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Oil & Energy

Chevron Upstream Gains Offset by Timing Impacts; Exxon Hit by Disruptions, RBC Says

Chevron (CVX) and ExxonMobil (XOM) are to post Q1 results this week, with consensus EPS at $1.02 and $0.94, respectively, amid war-driven market volatility, RBC Capital Markets said in a Tuesday note.Chevron could report adjusted EPS of $1.02 per share versus RBC's $0.83 estimate, while cash flow from operations may reach $6.72 billion compared with $6.26 billion forecast, RBC said.The company's upstream segment may gain $1.6 billion to $2.2 billion from stronger commodity prices, while production could range between 3.8 million and 3.9 million barrels of oil equivalent per day, RBC added.Chevron faces negative downstream timing impacts of $2.7 billion to $3.7 billion after tax due to the Middle East conflict, although these effects should reverse over time, the note said.Chevron maintains limited exposure to the Middle East, with regional liquids accounting for just over 1% of output compared with 8% for Exxon and 11% to 19% for European peers, RBC said.RBC expects Chevron may raise its share buyback guidance above the current $10 billion to $20 billion range, with consensus estimating $3.7 billion for Q2 and $13.7 billion for the full year, it said.ExxonMobil could post adjusted EPS of $0.94 per share versus RBC's $1.17 estimate, while cash flow may total $10.62 billion compared with $14.45 billion forecast, RBC said.The company reported negative timing effects of $3.5 billion to $4.9 billion, equivalent to about $0.93 per share at the midpoint, which it expects to reverse over time, the note said.Exxon expects volume disruptions in the Middle East to reduce earnings by $400 million to $800 million, with an additional $600 million to $800 million impact tied to hedged cargoes, RBC added.Upstream production could decline about 6% sequentially, although tax regimes in the Middle East may limit the overall earnings impact, the note said.RBC said Exxon has greater regional exposure, with Qatar LNG accounting for about two-thirds of its global liquefied natural gas portfolio, thereby increasing sensitivity to disruptions.Investors are focusing on damage to Middle East assets, including two LNG trains in Qatar, which may take three to five years to return to full operations, RBC said.Refining margins remain a key uncertainty, with Exxon capturing only $0 to $400 million in uplift, lower than earlier expectations, the note added.RBC set a $220 price target for Chevron based on a 10x 2027 EV/DACF multiple, while Exxon carries a $180 target using an 11x multiple, reflecting relative valuation differences, it said.The firm maintained an Outperform rating on Chevron and a Sector Perform rating on ExxonMobil, citing differing exposure to geopolitical risks and earnings visibility, the note said.Price: $188.18, Change: $+3.40, Percent Change: +1.84%

$CVX$XOM
Wire

Chevron Signs MoU With Libya's National Oil Corporation to Assess Shale Oil, Gas Resources

Chevron (CVX) signed a memorandum of understanding with Libya's National Oil Corporation, or NOC, to conduct a joint study evaluating the potential of unconventional shale oil and gas resources in sedimentary basins across the country, NOC said Tuesday.The study will focus on Sirte, Murzuq and Ghadames sedimentary basins, and technical teams from both sides will assess the available data and the potential for developing resources in these locations, NOC added.Price: $188.17, Change: $+3.38, Percent Change: +1.83%

