Chevron, insurers settle over Iran tanker seizure

Chevron (CVX) reported Q2 FY2026 earnings with revenue of $70.1B, up 56.3% YOY, and EPS of $6.06, exceeding estimates. The company increased production and refining margins, generating $15.4B in free cash flow. Analysts raised price targets, with BMO Capital setting a new high of $235, citing strong operating performance and long-term growth prospects.

Ghana, GNPC, and GNPC Explorco signed a non-binding MoU with Shell and Chevron for the South Deepwater Tano Cape Three Points block. The deal, signed on September 1, 2026, aims to explore and produce oil and gas, with final terms subject to negotiation and approval. Ghana is reviewing its upstream framework to attract investment and boost output. Shell and Chevron expressed interest in further negotiations.

Chevron (CVX) announced agreements with Venezuela to invest over $7B in joint ventures, aiming to double production to 600,000 barrels per day by 2026. The deal includes expanded acreage and improved terms, with total costs below $20 per barrel. Chevron's CEO highlighted the country's resource potential and long-term value.

Chevron (CVX) announced agreements with Venezuela to update joint-venture terms, including new acreage and fiscal improvements. The company plans over $7B in spending, aiming to double production to 600,000 barrels per day at costs below $20 per barrel. Chevron operates in Venezuela through three joint ventures, with recent analyst price targets averaging $211.35. The company's broader project pipeline includes developments in Guyana, the Permian, and Australia, with long-term capital spending g

Chevron plans to double its oil rigs in Venezuela, aiming to increase production to 600,000 barrels per day by 2031. The company will invest over $7 billion in joint ventures, despite political and operational risks, according to CFO Eimear Bonner.

Iraq's Council of Ministers amended export rules, setting a 33,000 barrel/day crude oil export limit to Turkey under the Oil-for-Water agreement. The move aims to fund water projects. The cabinet also approved Chevron agreements and extended emergency oil sale procedures. According to the government, these steps ensure steady operations and address regional tensions.