius Output as Tropical Depression 2 Nears

Chevron (CVX) is shutting in production at its Petronius facility and moving workers ashore as Tropical Depression Two approaches the Gulf of Mexico, Chevron confirmed in an emailed statement toon Monday."In preparation for Tropical Depression Two, we are shutting-in production at our Petronius facility, and all associated personnel are being moved onshore," the spokesperson said.The company's spokesperson said production at its other company-operated Gulf of Mexico assets remains "at normal levels," while Chevron transports nonessential personnel from its Tubular Bells and Blind Faith platforms.The company said it has activated storm preparedness procedures at its onshore facilities and will continue monitoring the system while prioritizing worker safety, facility integrity and environmental protection.Tropical Depression Two could disrupt about 2 million barrels of crude oil production in the US Gulf of Mexico, which accounts for about 14% of US crude output, as more high-producing offshore platforms lie in the storm's projected path, Reuters reported, citing Earth Science Associates estimates.Shell (SHEL), BP (BP), Chevron and Occidental Petroleum (OXY) rank among the largest deepwater operators in the US Gulf of Mexico, according to the Reuters report.Stretching from Corpus Christi, Texas, to Pascagoula, Mississippi, the Gulf Coast refining corridor accounts for about half of the nation's 18.4 million barrels-per-day refining capacity, the report added.

$CVX$OXY$SHEL
Commodities

Energy Investors Turn to Offshore Oil as Shale Outlook Matures, TPH Says

Energy investors are looking beyond US shale producers toward offshore drilling, Canadian oil companies, and global energy firms as the North American shale industry enters a more mature phase, TPH Energy strategists said in a note on Monday.TPH analysts said after meetings with institutional investors in Toronto and New York, discussions were dominated by the outlook for natural gas, crude prices, and the long-term positioning of energy service companies following recent volatility in oil markets.The analysts said gas markets are a key focus among investors, with focus centered on the timing of a potential recovery and regional supply-demand dynamics across areas, including the Waha hub in Texas, the Gulf Coast, the US Northeast and Canada.TPH said among gas-focused stocks, EQT (EQT) and Expand Energy (EXE) attracted the most investor attention, while Canada's Tourmaline Oil, Antero Resources (AR), Range Resources (RRC) and Comstock Resources (CRK) featured in discussions.On crude markets, investors are assessing a reversal in prices following the Middle East conflict, as well as the factors that provided unexpected support to oil prices, including weaker-than-expected Chinese demand and opaque inventory movements.However, TPH said that concerns over a potential supply surplus have resurfaced, driven by stronger-than-expected US production growth and rising output discussions around Argentina, the UAE and Iraq.Shale is structurally maturing, Jeoffrey Lambujon, analyst at TPH Energy, said, adding that the trend could encourage investors to diversify toward Canadian producers, international operators and offshore projects.Oil-focused discussions covered US producers including Diamondback Energy (FANG), Devon Energy (DVN), ConocoPhillips (COP) and Ovintiv (OVV), together with Canadian firms including Suncor Energy (SU), Cenovus Energy (CVE), Canadian Natural Resources (CNQ) and Imperial Oil (IMO).Global oil majors including Chevron (CVX), Exxon Mobil (XOM) and BP (BP) were also discussed, with investors focusing on inventory levels, capital allocation strategies, growth opportunities, mergers and acquisitions, and regulatory progress affecting Canadian oil sands producers.Meanwhile, though crude price volatility has kept some investors on the sidelines, interest in the oil services sector remains strong, particularly among investors seeking exposure to longer-term offshore and international growth trends.Jeff LeBlanc, analyst at TPH, said that US shale's maturation and continued efficiency gains lead many investors to prefer offshore and international names over US pure plays.Offshore drilling firms attracted attention in nearly every investor meeting, with clients broadly agreeing that the sector benefits from structural supply constraints and improving fundamentals.TPH said investors raised questions about near-term contract availability, companies' contracting strategies and whether day rates could rise faster than expected as utilization tightens.However, optimism around oilfield services pricing has moderated somewhat in North America, as producers have indicated that recent pricing discussions have largely been limited to consumable products rather than broad-based service cost increases.Service companies are projected to differentiate between private and publicly traded operators, with pricing negotiations set to influence H1 2026 results and expectations for 2027 as new bidding cycles emerge.Price: $189.71, Change: $+2.33, Percent Change: +1.24%

$CRK$CVX$EQT$FANG$XOM
Commodities

Permian Drives US Land Rig Count Higher, Oilfield Services Stocks Outperform S&P 500 YTD, RBC Says