$CVX
Sectors

Sector Update: Energy Stocks Rise Tuesday Afternoon

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index adding 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) rising 1.5%.The Philadelphia Oil Service Sector Index was shedding 0.1%, and the Dow Jones US Utilities Index was increasing 0.1%.In sector news, the United Arab Emirates will leave the Organization of the Petroleum Exporting Countries and its more expanded version, OPEC+, effective May 1, the Emirates News Agency reported.This comes as Iran's latest proposal to end the war in the Middle East has still not won President Donald Trump's backing, leaving the deadly conflict in a continuing state of deadlock, Reuters reported Tuesday, citing an unnamed US official.Front-month West Texas Intermediate crude oil jumped 3.9% to $100.09 a barrel, and the global benchmark Brent crude contract rose 2.5% to $110.97 a barrel. Henry Hub natural gas futures decreased 0.6% to $2.54 per 1 million BTU.In corporate news, Chevron (CVX) is in advanced talks to sell a portfolio of Asian assets to Eneos in a deal that could be valued at more than $2 billion, Bloomberg reported. Chevron shares climbed 1.9%.BP (BP) shares gained 1%. The company reported Q1 underlying replacement cost profit Tuesday of $1.24 per American depositary share, up from $0.53 a year earlier. Sales and other operating revenue for the quarter totaled $52.26 billion, up from $46.91 billion a year earlier. Analysts polled by FactSet expected $49.4 billion.Petrobras (PBR) shares rose 1.1%. The company said Monday it has agreed to acquire 100% of a portion of the Argonauta Field in the Campos Basin, which is currently owned by Shell (SHEL), ONGC, and Brava, for 700 million Brazilian reais ($140.1 million) and $150 million in cash. Shell shares were up 0.9%.

$BP$CVX$PBR$SHEL
Equities

Morgan Stanley Adjusts Price Target on Chevron to $212 From $174, Maintains Overweight Rating

Chevron (CVX) has an average rating of overweight and mean price target of $211.17, 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://www..com/contact-us)

$CVX
Oil & Energy

Interest Grows in North American Hydrocarbons as Middle East Conflict Endures, Says WoodMac

The depth and duration of the disruption to global energy supplies by the closure of a single waterway in the Middle East's cluster of oil producing countries has prompted increased interest in resources available elsewhere, Wood Mackenzie said in an opinion article on Monday.While there were already plans to increase production from various geographies before the Iran war, the conflict has provided additional momentum to bring these forth, according to the article's author, Ed Crooks, Wood Mackenzie Vice Chair for the Americas and Energy Gang podcast host.Venezuela has been moving faster to raise output, something facilitated by the capture of President Nicolas Madura in January. Legislative reforms have passed in the National Assembly giving clarity of maximum royalties and taxes.At the same time, state oil company PDVSA lost exclusive control of oil production and sales, the article said, making way for private players to have control of their own projects and access to arbitration.Foreign oil companies have set out plans to boost the country's output. Chevron (CVX) said it can boost its production in Venezuela by 50% over an 18-24 month timespan and Repsol is aiming for the same increase within 12 months.Shell (SHEL) is said to be in negotiations with Venezuela's government to develop more gas assets and could take final investment decisions before the end of the year if conditions are right.Elsewhere, there was record revenue generated by a lease sale of areas in Alaska's National Petroleum reserve, Crooks noted, while in the Gulf of Mexico, which the US government recognizes as Gulf of America, Occidental Petroleum (OXY) said it had made an oil discovery that would extend the working life of its production facilities.BP (BP) last month said it received approval from the US Bureau of Ocean Energy Management to develop its $5 billion Kaskida project.Claudia Sheinbaum, Mexico's president, said she was in favor of increasing natural gas production through development of unconventional resources to reduce dependence on the US which provides about 75% of Mexico's gas. It now targets output of 3.2 billion cubic feet per day from unconventional sources by 2035.Given the lead times involved in establishing more projects, companies need relative certainty of future commodities prices and change in output to decide on whether investing is viable.There is no sign of any general uptick in US energy industry activity at present with no increase in the number of drilling rigs operating in the US around mid-April, the article said.Venezuela has been able to achieve an increase as a result of easing of US sanctions, with output rising to 1.1 million barrels a day in March from 900,000 in January. But resources like those in Alaska or the Gulf of America will need years to reach the market.Venezuela may have some capacity to boost LNG supply if its gas can be piped to Trinidad to supply the Atlantic LNG liquefaction plant there.Meanwhile Eni (E) and Repsol have reached a deal with Venezuela's government through which they will export gas from the Perla field using a floating LNG vessel. There is also an opportunity for gas to be piped to Colombia, which would free up the LNG it otherwise uses.

