$CVX

Chevron plans to reduce its drilling rigs in North Dakota's Bakken region from 3 to 2 in December, citing operational efficiencies. Despite this, state officials note that other companies are increasing rigs and production due to sustained oil prices. WTI Crude is at $95 per barrel, Brent at $106. Chevron is also restructuring its agreement with Hess Midstream to potentially cut costs by 50%.

Chevron activated its Hurricane Action Plan during Hurricane Isaias, evacuating 870 offshore personnel and using HERO technology to maintain production. Four facilities operated remotely, producing 800,000 barrels of oil-equivalent. The company applied lessons from its Australia business to Gulf assets. Chevron's actions aimed to sustain energy supply amid the storm.

Wells Fargo analyst Sam Margolin maintained a Buy rating on Chevron (CVX) with a $230 price target. Chevron reported Q2 revenue of $67.2B and net profit of $12.07B, up from $44.38B and $2.49B last year. Insider sentiment is negative, with recent sales by executives.

A U.S. District Court dismissed Michigan's antitrust lawsuit against BP, Chevron, Exxon, Shell, and the American Petroleum Institute, alleging a conspiracy to suppress renewable energy. The court ruled Michigan lacked standing, as it couldn't prove the conspiracy proximately caused energy overcharges. The decision highlights challenges in using antitrust laws for climate-related claims.

Chevron CEO Mike Wirth warned that global oil inventories have been depleted, making the market vulnerable to disruptions. He noted that diesel supply constraints will likely persist until 2027, according to the International Energy Agency. The U.S. government has taken steps to address high fuel prices, including releasing emergency reserves and considering a diesel export ban, which was ultimately shelved.

Chevron has joined a long-term digital subsurface collaboration with SLB and TotalEnergies, established in 2024. The partnership, called Arena, aims to co-develop digital technologies for reservoir engineering and geoscience. Chevron will contribute financially, intellectual property, and technical expertise. SLB and TotalEnergies expect the collaboration to shorten feedback loops and enhance technology development.

KazMunayGas is forming a consortium with Shell, Chevron, Sinopec, and CNOOC to explore deep oil reserves in Kazakhstan's Caspian region, targeting formations 5.5-10 km deep. The project aims to replenish reserves as major fields mature. Shell and Chevron are in talks, while BP may return. ExxonMobil's potential involvement in Kashagan is under discussion. US sanctions have stalled the Kalamkas-Khazar project with Lukoil.

Congressman Kevin Hern sold shares in Chevron (CVX), Chubb (CB), Devon Energy (DVN), and other companies, according to a congressional trade report. Chevron shares are up 47% year-to-date, with a 3.27% dividend yield and a P/E ratio of 21.34. Analysts have revised earnings upwards for the company. Hern also bought government securities.

Chevron has agreed to pay $200 million toward a future contract to develop the West Qurna 2 oil field in Iraq, according to officials. The payment is an advance on the signing bonus for a new development and production contract.

In 2026, Venezuela's foreign relations shifted after the US captured Nicolás Maduro. The US now licenses most oil business, including a 100-year concession to private producer NABEP. Six oil companies (BP, Chevron, Eni, Maurel & Prom, Repsol, Shell) are licensed to operate. Chevron plans a $7B investment. China, Russia, and Iran are excluded from the main US oil license. The IMF projects Venezuela's 2026 GDP at $124B with 5% growth.