The US active land rig count rose by seven over the week to 572 as oil drilling activity strengthened, led by Permian Basin gains, RBC Capital Markets said in a Friday note.Baker Hughes (BKR) reported that US oil land rigs increased by seven to 437 during the latest week, while the gas land rig count remained at 126. Oil rigs increased by 15 over the month, while gas rigs added four, RBC said.The Permian Basin added three rigs over the week to 259, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Helmerich & Payne (HP) remained the most active driller in the Permian with 90 rigs, accounting for 33% of the total, followed by Patterson-UTI Energy (PTEN) with 34 rigs and Nabors Industries (NBR) with 27, RBC said.Among operators, Exxon Mobil (XOM) led the Permian with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active Permian rigs, up from 43% a year earlier, the note said.The Eagle Ford rig count held at 47. Helmerich & Payne remained the most active driller with 17 rigs, accounting for 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%, the note added.Among operators, ConocoPhillips (COP) led Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share of active rigs to 53% from 38% a year earlier.The Williston Basin also held steady at 27 rigs. Nabors Industries remained the leading driller with 16 rigs, followed by Patterson-UTI Energy with seven and Helmerich & Payne with five, according to RBC.Among operators, Chord Energy (CHRD) led Williston with five rigs, while Chevron (CVX) and ConocoPhillips (COP) each operated three. Public operators accounted for 40% of active rigs, up from 34% a year earlier, RBC said.Oilfield services stocks under RBC coverage gained 1.1% over the week as West Texas Intermediate crude climbed 11.5%.The top performers over the week included Patterson-UTI Energy, which gained 6.7%, followed by Nov (NOV), up 3.3%, and Precision Drilling (PDS), which advanced 3.1%, RBC said.The weakest performers included Baker Hughes (BKR), which fell 2.8%, Liberty Energy (LBRT), down 2.7%, and Enerflex (EFXT), which lost 2.6%. RBC said its oilfield services coverage has gained 32.8% year to date, compared with a 10.8% increase in the S&P 500 Index.

$BKR$CHRD$COP$CRGY$CVX$DVN$EFXT$EOG$HP$LBRT$NBR$NOV$OXY$PDS$PTEN$XOM
Commodities

Caspian Pipeline Consortium Loading Halted After Drone Attack

Two moorings of a Caspian Pipeline Consortium loading facility and two berthed tankers were struck by drones on Sunday, prompting the suspension of loading, according to a post by CPC on the Telegram messenger service.Fire broke out on one tanker, the Asia, and was later extinguished by the CPC emergency response teams. It was carrying oil from Tengizchevroil/Chevron. The Nissos Ios was carrying oil from Kashagan BV and Maten/NC KazMunayGas.In a subsequent post on Monday, CPC said that a further attack took place on a vessel during loading. A fire broke out on the vessel, the Nelsa, but was later put out. The crew were unharmed, it said and loading has been suspended since.There were no injuries reported from the attacks and no spillage of oil. The tankers remain afloat and damage assessments are taking place, the post said.The CPC is a venture between energy companies from Russia, the US, Kazakhstan and several Western European countries, the post said.The 1,500 km pipeline transports oil from three large fields in Kazakhstan - Tengiz, Kashagan and Karachaganak further west to the Russian port of Novorossiysk where cargoes then set sail across the Black Sea.The post, which made no mention of the attack's origin, described it as "terrorist" in nature and said it was also considered "an attack on the interests of the CPC member countries as well".The attacks match a pattern of strikes by Ukraine on vessels carrying Russian crude after a significant improvement in its drone capabilities that have seen it step up counter-attacks on Russia in the latter's fifth year of invasion of its neighbor.Russia is a major stakeholder in the CPC and the posts, in Russian, likely originated from that country given its description of the incident as terrorism and due to a reference to the other CPC participants, including Kazakhstan, as "foreign"."We expect the CPC member states to condemn these attacks and, in strict adherence to international law, to devise practical measures to halt terrorist attacks on the infrastructure used to export hydrocarbons produced by international consortia within the territory of the Republic of Kazakhstan," the later post said.Ukraine is now regularly attacking Russian oil refining facilities to the extent that fuel shortages are now widespread across Russia and serious enough to deal a blow to the economy.It handled 70.5 million tonnes of oil in 2025 with Chevron's (CVX) Tengizchevroil, ExxonMobil (XOM), NC KazMunayGas, Eni (E) and Shell (SHEL) accounting for more than 75% of this total, the post said.