$BP$CVX$E$OXY$SHEL
Equities

Market Chatter: Chevron in Final Talks to Sell Asian Assets to Eneos

Chevron (CVX) is in advanced talks to sell a portfolio of Asian assets to Eneos in a deal that could be valued at more than $2 billion, Bloomberg News reported Tuesday, citing sources familiar with the matter.The assets include refineries and fuel retail networks across Singapore, Malaysia, the Philippines and Australia, the unnamed sources told the news outlet.The companies are aiming to reach an agreement as early as the ongoing quarter, according to the report.Eneos has emerged as the last remaining bidder, ahead of rivals such as Glencore and Vitol, Bloomberg reported.Chevron and Eneos didn't immediately respond to' requests for comment.(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
Sectors

Sector Update: Energy Stocks Rise Thursday

Energy stocks rose Thursday with the NYSE Energy Sector Index gaining 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index advanced 1.1%, and the Dow Jones US Utilities Index climbed 2.4%.In sector news, President Donald Trump ordered the US Navy to "shoot and kill" any boat that is laying mines in the Strait of Hormuz, according to his Truth Social post. The US and Iran remain at an impasse, with Tehran refusing to negotiate a peace deal as long as the US Navy continues to blockade its ports and Washington refuses to lift the siege. Mediators are trying to get the diplomatic process back on track, including arranging a possible meeting as soon as Friday, the Wall Street Journal reported.West Texas Intermediate crude oil rose 3.6% to $96.32 a barrel, and global benchmark Brent advanced 3.6% to $105.54 a barrel. Henry Hub natural gas futures fell 4.8% to $2.59 per 1 million BTU.US natural gas stocks rose by 103 billion cubic feet in the week ended Friday, a larger gain than the 96 billion increase expected in a survey compiled by Bloomberg and following a revised gain of 60 billion in the previous week.In corporate news, NextEra Energy (NEE) shares jumped 7%. The company reported Q1 adjusted earnings that topped Wall Street estimates.BP (BP) shareholders rejected a proposal that would have eliminated some climate-related disclosure requirements that investors had voted for at previous meetings, and Chair Albert Manifold was elected with 82% of the vote, media outlets reported. BP shares eased 0.1%.Helix Energy Solutions (HLX) and Hornbeck Offshore Services agreed to merge in an all-stock deal to form an integrated offshore services company. Helix shares gained 0.7%.Chevron (CVX) resumed full production at its Wheatstone liquefied natural gas facility in Western Australia after repairs from damage caused by a cyclone last month, Reuters reported. Chevron shares rose 0.7%.

$BP$CVX$HLX$NEE
Wire

Market Chatter: Chevron Resumes Full Production at Australia's Wheatstone LNG Facility

Chevron (CVX) resumed full production at its Wheatstone liquefied natural gas facility in Western Australia after repairs from damage caused by a cyclone last month, Reuters reported Wednesday evening, citing the oil major.In March, extreme winds brought by the tropical cyclone Narelle damaged several hundred air-cooled heat exchangers, Danny Woodall, Chevron's director of operations and maintenance for Australia, was quoted as saying by Reuters.(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.)Price: $187.80, Change: $+1.48, Percent Change: +0.79%

$CVX
Commodities

Chevron Completes Wheatstone Gas Facility Repairs, Resumes Full LNG Production

Chevron (CVX) said Thursday it has completed repairs at the Wheatstone gas facility in Australia after a tropical cyclone damaged some of its equipment, with liquefied natural gas production now fully resumed.In late March, Tropical Cyclone Narelle struck the facility, resulting in a production outage."Extreme winds associated with the cyclone damaged several hundred air-cooled heat exchangers, known as fin fans, making the repair program a significant undertaking," said Danny Woodall, Chevron Australia's director of operations and maintenance."We were able to restart domestic gas production for Western Australian customers in around a week after the cyclone, with LNG returning progressively," Woodall said.Wheatstone LNG comprises two trains, with a combined capacity of 8.9 million metric tons per annum, according to the company website.Price: $187.05, Change: $+0.73, Percent Change: +0.39%

