JPMorgan Adjusts Price Target on Chevron to $241 From $222

The Competition and Consumer Commission of Singapore (CCS) is seeking public feedback on Eneos Apac's proposed acquisition of Chevron Singapore, a petroleum distributor. The CCS is evaluating whether the deal would violate competition laws. Chevron Singapore operates under brands like Chevron, Caltex, and Delo, while Eneos is a Japan-based energy group. Eneos Apac claims the acquisition will not raise competitive concerns. Public submissions are open until Oct 16.

Chevron agreed to transfer its ownership in Hess Midstream and DJ Basin assets to Hess Midstream LP in exchange for improved Bakken midstream terms and $200M. The deal aims to cut Chevron's Bakken midstream costs by 50%, boosting earnings and return on capital. Chevron expects a $3-4B after-tax loss at closing but anticipates long-term value. The transaction is set to close by year-end 2026, pending approvals.

Hurricane Isaias has forced the shutdown of 63% of U.S. Gulf offshore oil output, according to the Marine Minerals Administration. This includes 1.28 million barrels of daily oil production and 1.13 billion cubic feet of natural-gas production. Shell and Chevron have evacuated personnel and halted operations at several Gulf facilities. The storm may impact fuel prices in Texas, where gasoline averages $3.87 per gallon.

Hess Midstream LP (HESM) will acquire Chevron's DJ Basin assets and Chevron's stake in Hess Midstream, reducing HESM's share count by 40% and creating a multi-basin midstream company. The deal includes $200M in cash and fixed-fee contracts over 670K acres. HESM's board will become independent by 2028. Analysts rate HESM stock as Sell with a $39 target, while TipRanks' AI rates it Neutral.

Hurricane Isaias has led to the shutdown of 62.9% of Gulf of Mexico oil production (1.28M barrels/day) and 57.4% of natural gas output. Operators like Shell and Chevron have evacuated platforms. The storm is expected to strengthen before landfall, causing potential port disruptions.

UBS raised Chevron's Q3 earnings forecast to $11.4 billion, with refining profits expected to offset declines in upstream earnings. The bank reduced production estimates and noted weaker petrochemical margins. Chevron's Q3 performance is seen as more integrated, with refining playing a significant role. Results are due in late October.