$CVX$E$SHEL$XOM
Oil & Energy

US, Iraq Ink $60 Billion in Deals, MoUs During Business Summit

US and Iraqi companies, including energy majors and their respective governments have concluded deals and MoUs worth more than $60 billion during a US-Iraq Business Summit on Friday, the US Chamber of Commerce said in a statement.Energy executives from BP (BP), Chevron (CVX), ConocoPhillips (COP), ExxonMobil (XOM), Excelerate Energy (EE), GE Vernova (GEV), HKN Energy and Shell (SHEL) took part along with "top-tier" representation from both governments, the statement said.The event took place during Iraqi Prime Minister Ali al-Zaidi's visit to Washington, DC.BP has agreed to sell a 42% interest in BP Energy Company of Kirkuk to ConocoPhillips to support redevelopment of northern Iraq's Kirkuk oil fields, as last week.ConocoPhillips will thus support redevelopment of four large-scale operational fields in the Kirkuk area of northern Iraq.Chevron will also invest in a pipeline that bypasses the Strait of Hormuz, opening up another export route out of Iraq, Jake Spiering, Chevron president of corporate business development, said during the event, according to a Reuters report.The proposed pipeline could carry Iraqi oil to Syria's west coast on the Mediterranean coast, the report said.Earlier on Thursday, Zaidi visited the company's headquarters in Houston, Texas before Iraq signed deals with the energy giant to advance its possible entry into the West Qurna 2 and Nassiriya oilfields, Reuters reported.

$BP$COP$CVX$EE$GEV$SHEL$XOM
Equities

S&P 500 Posts Weekly Decline Amid Worries Over Artificial Intelligence, Middle East

The Standard & Poor's 500 index fell 1.6% this week, led by technology stocks, amid concerns about whether excitement over artificial intelligence has been overdone in the US.The S&P 500 ended the week at 7,457.69 and is down 0.6% for July but up 8.9% for the year.Worries about the U.S. technology sector flared as China's Moonshot AI, which is backed by Alibaba (BABA), released an AI model that it says outperforms some US-based systems.Continued conflict in the Middle East also weighed as crude oil futures climbed. Iran said it had targeted US military forces in Syria and Bahrain in a broadening of the scope of its attacks in the Middle East.Economic data showed US consumer prices declined by more than expected in June while producer prices unexpectedly fell. The drop in producer prices came amid a steep decline in the cost of energy products. Still, US industrial production rose by less than expected in June as manufacturing output stalled, Federal Reserve data showed Friday.The technology sector fell 3.8%, followed by a 2.4% loss in communication services and declines of 1.4% each in industrials and materials. Consumer discretionary and utilities also edged lower.The decliners in the technology sector included shares of Applied Materials (AMAT), which fell 12% on the week, and Cadence Design Systems (CDNS), down 14%.In communication services, shares of Netflix (NFLX) shed 6%. The streaming company's second-quarter revenue missed Wall Street's estimates while Q3 guidance lagged market expectations. The company also said it will switch to releasing its engagement report annually, rather than semi-annually.On the upside, energy climbed 5%, while real estate rose 2.3% and consumer staples added 1.4%. Financials and health care were also higher.The climb in energy came as crude oil futures rose as Iran widened its attack to a desalination plant in Kuwait. Gainers included shares of Exxon Mobil (XOM), up 6.1%, and Chevron (CVX), up 6.2%.Next week's earnings calendar features Google parent Alphabet (GOOGL, GOOG), Tesla (TSLA), Philip Morris International (PM), GE Vernova (GEV), Texas Instruments (TXN), International Business Machines (IBM), AT&T (T), Intel (INTC) and American Express (AXP).Economic data will include June new home sales and the July US Flash Manufacturing PMI, a gauge of the manufacturing sector's health.