$CVX
Commodities

Market Chatter: Chevron Refinery in Texas Reports Oil Spill

The Chevron (CVX) 118,750-barrel-per-day oil refinery in Pasadena, Texas, experienced a spill on Wednesday from its Red Bluff Tank Farm, the company said in a statement, according to a Reuters report.The spill was contained on-site and the cleanup is currently underway, the report said, citing a Chevron statement. There were no injuries or off-site impact. The company has, however, deployed enhanced environmental monitoring.The Pasadena refinery produces key fuels such as gasoline and diesel. The company, however, did not provide any additional details regarding the impact of the spill on the refinery's operations, according to Reuters.Chevron did not immediately 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
Equities

Scotiabank Adjusts Price Target on Chevron to $187 From $168, Maintains Sector Perform Rating

Chevron (CVX) has an average rating of overweight and mean price target of $211.17, 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://www..com/contact-us)

$CVX
Commodities

Higher Crude Prices Could Unleash South American Output Surge, Rystad Energy Says

South America could unleash over 2 million barrels per day of new crude supply by the mid-2030s if prices hold near $100 per barrel, Rystad Energy strategists said in a note Monday, citing offshore developments in Brazil, Guyana, Suriname and a potential rebound in Venezuela.Rystad analysts said that the closure of the Strait of Hormuz has led to an upward revision of its 2026 Brent forecast to $89/bbl, up from $60/bbl in January, boosting government revenues across South America by an estimated $43 billion in 2026.Brazil's Petrobras (PBR) is set to benefit most, with revenues projected to rise to $13.1 billion under the new price outlook."South America is now positioned as the world's most consequential source of incremental supply," Radhika Bansal, senior vice president for oil and gas research at Rystad, said, adding that the region offers scale, geologic quality and relative political stability.Fast tracked offshore projects in Brazil, Guyana and Suriname could add over 1 million barrels of oil equivalent per day over the next decade, supported by about $33 billion in additional greenfield investment through 2035.ExxonMobil's (XOM) Yellowtail development in Guyana, which started up at 250,000 b/d, is targeting 300,000 b/d. Rystad said similar debottlenecking could unlock 80,000-90,000 b/d across the Errea Wittu, Jaguar and Hammerhead fields.The largest upside, however, lies in accelerating final investment decisions on new projects. Limited global shipyard capacity for new floating production, storage, and offloading vessels remains the main bottleneck.Meanwhile, Venezuela could add 910,000 b/d by 2035 under a $100 oil scenario, Rystad said, with 57% of the increase coming from existing fields in the East and West.The consultancy said global oil firms are cautiously returning. ExxonMobil, whose CEO labeled Venezuela "uninvestable" in January, has since dispatched technical teams to evaluate opportunities.Shell also signed preliminary agreements with Venezuelan state-owned energy firm PDVSA in March covering offshore gas and onshore exploration.Rystad said upside could grow if more companies follow Chevron (CVX), Eni (E), Repsol and Shell (SHEL) in partnering with PDVSA to revive underdeveloped fields.Argentina's Vaca Muerta shale formation is also expected to drive long-term growth, with production forecast to rise from about 600,000 b/d currently to 1 million b/d by the end of the decade, and potentially 1.8 million b/d by 2035.Export growth would be constrained by the capacity of the Vaca Muerta Oil Sur pipeline, which Rystad identified as a potential bottleneck.Rystad analysts said the pace of South American supply growth will depend less on resource availability and more on execution capacity, infrastructure constraints and regulatory frameworks."Countries that provide clear fiscal and regulatory frameworks are better positioned to accelerate project sanctions and capture the upside from higher prices," Bansal said.

