Chevron Corporation

Shell to Divest BG Cyprus Subsidiary to Hungary's MOL for up to $720 Million

Shell (SHEL) Shell will sell its fully-owned subsidiary BG Cyprus to Hungary's MOL Group for up to $720 million, it said in a statement on Friday.BG Cyprus has a 35% non-operated stake in the Cyprus Offshore Block 12, the location of the Aphrodite gas field in the eastern Mediterranean Sea.Gas from the asset is likely to be sold to the Egyptian Natural Gas Holding, Shell said, adding that it had worked alongside the Cypriot government and joint-venture partners to progress the project up to its sale to Mol Group.The transaction will enable Shell to capture the value that has been added while other project partners, Chevron (CVX) Cyprus, with a 35% stake and BG NewMed Energy which owns 30%, take the project towards final investment decision.Cederic Cremers, Shell's integrated gas president, said the decision was made based on the pursuit of disciplined capital allocation and as the company focuses on assets that strengthen its LNG value chain.The transaction is likely to complete in early 2027, once regulatory approvals are obtained and closing conditions met.The Cypriot government and the joint venture partners agreed in 2025 on a development and production plan for the field, which will make use of a floating production unit.

Sector Update: Energy Stocks Higher Late Afternoon

Energy stocks advanced late Thursday afternoon with the NYSE Energy Sector Index rising 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.5%.The Philadelphia Oil Service Sector Index advanced 2.5%, and the Dow Jones US Utilities Index fell 0.6%.Late Wednesday, the US Central Command forces completed a "heavy wave" of strikes against Iran in response to Tuesday's attempted missile attacks on US forces, according to CENTCOM. Meanwhile, the Islamic Revolutionary Guard Corps targeted US bases in Kuwait and Jordan following Washington's strikes on Iran, Al Jazeera, a Middle East broadcaster, reported, citing the IRGC.West Texas Intermediate crude oil shed 0.9% to $83.71 a barrel, and global benchmark Brent fell 1.8% to $89.09 a barrel. Henry Hub natural gas futures rose 0.8% to $2.75 per 1 million BTU.US natural gas stocks rose by 28 billion cubic feet in the week ended July 24, a smaller rise than the 35 billion cubic foot increase expected in a survey compiled by Bloomberg and following an increase of 32 billion cubic feet in the previous week.In corporate news, Shell (SHEL) shares gained 2.7% after the company reported Q2 results that beat consensus estimates.Exxon Mobil (XOM), Chevron (CVX) and other big oil companies are vying for Venezuela's choicest drilling spots, but talks with Venezuelan officials have recently hit an impasse, preventing them from making big moves, The Wall Street Journal reported. Exxon shares were up 0.4%, and Chevron added 0.3%.BP (BP) intends to cut around 700 non-frontline jobs from its global workforce, Reuters reported Thursday, citing an internal email it viewed. BP shares rose 2.1%.GE Vernova (GEV) is investing $166 million to expand its operations in Western Pennsylvania, Governor Josh Shapiro and Pennsylvania Department of Community and Economic Development Secretary Rick Siger said Thursday. GE Vernova shares rose past 8%.Emera (EMA) received final approval from the New Mexico Public Regulation Commission for the sale of New Mexico Gas to Bernhard Capital Partners in a $1.25 billion deal. Emera shares were up 0.2%.

Sector Update: Energy Stocks Mixed Thursday Afternoon

Energy stocks were mixed Thursday afternoon, with the NYSE Energy Sector Index rising 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) easing 0.2%.The Philadelphia Oil Service Sector Index was climbing up 2.1%, and the Dow Jones US Utilities Index decreased 0.5%.Late Wednesday, US Central Command forces completed a "heavy wave" of strikes against Iran in response to Tuesday's attempted missile attacks on US forces, according to a CENTCOM statement. "The strikes aimed to further diminish threats posed by Iran and its proxies to American forces, commercial shipping, and neighboring Gulf countries." Meanwhile, the Islamic Revolutionary Guard Corps targeted US bases in Kuwait and Jordan following Washington's strikes on Iran, Al Jazeera, a Middle East broadcaster, reported, citing the IRGC.Front-month West Texas Intermediate crude oil shed 0.4% to $84.09 a barrel, and the global benchmark Brent crude contract fell 1.3% to $89.58 a barrel. Henry Hub natural gas futures rose 1.5% to $2.76 per 1 million BTU.In corporate news, Exxon Mobil (XOM), Chevron (CVX) and other big oil companies are vying for Venezuela's choicest drilling spots, but talks with Venezuelan officials have recently hit an impasse, preventing them from making big moves, The Wall Street Journal reported. Exxon and Chevron shares were each shedding about 0.4%.BP (BP) intends to cut around 700 non-frontline jobs from its global workforce, Reuters reported Thursday, citing an internal email it viewed. BP shares rose 1.2%.Celanese (CE) said Thursday that the Amsterdam District Court dismissed the damages claim brought by Shell's (SHEL) Shell Chemicals Europe unit. The court also dismissed a claim from Repsol-related entities seeking declaratory judgement of liability of Celanese and its co-defendants, it said. The claims stemmed from a 2020 settlement with the European Commission regarding past ethylene purchases in North-Western Europe, according to the company. Celanese shares were up 1.3%, and Shell was adding 1.6%.

