Chevron Corporation (CVX)
2026-05-02
Recap: Q1 2026
Integrated Portfolio Absorbs ~$3B Timing Hit, Microsoft Exclusivity Locked, Venezuela Optionality Expanded, FY26 Framework Reaffirmed Through Middle East Conflict — Maintaining Outperform
2026-01-31
Recap: Q4 2025
FY25 Adjusted FCF $20B, $14B+ Repurchases Including Hess Shares Acquired at a Discount, $3–4B Cost Target by 2026, 39th Consecutive Dividend Hike — Maintaining Outperform
2025-11-01
Recap: Q3 2025
Worldwide Production Exceeds 4 mboed, Hess Synergies On Pace, $1.5B Run-Rate Cost Savings Captured — Maintaining Outperform Ahead of November 12 Investor Day
2025-08-02
Recap: Q2 2025
Hess Closed With a Favorable Arbitration Outcome, Permian Hits 1 mboed, FY26 Incremental FCF Raised to $12.5B — Initiating at Outperform, FV $175–200