$CVX$E$PBR$SHEL
Oil & Energy

Iran War Erases $50 Billion in Global Oil Revenue, Reuters Analysis Says

The Iran war has inflicted a staggering $50 billion blow to global energy revenues in just 50 days, according to a Reuters analysis released on Friday.Since the conflict erupted at the end of February, more than 500 million barrels of crude and condensate have been removed from the global market, the report noted.According to the analysis, in March alone, Gulf Arab nations lost about 8 million barrels per day of production, a volume nearly equal to the combined output of oil giants Exxon Mobil (XOM) and Chevron (CVX).The impact on refined products has been equally severe. Jet fuel exports from Saudi Arabia, Qatar, the UAE, Kuwait, Bahrain, and Oman collapsed from 19.6 million barrels in February to just 4.1 million barrels for March and April combined, it said.Global onshore inventories have fallen by 45 million barrels in April alone, while total production outages remain at roughly 12 million b/d, as per the report.The physical restoration of the region's energy infrastructure is expected to be a multi-year endeavor, it added.Price: $185.61, Change: $+1.62, Percent Change: +0.88%

$CVX$XOM
Asia Markets

Renewed Tensions in Middle East, Iran's Refusal to Restart Peace Talks Dampen US Equity Futures Pre-Bell

US equity futures were lower pre-bell Monday as tensions once again escalated in the Middle East after the US seized an Iranian cargo ship that tried to run its blockade of Iran's ports and Iran refused to restart peace negotiations with the US in Pakistan.Dow Jones Industrial Average futures were 0.5% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 0.4% lower.The US had said it wanted to resume negotiations before the two-week ceasefire with Iran ends on Tuesday, but Iran's foreign ministry said it would not join new talks due the ongoing blockade and "excessive demands" of the US.Over the weekend, Iran lifted and then reimposed its own blockade on vessels passing through the Strait of Hormuz.Some of the companies expected to report quarterly earnings this week are GE Aerospace (GE) and UnitedHealth Group (UNH) pre-bell on Tuesday, Tesla (TSLA) and IBM (IBM) after-market on Wednesday, Intel (INTC) after-market on Thursday, and Procter & Gamble (PG) pre-bell on Friday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 4.9% at $94.81 per barrel and US West Texas Intermediate crude 5.6% higher at $87.25 per barrel.The economic calendar is vacant.In other world markets, Japan's Nikkei closed 0.6% higher, Hong Kong's Hang Seng ended 0.8% higher, and China's Shanghai Composite finished 0.8% higher. Meanwhile, the UK's FTSE 100 was down 0.6% and Germany's DAX index was 1.3% lower in Europe's early afternoon session.In equities, shares of major oil companies Exxon Mobil (XOM), Chevron (CVX), and ConocoPhillips (COP) were up 1%, 1.2%, and 1.7%, respectively, as oil prices increased on Monday. Marvell Technology (MRVL) stock was up 5.8% after The Information report the company was in talks with Alphabet's (GOOG, GOOGL) Google to develop two new processors optimized for artificial intelligence inference tasks.On the losing side, BHP Group (BHP) stock was down 1.2% after a Bloomberg News report the company and Mitsubishi Development started a review of their coal and other mining assets in Queensland over concerns about the royalty demands of the Australian state.

Dow JonesNasdaq CompositeS&P 500$BHP$COP$CVX$GE$GOOG$GOOGL$IBM$INTC$PG$TSLA$UNH$XOM
Equities

Raymond James Adjusts Price Target on Chevron to $225 From $238, Maintains Outperform Rating

Chevron (CVX) has an average rating of overweight and mean price target of $212.21, 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://www..com/contact-us)

$CVX
Asia Markets

S&P 500, Nasdaq Composite Scale Peaks as Trump Sets Stage for Iran Deal Over Weekend