Sector Update: Energy

Energy stocks were mixed Thursday afternoon, with the NYSE Energy Sector Index rising 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) easing 0.2%.The Philadelphia Oil Service Sector Index was climbing up 2.1%, and the Dow Jones US Utilities Index decreased 0.5%.Front-month West Texas Intermediate crude oil shed 0.4% to $84.09 a barrel, and the global benchmark Brent crude contract fell 1.3% to $89.58 a barrel. Henry Hub natural gas futures rose 1.5% to $2.76 per 1 million BTU.In corporate news, Exxon Mobil (XOM), Chevron (CVX) and other big oil companies are vying for Venezuela's choicest drilling spots, but talks with Venezuelan officials have recently hit an impasse, preventing them from making big moves, The Wall Street Journal reported. Exxon shares were down 0.3%, and Chevron was shedding 0.4%.

Update: Market Chatter: Exxon, Chevron Face Hurdles Trying to Tap Into Venezuelan Oil

(Updates with Exxon Mobil's response to a request for comment in the last paragraph.)Exxon Mobil (XOM), Chevron (CVX) and other big oil companies are vying for Venezuela's choicest drilling spots, but talks with Venezuelan officials have recently hit an impasse, preventing them from making big moves, The Wall Street Journal reported Thursday, citing people familiar with the matter.One key issue is that the major US oil companies are interested in many of the same oil fields, and they want to secure the most favorable regulatory and fiscal terms possible. In addition, last month's devastating earthquake delayed progress, the report said.Exxon declined to comment, while Chevron didn't immediately reply to a request for comment from.(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: $154.62, Change: $-2.13, Percent Change: -1.36%

Market Chatter: Exxon, Chevron Face Hurdles Trying to Tap Into Venezuelan Oil

Exxon Mobil (XOM), Chevron (CVX) and other big oil companies are vying for Venezuela's choicest drilling spots, but talks with Venezuelan officials have recently hit an impasse, preventing them from making big moves, The Wall Street Journal reported Thursday, citing people familiar with the matter.One key issue is that the major US oil companies are interested in many of the same oil fields, and they want to secure the most favorable regulatory and fiscal terms possible. In addition, last month's devastating earthquake delayed progress, the report said.Exxon and Chevron didn't immediately reply to requests for comment from.(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.)

Exxon, Chevron Face Hurdles Trying to Tap Into Venezuelan Oil, WSJ Reports

Update: US Equity Futures Lower Pre-Bell as Middle East Hostilities Resume, Oil Prices Rise

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging lower pre-bell Wednesday as hostilities between the US and Iran resumed after a two-day pause and oil prices jumped.Dow Jones Industrial Average futures were 0.7% lower, S&P 500 futures were down 0.1, and Nasdaq futures were 0.2% lower.US Central Command said in a post on X that Iran's Islamic Revolutionary Guard Corps launched missiles in an "attempted surprise attack" on US forces, which an Axios correspondent said was directed at a US base in Jordan. In a subsequent post, the command said that US and Saudi Arabian forces hit "Iran-aligned terrorists" in Iraq in response to more than 30 Iran-directed drone attacks in the last 72 hours.Microsoft (MSFT) and Meta Platforms (META) are expected to report their fiscal Q4 and Q2 earnings, respectively, after the market closes. For Microsoft, analysts polled by FactSet expect earnings of $4.24 per share on revenue of $87.62 billion. For Meta, analysts expect earnings of $7.19 per share on revenue of $60.22 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 6.4% at $89.49 per barrel and US West Texas Intermediate crude 6.2% higher at $84.15 per barrel.The Federal Open Market Committee is expected to maintain the range for its federal funds rate at the current 3.50% to 3.75% for the fifth straight meeting, with the CME's FedWatch Tool seeing a 68.5% chance of no change to the current target range and a 31.5% chance of a 25-basis point increase to 3.75% to 4.00%.The FOMC's statement following the meeting is due to be released at 2:00 pm ET, with Federal Reserve Chairman Kevin Warsh's press conference scheduled to begin at 2:30 pm ET.In other world markets, Japan's Nikkei closed 1.5% lower, Hong Kong's Hang Seng ended 2% higher, and China's Shanghai Composite finished 0.4% higher. Meanwhile, the UK's FTSE 100 was up 0.3%, and Germany's DAX index was 0.2% higher in Europe's early afternoon session.In equities, energy-related stocks were on the upswing as oil prices increased. Exxon Mobil (XOM) shares rose 2.1%, Chevron (CVX) stock was 2% higher, and TotalEnergies (TTE) shares were up 2.2%. Seagate Technology (STX) stock was up 5.7% after the company reported fiscal Q4 adjusted earnings and revenue that surpassed analysts' estimates, as well as issuing a better-than-expected fiscal Q1 outlook.On the losing side, Visa (V) shares were down 2.2% despite posting a fiscal Q3 adjusted earnings and revenue beat. Procter & Gamble (PG) stock was down 3.1% after the company reported fiscal Q4 net sales that fell short of analysts' consensus. KLA (KLAC) shares fell 8.9% despite posting fiscal Q4 non-GAAP earnings and revenue that beat analysts' estimates.

Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index down 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1%.The Philadelphia Oil Service Sector Index shed 2.8%, and the Dow Jones US Utilities Index was fractionally higher.President Donald Trump said talks with Iran were continuing and again threatened to destroy Iranian bridges and power plants if no deal is made, CNN reported. Iran's foreign ministry spokesman, Esmaeil Baghaei, said Tehran was not negotiating with the US but added that "intermediaries may convey messages from the American side to us regarding ongoing developments in the region," Al Jazeera reported.Front-month West Texas Intermediate crude oil fell 4.4% to $79.02 a barrel, and the global benchmark Brent crude contract dropped 5.1% to $83.89 a barrel. Henry Hub natural gas futures declined 4.2% to $2.65 per 1 million BTU.In corporate news, ExxonMobil (XOM) offers limited upside following its recent share-price gains, while Chevron (CVX) presents a stronger medium-term setup, BofA Securities said in a Tuesday note. BofA lowered its rating on ExxonMobil to neutral from buy while raising its price target to $158 from $154. BofA kept its buy rating on Chevron and increased its price target to $227 from $210. ExxonMobil shares shed 0.7%, and Chevron was down 0.8%.HF Sinclair (DINO) reported higher Q2 adjusted earnings and revenue, and raised its quarterly dividend. Separately, HF Sinclair said it plans to separate its Lubricants and Specialties segment into an independent publicly traded company. HF Sinclair shares were down 1.1%.CenterPoint Energy (CNP) shares rose 0.7% after its Q2 non-GAAP earnings and revenue rose year on year and beat analysts' estimates.TotalEnergies (TTE) said Tuesday that it and partner Eni (E) reached a final investment decision to develop the Cronos gas field offshore Cyprus, marking the country's first gas development project. TotalEnergies shares added 0.1%, and Eni were easing 0.4%.

Sector Update: Energy Stocks Decline Tuesday Afternoon

Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.2%.The Philadelphia Oil Service Sector Index shed 2.6%, and the Dow Jones US Utilities Index was up 0.6%.President Donald Trump said talks with Iran were continuing and again threatened to destroy Iranian bridges and power plants if no deal is made, CNN reported. Iran's foreign ministry spokesman, Esmaeil Baghaei, said Tehran was not negotiating with the US but added that "intermediaries may convey messages from the American side to us regarding ongoing developments in the region," Al Jazeera reported.Front-month West Texas Intermediate crude oil fell 4.1% to $79.19 a barrel, and the global benchmark Brent crude contract dropped 4.5% to $81.98 a barrel. Henry Hub natural gas futures declined 2.7% to $2.71 per 1 million BTU.In corporate news, ExxonMobil (XOM) offers limited upside following its recent share-price gains, while Chevron (CVX) presents a stronger medium-term setup, BofA Securities said in a Tuesday note. BofA lowered its rating on ExxonMobil to neutral from buy while raising its price target to $158 from $154. BofA kept its buy rating on Chevron and increased its price target to $227 from $210. ExxonMobil fell 1.6%, and Chevron was down 1%.HF Sinclair (DINO) reported higher Q2 adjusted earnings and revenue, and raised its quarterly dividend. Separately, HF Sinclair said it plans to separate its Lubricants and Specialties segment into an independent publicly traded company. HF Sinclair shares were down 0.4%.Expro (XPRO) shares rose 0.5% after the company increased its 2026 revenue outlook.