Dow JonesNasdaq CompositeS&P 500$AMAT$CDNS$CVX$NFLX$XOM
Commodities

Operational Bottlenecks May Slow Venezuela's Oil Production Growth, Kpler Says

Operational bottlenecks could prevent Venezuela from reaching its 1.4 million barrels per day production goal this year, Kpler said in a Friday note.Venezuela plans to add about 200,000 b/d to current production by year-end. Kpler expects output to continue increasing but projects a lower level of 1.3 million b/d, citing near-term operational constraints.Crude production climbed to roughly 1.2 million b/d in June from about 850,000 b/d in Q4 2025, making Venezuela the world's fastest-growing oil producer this year, Kpler said.Higher production also lifted demand for diluent imports, with Venezuelan naphtha imports averaging around 100,000 b/d in recent months, according to Kpler.Kpler expects Venezuela to produce a more realistic 2 million b/d by the end of the decade, below the government's 3 million b/d target for 2030, assuming political stability and greater participation from international oil companies.Rig shortages and deteriorating infrastructure will continue to limit Venezuela's production growth, while ample global crude supplies should keep output around 2 million b/d in 2031 and 2032, Kpler said.Venezuela has overhauled its investment framework after Interim President Delcy Rodriguez cut the government's share in most crude projects to 20%-35% from nearly 83% and introduced royalty brackets, Kpler said.Higher oil prices driven by the US-Iran conflict have strengthened investor interest, Kpler said. Chevron (CVX) has moved quickly to expand operations, while ExxonMobil (XOM) and ConocoPhillips (COP) are converting preliminary agreements with PDVSA into formal joint ventures.Even with stronger foreign interest, equipment shortages and deteriorating infrastructure will continue to restrict operations through 2027, Kpler said, delaying any meaningful increase in production until 2028.Nearly two decades after exiting Venezuela, ExxonMobil had started talks by late May to secure production rights for as many as six oil fields across multiple regions, Kpler said.Kpler said the policy shift coincides with President Donald Trump's call for $100 billion in private investment to rebuild Venezuela's energy industry after Nicolas Maduro's departure in January.The renewed push came only months after Exxon Chief Executive Darren Woods described the country as "uninvestable," according to Kpler.

$COP$CVX$XOM
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Friday afternoon, with the NYSE Energy Sector Index rising 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.9%.The Philadelphia Oil Service Sector Index was up 0.1%, and the Dow Jones US Utilities Index was shedding 0.7%.Crude oil prices jumped amid Washington intensifying strikes against Iran. US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz. President Donald Trump has threatened to launch broad-based air strikes on Iranian infrastructure and has also declined to rule out a ground assault on Iran's coast or islands, Reuters reported.Front-month West Texas Intermediate crude oil jumped 4% to $82.12 a barrel, and the global benchmark Brent crude contract climbed 4.2% to $87.77 a barrel. Henry Hub natural gas futures rose 2% to $2.92 per 1 million BTU.In sector news, incoming UK Prime Minister Andy Burnham is preparing to announce support for new North Sea oil and gas drilling and plans to bring Thames Water under public control shortly after taking office, Bloomberg reported. Burnham, who is due to succeed Keir Starmer on Monday, has asked civil servants to prepare energy and water policy proposals that could be announced as early as next week, according to the report. Options under consideration include backing development of the Jackdaw gas and Rosebank oil fields and expanding drilling tied to existing North Sea projects.In corporate news, Chevron (CVX) subsidiary Chevron Exploration Services and Iraqi state-owned Basra Oil have signed an agreement to further their commercial negotiations regarding the West Qurna Phase 2 oil field, a company spokesperson toldin an emailed response Friday. Chevron shares rose 1.7%.ConocoPhillips (COP) said Friday it has agreed to acquire a 42% stake in BP's (BP) BP Energy Co. of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. ConocoPhillips shares rose 1.3%, and BP climbed 1.8%.PBF Energy (PBF) shares gained 3.3% after Evercore ISI started coverage of the firm with an in-line rating and $58 price target.Valero Energy (VLO) shares were rising 2.7%. The company said in a filing Thursday that its board has authorized the purchase of the company's common stock worth $5 billion, in addition to the amount remaining under its existing buyback program.

$BP$COP$CVX$PBF$VLO
Wire

Chevron, Iraq to Further Commercial Negotiations for West Qurna, Nasiriyah Oil Fields; Explore Cross-Border Mediterranean Pipline

Chevron (CVX) subsidiary Chevron Exploration Services and Iraqi state-owned Basra Oil have signed an agreement to further their commercial negotiations regarding the West Qurna Phase 2 oil field, a company spokesperson toldin an emailed response Friday.Chevron Business Development EMEA and another Iraqi state-owned company, Thi Qar Oil, signed an addendum to their August 2025 agreement to advance commercial negotiations for the Nasiriyah Field and surrounding Nasiriyah Exploration Area, Chevron spokesperson said.Additionally, governments of Iraq and Syria have signed an head of agreement with Urbacon Concessions Investment, a unit of Qatar's UCC Holding, and Chevron Business Development EMEA for a potential cross-border oil pipeline project from Iraq through Syria to the Mediterranean Sea, according to the company spokesperson.Financial terms related to the projects were not disclosed.Shares of Chevron were up 1.6% in Friday trading.Price: $186.77, Change: $+2.91, Percent Change: +1.58%