US equity indexes jumped, with the S&P 500 and the Nasdaq Composite making all-time highs, and crude oil futures sank on Friday amid mounting expectations of an Iran peace deal over the weekend.The Nasdaq Composite advanced 1.5% to 24,468.48, with the S&P 500 up 1.2% to 7,126.06, and the Dow Jones Industrial Average higher by 1.8% to 49,447.43.West Texas Intermediate crude oil futures plunged 11% to $84.68, and Brent crude futures plummeted 8.8% to $90.69.Bloomberg reported that President Donald Trump said Iran agreed to suspend its nuclear program indefinitely and will not receive any frozen funds from the US. Axios reported Friday that the US could release $20 billion in frozen Iranian funds in exchange for Iran turning over its stockpile of enriched uranium.Trump said in a phone interview on Friday that a deal to end the war is mostly complete, according to the Bloomberg news report. Talks over a lasting agreement will "probably" be held this weekend, the president was cited as saying. The US-Iran ceasefire ends next week, implying an extension to the truce may not be required.Earlier in the day, Iran announced the reopening of the Strait of Hormuz for the remainder of the ceasefire period."In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," Iran's foreign minister, Seyed Abbas Araghchi, said in a post on X. The 10-day truce between Israel and Lebanon came into force on Thursday.Trump also said Friday the US naval blockade will continue until a deal with Iran is "100% complete," CNN reported."The single war variable that has mattered for markets is whether oil continues to flow through the Strait of Hormuz," according to a Stifel Securities research note. "This is why today's announcement that the Strait of Hormuz is 'open to shipping' for the remainder of the ceasefire is significant."Most US Treasury yields dropped, with the 10-year down 6.5 basis points to 4.25% and the two-year slumped 7.8 basis points to 3.7% as falling crude oil prices damped inflation concerns. In precious metals, gold futures advanced 1.3% to $4,868.1 and silver futures jumped 3.2% to $81.24.All sectors except energy and utilities soared intraday. Consumer discretionary, industrials, and technology led the gainers.Airlines and cruise liners were the S&P 500's leaders. Royal Caribbean (RCL), United Airlines (UAL), and Carnival (CCL) led the outperformers, with gains of at least 7% each. Chevron (CVX), down 2.2%, was the Dow's worst performer.In company news, shares of Netflix (NFLX) slid 9.7%, among the worst performers on the S&P 500 and the Nasdaq, after the company released Q2 guidance late Thursday below market consensus. The streaming company also said that its chairman and co-founder, Reed Hastings, plans to step down when his term ends in June.

Dow JonesNasdaq CompositeS&P 500$CCL$CVX$NFLX$RCL$UAL
Sectors

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were sharply lower late Friday afternoon, with the NYSE Energy Sector Index dropping 3.7% and the State Street Energy Select Sector SPDR ETF (XLE) falling 2.8%.The Philadelphia Oil Service Sector Index declined 1.1%, and the Dow Jones US Utilities Index decreased 0.5%.In sector news, oil prices plunged Friday as Iran's foreign minister said the Strait of Hormuz is "completely open" following a ceasefire in Lebanon. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iran's Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Front-month West Texas Intermediate crude oil slumped 11% to $84.23 a barrel, and the global benchmark Brent crude contract dropped 9.2% to $90.28 a barrel. Henry Hub natural gas futures rose 1.2% to $2.68 per 1 million BTU.In corporate news, Chevron (CVX), Exxon Mobil (XOM) and other major oil companies received backing from the US Supreme Court on Friday as the court ruled that lawsuits filed by Louisiana officials accusing them of harming the state's coastal areas should be transferred out of the state courts and into federal court, according to a court document. Chevron shares were down 2.1%, and Exxon shed 3.6%.An Astana court upheld a 2.356 trillion tenge ($5 billion) environmental fine against North Caspian Operating Co., the operator of Kazakhstan's Kashagan oil field, whose shareholders include Exxon Mobil, Shell (SHEL), TotalEnergies (TTE), and Eni (E), among others, Bloomberg reported. Shell shares dropped 4%, TotalEnergies shed 4.1%, and Eni fell 5.6%.Petrobras (PBR) said Friday it signed an agreement with Oranto Petroleum to buy a 75% working interest and assume operatorship of Block 3, an offshore exploration site in Sao Tome and Principe. Petrobras shares were down 4.9%.Exelon (EXC) shares fell 1.2% after multiple brokerages downgraded the energy provider.