Sector Update: Energy

Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.6%.The Philadelphia Oil Service Sector Index shed 2.8%, and the Dow Jones US Utilities Index was up 0.4%.Front-month West Texas Intermediate crude oil fell 5% to $78.51 a barrel, and the global benchmark Brent crude contract dropped 5.9% to $83.15 a barrel. Henry Hub natural gas futures declined 3.3% to $2.68 per 1 million BTU.In corporate news, ExxonMobil (XOM) offers limited upside following its recent share-price gains, while Chevron (CVX) presents a stronger medium-term setup, BofA Securities said in a Tuesday note. BofA lowered its rating on Exxon to neutral from buy while raising its price target to $158 from $154. BofA kept its buy rating on Chevron and increased its price target to $227 from $210. Exxon fell 1.5%, and Chevron was down 1.2%.

Exxon Mobil Seen Offering Limited Upside, BofA Says

ExxonMobil (XOM) offers limited upside following its recent share-price gains, while Chevron (CVX) presents a stronger medium-term setup, BofA Securities said in a Tuesday note.The brokerage said Chevron's organic opportunity set has strengthened through progress on development projects in Venezuela, Argentina, Iraq, Libya and Namibia.The brokerage also said the outlook for US liquefied natural gas producers has improved as European gas storage remains below the 10-year average and Asian demand strengthens.BofA Securities lowered its rating on ExxonMobil to neutral from buy and raised its price target to $158 from $154.BofA Securities maintained its buy rating on Chevron and increased its price target to $227 from $210.Price: $155.37, Change: $+0.59, Percent Change: +0.38%

BofA Securities Adjusts Chevron PT to $227 From $210, Maintains Buy Rating

Chevron (CVX) has an average rating of overweight and mean price target of $215.04, according to analysts polled by FactSet.

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Monday afternoon, with the NYSE Energy Sector Index falling 2.2% and the State Street Energy Select Sector SPDR ETF (XLE) down 1.7%.The Philadelphia Oil Service Sector Index was shedding 1.7%, and the Dow Jones US Utilities Index fell 1.2%.Oil prices fell after President Donald Trump said the US and Iran were in "very deep talks," fueling optimism about the prospects of de-escalation between the two nations, though Trump also said military action could resume if diplomacy fails, according to Axios.Front-month West Texas Intermediate crude oil fell 8% to $82.14 a barrel, and the global benchmark Brent crude contract dropped 9.1% to $88.00 a barrel. Henry Hub natural gas futures shed 4.1% to $2.75 per 1 million BTU.In corporate news, Expand Energy (EXE) has agreed to buy private asset-backed natural gas and power marketer Twin Eagle from Five Point Infrastructure for about $1.25 billion, becoming North America's leading gas marketer. Expand Energy shares were down 1.1%.Ameren (AEE) unit Ameren Missouri said Monday it plans to build the West Alton Energy Center, a 2,100-megawatt combined-cycle natural gas power plant designed to provide baseload electricity, support economic growth and strengthen grid reliability. Ameren shares were shedding 1.4%.TotalEnergies (TTE) has decided to appeal a June 25 ruling by the Paris Judicial Court in a climate-related duty-of-vigilance case, the company said. TotalEnergies shares were down 2.8%.Baker Hughes (BKR) shares jumped past 5% after it posted Q2 adjusted earnings and revenue that topped analysts' expectations.Chevron (CVX) Chief Executive Mike Wirth met with senior US government officials to discuss measures to keep the company's Kazakhstan operations safe from becoming collateral damage in the Ukraine-Russia war, The Wall Street Journal reported Friday. Chevron shares were down 2%.

Sector Update: Energy

Energy stocks were lower late Monday afternoon, with the NYSE Energy Sector Index falling 2.2% and the State Street Energy Select Sector SPDR ETF (XLE) down 1.7%.The Philadelphia Oil Service Sector Index was shedding 1.7%, and the Dow Jones US Utilities Index fell 1.2%.Front-month West Texas Intermediate crude oil fell 8% to $82.14 a barrel, and the global benchmark Brent crude contract dropped 9.1% to $88.00 a barrel. Henry Hub natural gas futures shed 4.1% to $2.75 per 1 million BTU.In corporate news, Chevron (CVX) Chief Executive Mike Wirth met with senior US government officials to discuss measures to keep the company's Kazakhstan operations safe from becoming collateral damage in the Ukraine-Russia war, The Wall Street Journal reported Friday. Chevron shares were down 1.9%.

