CFOs On the Move: Week ending Oct. 9

Chevron, Egypt near finalizing a $4B deal for a 280km subsea pipeline to transport Cyprus' offshore natural gas to Egypt's LNG export plants. Chevron, Shell, and NewMed Energy are involved, with Chevron operating the Aphrodite field. The project aims to leverage Egypt's existing infrastructure, but revenue is years away due to construction timelines.

Reaves Dividend Income Strategy's Q3 2026 letter noted Chevron (CVX) as a top contributor, citing higher oil prices and favorable joint venture terms in Venezuela. CVX shares fell 1.27% in the past month but gained 41.09% over 52 weeks, closing at $215.00 on October 12, 2026. The company has a market cap of $424.79 billion.

Egypt and Chevron are advancing the $4 billion Aphrodite gas project, connecting Cyprus' offshore gas to Egypt's infrastructure. Chevron, with a 35% stake, leads development alongside Shell and NewMed Energy. The project aims to enable LNG exports, but a final investment decision is pending.

Chevron, Shell, Sinopec, and CNOOC may invest $500M in a Kazakhstan oil exploration consortium, according to KazMunayGas. The venture, expected by year-end, will conduct seismic surveys and drill exploration wells. All four companies already operate in Kazakhstan.

Mizuho Securities raised its price target for Chevron to $234 from $224. Chevron's stock is currently trading at $214.98, up 1.42% on the day and 4.25% over the past year. The company's production is ramping up after Hurricane Isaias passed through the Gulf of Mexico.

Chevron will transfer its stake in Hess Midstream and DJ Basin assets to Hess Midstream LP for $200M cash and revised contracts. The deal extends Bakken midstream contracts, reduces Chevron's costs by 50%, and removes $3.7B of Hess Midstream debt from Chevron's balance sheet. Chevron expects a $3B-$4B one-time loss but anticipates improved earnings and returns. The transaction is expected to close by the end of 2026.