$CVX$E$EXC$PBR$SHEL$TTE$XOM
Wire

Chevron, Other Oil Firms Gain US Supreme Court Backing in Louisiana Lawsuits

Chevron (CVX), Exxon Mobil (XOM) and other major oil companies received backing from the US Supreme Court on Friday as the court ruled that lawsuits filed by Louisiana officials accusing them of harming the state's coastal areas should be transferred out of the state courts and into federal court, according to a court document.The court issued an 8-0 ruling in a case brought by Plaquemines and Cameron parishes -- one of the 42 lawsuits filed in 2013 by several Louisiana coastal parishes and the state's attorney general seeking billions of dollars from energy firms to cover restoration and remediation costs.The parishes alleged the companies violated state law by failing to secure required coastal use permits, leading to environmental damage along the coastline.In an emailed statement to, Chevron applauded the Supreme Court's decision and said the plaintiffs' claims are "flawed as a matter of both state law and federal law" and it "looks forward to litigating these cases in federal court, where they belong."Shares of Chevron and Exxon Mobil were down 2.4% and 3.7%, respectively, in Friday afternoon trading.Price: $183.67, Change: $-4.48, Percent Change: -2.38%

$CVX$XOM
Asia Markets

S&P 500, Nasdaq Composite Hit Records as Iran Reopens Hormuz Chokepoint for Ceasefire Period

US equity indexes jumped, with the S&P 500 and the Nasdaq Composite making all-time highs, and crude oil futures sank in midday trading on Friday after Iran reopened the Strait of Hormuz for the remainder of the ceasefire period.The Nasdaq Composite advanced 1.6% to 24,505.1, with the S&P 500 up 1.5% to 7,144.2, and the Dow Jones Industrial Average higher by 2.3% to 49,700.3.West Texas Intermediate crude oil futures plunged 12% to $83.41, and Brent crude futures plummeted 10% to $89.06."In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," Iran's foreign minister, Seyed Abbas Araghchi, said in a post on X, formerly Twitter. The 10-day truce between Israel and Lebanon came into force on Thursday.US President Donald Trump said that the US naval blockade will continue until a deal with Iran is "100% complete," CNN reported. He expressed confidence that a deal will come soon, saying talks could happen this weekend. The US-Iran ceasefire ends next week.Meanwhile, the US and Iran are discussing a plan as part of their peace talks that would see the US release $20 billion in frozen Iranian funds in exchange for Iran turning over its stockpile of enriched uranium, Axios reported Friday, citing two US officials and two additional sources briefed on the talks."The single war variable that has mattered for markets is whether oil continues to flow through the Strait of Hormuz," according to a Stifel Securities research note. "This is why today's announcement that the Strait of Hormuz is 'open to shipping' for the remainder of the ceasefire is significant."US Treasury yields sank, with the 10-year down 7.5 basis points to 4.23% and the two-year dropped 8.4 basis points to 3.69% as falling crude oil prices damped inflation concerns. In precious metals, gold futures advanced 1.8% to $4,894.5 and silver futures jumped 4.8% to $82.51.All sectors except energy and utilities soared intraday. Consumer discretionary, industrials, and technology led the gainers.Airlines and cruise liners were the S&P 500's leaders. Royal Caribbean (RCL), United Airlines (UAL), and Carnival (CCL) led the outperformers, with gains of at least 8.6% each. Chevron (CVX), down 3.3%, was the Dow's worst performer.In company news, shares of Netflix (NFLX) slid 9.6%, among the worst performers on the S&P 500 and the Nasdaq, after the company released Q2 guidance late Thursday below market consensus. The streaming company also said that its chairman and co-founder, Reed Hastings, plans to step down when his term ends in June.

Dow JonesNasdaq CompositeS&P 500$CCL$CVX$NFLX$RCL$UAL
Equities

Goldman Sachs Adjusts Price Target on Chevron to $211 From $217, Maintains Buy Rating

Chevron (CVX) has an average rating of overweight and mean price target of $212.21, 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://www..com/contact-us)

$CVX

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