Market Chatter: Chevron CEO Meets With US Officials on Protecting Kazakhstan Oil Assets

Chevron (CVX) Chief Executive Mike Wirth met with senior US government officials to discuss measures to keep the company's Kazakhstan operations safe from becoming collateral damage in the Ukraine-Russia war, The Wall Street Journal reported Friday, citing sources familiar with the matter.Last week, a Ukrainian drone strike hit four tankers in the Black Sea, including one hired by Chevron, the report said. The US government has warned Ukraine against attacking non-Russian ships in the area, the report cited a US official as saying.Chevron owns 50% interest in Kazakhstan's Tengiz oil field and a 15% stake in the Caspian Pipeline Consortium, which brings crude from Kazakhstan into Russia and out to the Black Sea, according to the report.Chevron did not immediately reply to a request for comment from.(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: $191.62, Change: $-3.17, Percent Change: -1.63%

Market Chatter: Kazakhstan Slashes Oil Production Following Black Sea Terminal Disruption

Kazakhstan has slashed its oil output by over half of its daily average levels in June due to the shutdown of an important exporting terminal in Russia's Black Sea following drone strikes, Reuters reported Monday, citing an industry source.On Sunday, Kazakhstan's average output for oil and gas condensates fell to 133,200 metric tons, or around 1 million barrels per day, compared with 2.16 million b/d in June. The production cut reflects its over-dependence on Russia for exports and adds to concerns of supply shortages amid the ongoing Middle East crisis.Meanwhile, the country's energy ministry on Monday said the Caspian Pipeline Consortium pipeline loading operations have resumed after being suspended last week. The CPC pipeline carries over 80% of Kazakhstan's oil exports and is used by major international oil companies, including Chevron (CVX) and ExxonMobil (XOM).has reached out to the White House, Chevron, and the Kazakhstan Energy Ministry for comments.(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: $191.83, Change: $-2.97, Percent Change: -1.52%

Update: US Equity Futures Rise Pre-Bell as Oil Prices Drop Amid Pause in Middle East Hostilities

US equity futures rose pre-bell Monday as oil prices declined amid a pause in hostilities between the US and Iran over the weekend.Dow Jones Industrial Average futures were 1.1% higher, S&P 500 futures were up 0.8%, and Nasdaq futures were 1.3% higher.The US did not strike any Iranian targets on Saturday or Sunday after 13 consecutive nights of attacks. The US ambassador to the United Nations, Mike Waltz, told Fox News that President Donald Trump has halted the attacks for the meantime to allow more time for diplomacy. Iran said it will suspend its own attacks as long as the US does the same, Reuters reported Sunday, citing a senior Iranian official.Traders anticipate another round of earnings this week, kicked off by AstraZeneca (AZN), which posted higher Q2 core earnings and revenue.Microsoft (MSFT), Meta Platforms (META), Apple (AAPL), Amazon.com (AMZN), Lam Research (LRCX), and Arm (ARM) are set to release their financial results this week. Anticipated earnings also include Seagate Technology (STX), Qualcomm (QCOM), Procter & Gamble (PG), Visa (V), and Mastercard (MA).Traders also look forward to the Federal Reserve's policy session and rate statement, slated for Wednesday.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 5.2% at $86.94 per barrel and US West Texas Intermediate crude 6% lower at $83.97 per barrel.Durable goods new orders rose 0.3% in June after a 4.0% decline in the prior month, compared with expectations for a 1.8% increase in a survey compiled by Bloomberg. The Dallas Fed manufacturing survey for July will be released at 10:30 am ET.In other world markets, Japan's Nikkei closed 0.5% higher, Hong Kong's Hang Seng ended 1% higher, and China's Shanghai Composite finished 1.2% higher. Meanwhile, the UK's FTSE 100 was up 0.4%, and Germany's DAX index was 1.6% higher in Europe's early afternoon session.In equities, energy-related stocks were on the downswing due to the drop in oil prices. Exxon Mobil (XOM) shares fell 3.4%, Chevron (CVX) stocks were down 2.7%, and Shell (SHEL) shares were 2.3% lower.On the winning side, Broadcom (AVGO) stock was up 2.1% after the company and Samsung Electronics said they signed a memorandum of understanding to expand their strategic collaboration across memory and foundry technologies to support next-generation artificial intelligence infrastructure. Advanced Micro Devices (AMD) shares rose 2.2% after a Korea Times report cited the Ministry of Science and ICT as saying that the company partnered with South Korea to establish an artificial intelligence research facility and expand computing infrastructure. Toyota Motor (TM) stock was up 1.6% after the company said it signed a binding agreement with Volvo Group and Daimler Truck to acquire a one-third stake in fuel-cell joint venture Cellcentric.