Chevron

Piper Sandler analyst Ryan Todd maintains Chevron with a Overweight and lowers the price target from $188 to $180.

Chevron (NYSE:CVX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/05/2024 24.98% RBC Capital $185 → $190 Maintains Outperform 01/23/2024 -1.33% TD Cowen $170 → $150 Downgrades Outperform → Market Perform 01/16/2024 11.83% Scotiabank → $170 Downgrades Sector Outperform → Sector Perform 01/08/2024 21.04% Jefferies → $184 Upgrades Hold → Buy 12/14/2023 21.69% UBS $194 → $185 Maintains Buy 11/14/2023 28.27% Mizuho $215 → $195 Maintains Buy 11/02/2023 19.72% Bernstein $184 → $182 Upgrades Market Perform → Outperform 10/30/2023 31.56% B of A Securities $190 → $200 Upgrades Neutral → Buy 10/30/2023 15.12% Raymond James $200 → $175 Maintains Outperform 10/24/2023 11.17% Truist Securities $175 → $169 Maintains Hold 10/24/2023 18.41% RBC Capital → $180 Reiterates Outperform → Outperform 10/17/2023 32.22% Morgan Stanley $203 → $201 Maintains Equal-Weight 10/17/2023 21.04% Bernstein → $184 Initiates Coverage On → Market Perform 10/04/2023 38.14% UBS

RBC Capital analyst Biraj Borkhataria maintains Chevron (NYSE:CVX) with a Outperform and raises the price target from $185 to $190.

The following is a summary of the Chevron Corporation (CVX) Q4 2023 Earnings Call Transcript: Financial Performance: Chevron reported an adjusted ROCE of 14%, returning a record $26 billion cash to shareholders in 2023. Q4 2023 production was 867,000 barrels of oil equivalent per day. The company had Q4 earnings of $2.3 billion, while adjusted earnings were $6.5 billion. Adjusted earnings were $730 million higher than the previous quarter, mainly due to higher liftings coupled with record quarterly production. Full-year adjusted earnings dropped near $12 billion from the prior year due to lower prices. The balanced sheet remained strong, with a net debt ratio comfortably in the single digits. The company successfully delivered its four financial priorities, including an 8% increase in dividends and reducing debt by over $4 billion. Business Progress: Chevron expects a 2% to 4% decrease in 1H production, but plans to reach around 900,000 barrels per

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target of $160, cut $2, reflects a 5.8x multiple of enterprise value to projected ’25 EBITDA, slightly below CVX’s historical forward average. We think a modest discount is merited by CVX’s exposure to California refining, which is important to CVX’s overall downstream capacity, and is also where we see headwinds looming in ’24. We cut our ’24 EPS view $1.57 to $12.55 and set ’25’s at $13.20. Q4 EPS of $3.45 vs. $4.09, beat the consensus view by $0.23. We are also taking a more pessimistic tone to our outlook for energy prices through ’25. We see WTI prices flat to down vs. the $78/b average in ’22, and see only modest improvement in natural gas pricing. CVX remains cost disciplined, and in ’23 allocated

Chevron Reports Fourth Quarter 2023 Results — Reported earnings of $2.3 billion; adjusted earnings of $6.5 billion — Record $26.3 billion cash returned to shareholders in 2023 — Record annual worldwide and U.S. production — Announced an 8 percent increase in quarterly dividend to $1.63/share SAN RAMON, Calif.–(BUSINESS WIRE)–February 02, 2024– Chevron Corporation (NYSE: CVX) reported earnings of $2.3 billion ($1.22 per share – diluted) for fourth quarter 2023, compared with $6.4 billion ($3.33 per share – diluted) in fourth quarter 2022. Included in the current quarter were $1.8 billion of U.S. upstream impairment charges and $1.9 billion of decommissioning obligations from previously sold assets in the U.S. Gulf of Mexico. Foreign currency effects decreased earnings by $479 million. Adjusted earnings of $6.5 billion ($3.45 per share – diluted) in fourth quarter 2023 compared to adjusted earnings of $7.9 billion ($4.09 per share – diluted) in fourth quarter 2022. See

from $1.51. The new payout, equal to $6.52 a year, represents an annual yield of about 4.41% based on Thursday’s closing price of $147.89, up from 4.08%. The San Ramon, Calif., company, which in October had said it was planning the increase, on Friday said the dividend is payable March 11 to shareholders or record Feb. 16.

Chevron: 4Q U.S. Net Oil-Equivalent Production Was Up 34% Vs Year-Ago and Set New Quarterly Record, Primarily Due to the Acquisition of PDC.

Chevron: U.S. Refinery Crude Oil Inputs During 4Q Increased 4% From Year-Ago Period as Company Processed More Crude Oil in Place of Other Feedstocks.

By Mary de Wet Chevron’s acquisition of PDC Energy helped boost its U.S. net production to a new high for the company in the fourth quarter. On its upstream business: “U.S. net oil-equivalent production was up 34 percent from fourth quarter 2022 and set a new quarterly record, primarily due to the acquisition of PDC, which added 266,000 oil-equivalent barrels per day during the quarter, and higher production in the Permian Basin,” Chevron said. Internationally, net oil-equivalent production fell 1.4% in the quarter, which Chevron attributed to normal field declines. “Annual worldwide net oil-equivalent production increased to over 3.1 million barrels of oil-equivalent per day, led by 14% growth in the United States,” Chairman and Chief Executive Mike Wirth said. On its downstream business: In the U.S., refinery crude oil inputs rose 4% as Chevron processed more crude oil in place of other feedstocks. “Refined product sales in fourth quarter

Chevron: Expect Production in First Half of the Year to Be Down From 4Q by About 2% to 4% Before Climbing Toward a 2024 Exit Rate Around 900,000 Barrels Per Day.

CLG’s Continued Excellence in Lube Hydroprocessing Reinforces its Strong Market Leadership RICHMOND, Calif., Jan. 17, 2024 /PRNewswire/ — Chevron Lummus Global LLC (CLG) announced the award of a new licensing contract by Hindustan Petroleum Corporation Limited (HPCL) for the development of a grassroots integrated hydrocracker and catalytic dewaxing unit and a full catalyst reload of their existing lube oil upgrading program (LOUP) at the Mumbai Refinery in India. “Chevron Lummus Global is honored to once again work with HPCL on this transformative project,” said Rajesh Samarth, Chief Commercial Officer of Chevron Lummus Global. “Our deep expertise in hydroprocessing technologies, paired with HPCL’s forward-looking approach, underscores our shared commitment to advancing India’s energy independence and strengthening its position in the premium base oil market.” The integrated hydrocracker and catalytic dewaxing unit will have a nameplate capacity of 550 KTPA and will facilitate the production of Gr. II+ and Gr. III premium base oils. This strategic move will