$CVX
Sectors

Sector Update: Energy Stocks Advance Premarket Friday

Energy stocks were advancing premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.5% higher.The United States Oil Fund (USO) was up 3.1% and the United States Natural Gas Fund (UNG) was 0.2% higher.Front-month US West Texas Intermediate crude oil was 3.2% higher at $81.46 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3% to $86.77 per barrel, and natural gas futures were up 1.4% at $2.90 per 1 million British Thermal Units.ConocoPhillips (COP) said it has agreed to acquire a 42% interest in BP's (BP) BP Energy Company of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. Shares of ConocoPhillips were up more than 2% and BP stock rose past 1% premarket.Chevron (CVX) is expected to sign accords with Iraq on Friday that will further the company's negotiations about investing in large oil fields, Bloomberg said, citing a senior company executive. Chevron shares were up more than 1% pre-bell.

$BP$COP$CVX$UNG$USO$XLE
Equities

BNP Paribas Adjusts Price Target on Chevron to $224 From $230, Maintains Outperform Rating

Chevron (CVX) has an average rating of overweight and mean price target of $214.04, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$CVX
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index increasing 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index was down 0.5%, and the Dow Jones US Utilities Index was fractionally higher.Front-month West Texas Intermediate crude oil shed 0.8% to $78.98 a barrel, and the global benchmark Brent crude contract decreased 0.8% to $84.27 a barrel. Henry Hub natural gas futures fell 1.2% to $2.89 per 1 million BTU.In sector news, US natural gas stocks rose by 41 billion cubic feet in the week ended July 10, above the 39 billion increase expected in a survey compiled by Bloomberg and following an increase of 61 billion cubic feet in the previous week.In corporate news, Excelerate Energy (EE) shares rose 2.2% after Goldman Sachs initiated coverage of the stock with a buy rating and a $49 price target.Chevron (CVX) is expected to sign accords with Iraq on Friday that will further the company's negotiations about investing in large oil fields, Bloomberg reported Thursday, citing a senior company executive. Chevron shares were up 1.1%.Constellation Energy's (CEG) venture arm made an equity investment in Blue Energy, a developer of prefabricated nuclear power plants, for an undisclosed amount. Constellation shares were down 2.9%.TotalEnergies (TTE) expects Q2 hydrocarbon production to be nearly 2.4 million barrels of oil equivalent per day, supported by about 4% organic growth, the company said Thursday. Its shares were shedding 1.9%.

$CEG$CVX$EE$TTE
Sectors

Sector Update: Energy Stocks Rise Thursday Afternoon

Energy stocks were higher Thursday afternoon, with the NYSE Energy Sector Index increasing 0.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index was down 0.3%, and the Dow Jones US Utilities Index was fractionally lower.In geopolitical news, Iran has asked Yemen's Houthi movement to stand ready to close the Red Sea oil route if the US strikes Iranian power infrastructure, Reuters reported.Front-month West Texas Intermediate crude oil shed 0.5% to $79.24 a barrel, and the global benchmark Brent crude contract decreased 0.3% to $84.67 a barrel. Henry Hub natural gas futures fell 2.7% to $2.85 per 1 million BTU.In sector news, US natural gas stocks rose by 41 billion cubic feet in the week ended July 10, above the 39 billion increase expected in a survey compiled by Bloomberg and following an increase of 61 billion cubic feet in the previous week.Separately, Kalshi traders now see a 90% chance that gas prices will exceed $4 per gallon by the end of this month, up from 56% two days ago, CNBC reported. Traders see a 93% chance of prices topping $4 and a 63% chance of exceeding $4.10, with the contract verified by AAA, the report said.In corporate news, Chevron (CVX) is expected to sign accords with Iraq on Friday that will further the company's negotiations about investing in large oil fields, Bloomberg reported Thursday, citing a senior company executive. Chevron shares were up 1.2%.Constellation Energy's (CEG) venture arm made an equity investment in Blue Energy, a developer of prefabricated nuclear power plants, for an undisclosed amount. Constellation shares were down 2.7%.TotalEnergies (TTE) expects Q2 hydrocarbon production to be nearly 2.4 million barrels of oil equivalent per day, supported by about 4% organic growth, the company said Thursday. Its shares were shedding 1.7%.

$CEG$CVX$TTE

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