Chevron CorporationNYSE: CVX
Energy · Integrated Oil & Gas
$190.83
-1.28%
Vol: 11.1M
Research Digest
Friday, May 1, 2026
Chevron Q1 2026 EPS beat ($1.41 vs $1.17 estimate) but profit fell 37% YoY due to $2.9B hedging losses; CEO says less exposed to Iran war
Chevron reported Q1 2026 diluted EPS of $1.41, beating estimates of $1.17 by $0.24. However, earnings declined to $2.2B from $3.5B YoY despite growing production 24% to 3.9M bpd. Hedging losses ($2.9B) on crude shipments in transit depressed profits temporarily. Company expects $1B unwinding of derivative positions in Q2. Production segment profit up 4% YoY. Management states less exposure to Iran conflict than peers.
Previous Market Intelligence
13 daysApr 30Chevron nears $1B Singapore asset sale to ENEOS; Q1 earnings expected Friday amid oil rally and Wheatstone LNG recoveryNeutral▶
CVX nears completion of $1B Singapore asset sale to ENEOS as part of higher-return growth refocus. Q1 earnings due May 1 before market open. Stock up 2.3% recently on crude rally and Middle East geopolitical tensions. Prior quarter: $46.87B revenue (-10.2% YoY), EPS and EBITDA beats, 2.06M barrels oil production (+24.8% YoY). Wheatstone LNG ramped back to full production after cyclone repairs. Trading $191.53 (+1.94% last 24hrs, +2.39% week, -9.51% month, +38.10% YTD). Analyst PT range $165-236. Risk: oil price volatility, geopolitical resolution, capex discipline.
Apr 29Chevron CEO pushes Venezuela reforms, nearing $1B Singapore asset sale; Q1 dividend raised 4% to $1.78; earnings report May 1Neutral▶
Chevron stock up 22% YTD amid strong energy outlook. CEO Mike Wirth (April 26) urged Venezuela policy reforms to attract oil investment. Company nearing $1B Singapore asset sale to ENEOS for higher-return growth. Q1 dividend lifted 4% to $1.78/share (39th consecutive annual increase). Q1 earnings report scheduled May 1. Stock performance: +1.94% past 24h, +2.39% past week, -9.51% past month, +38.10% past year. Current price $191.53. Company taking Final Investment Decision on Leviathan gas expansion (Israel offshore). Mixed signals amid geopolitical tensions and Middle East conflict.
Apr 16Chevron reports $2.2B earnings lift from higher oil prices in Q1 2026; RBC Capital raises price target to $220 from $200Positive▶
Chevron benefited from higher crude oil prices in Q1 2026, with the company expecting a $2.2 billion lift to earnings. The company made a significant oil discovery at the Bandit prospect in the Gulf of Mexico and executed an asset swap with Petroleos de Venezuela to expand its heavy-oil position in Venezuela. However, Chevron noted that the Iran conflict reduced production and impacted Q1 earnings. RBC Capital increased its price target to $220 from $200, reflecting improved commodity outlooks. The stock is down 2.48% in the last 24 hours and off 4.58% for the month. Chevron will report earnings on May 1, 2026.
Apr 15Chevron agrees major asset swap with PDVSA increasing Venezuela stake to 49%; stock down 3.15% April 14 on oil price reversalMixed▶
Chevron announced asset swap with Petroleos de Venezuela to strengthen heavy oil position, increasing Petroindependencia stake to 49%. Oil prices reversed on emerging US-Iran diplomatic talks. Stock declined 3.15% despite JPMorgan raising price target to $216. RBC maintained Buy rating. Company confirmed Bandit oil discovery in Gulf of Mexico.
Apr 14Chevron rallies on analyst upgrades and Venezuela expansion deal; Q1 earnings face $2.7B-$3.7B Middle East hitMixed▶
JPMorgan raised PT to $216, Mizuho to $225. Partnership with Shell for Venezuelan crude. Q1 hit of $2.7B-$3.7B from Middle East conflict. Wheatstone LNG cyclone damage.
Apr 13Chevron updates Q1 earnings outlook; Iran war cuts output, generates $3.7B headwindsMixed▶
Chevron issued guidance on April 9 citing Middle East conflict impact: $2.7-$3.7B timing effects from derivative marks and LIFO accounting, $2-$4B working capital outflow, $350-$400M legal charge; offset by $1.6-$2.2B upstream price benefits. Production down 6% due to Iran war and Tengizchevroil downtime. Bandit prospect discovery in Gulf of Mexico confirmed. Earnings call May 1.
Apr 10Chevron loses 6% production and faces $2.7-3.7B negative timing from Iran war but benefits from higher oil/gas prices.Mixed▶
Chevron reported Q1 2026 impacts from Middle East conflict including 6% production loss and $2.7-3.7B negative timing effects. Upstream benefits estimated at $1.6-2.2B. Wheatstone LNG facility suffered cyclone damage. Stock fell sharply as Iran ceasefire drove oil prices down. Announced 39th consecutive dividend increase to $1.78/share. Wells Fargo raised target to $222.
Apr 9Chevron stock falls 4.35% on US-Iran ceasefire, oil prices plummet 15%Negative▶
Chevron Corp fell sharply on April 8 as crude prices dropped nearly 15% following a US-Iran ceasefire agreement. The company is approaching a deal with Venezuela to boost oil output and recently resumed gas production at the Leviathan field. Despite the near-term headwind, Chevron continues to advance strategic initiatives with rising oil assumptions supporting long-term growth prospects. Upcoming earnings conference scheduled for May 1, 2026.
Apr 8Chevron receives BMO upgrade to $205 PT as oil prices rise amid geopolitical tensions.Positive▶
BMO Capital raised Chevron's target to $205 from $200, citing momentum from elevated oil prices driven by Middle East tensions. Company confirmed talks with Microsoft and Engine No. 1 for power agreements. CEO Mike Wirth cited uncertainty on Middle East shutdowns. Chevron closed at $198.97 with positive sentiment amid 26% earnings estimate increase.
Apr 7Chevron receives analyst upgrade to Buy with rising oil prices supporting crude extraction margins.Positive▶
Chevron saw leadership changes with Daniel Woodall named Chief HSE Officer. The company is in exclusive talks with Microsoft and Engine No. 1 on a $7 billion natural gas power project in West Texas. Citi raised its price target to $235 from $210 with a Buy rating. Chevron posted record performance on rising oil price assumptions. Quarterly earnings are scheduled for May 1, 2026. The stock gained 0.79% in the past 24 hours amid rising geopolitical tensions.
Apr 6Microsoft/Engine No.1 partnership for $7B Texas gas project; Wheatstone LNG damaged by Cyclone Narelle.Mixed▶
Chevron announced Microsoft and Engine No. 1 partnership for proposed $7B West Texas natural gas power project. Wheatstone LNG facility in Australia suffered extensive damage from Tropical Cyclone Narelle with both production trains offline. HSE leadership shifts continue. Refining cash flow advantage flagged by analysts.
Apr 3Citigroup raises Chevron price target to $235 on positive outlook; company wins Libya contract and expands Greece operations.Positive▶
Chevron announced new leadership appointments and strategic expansion into Libya (winning Contract Area 106 in the Sirte Basin) and Greece (four offshore blocks). Citigroup maintained a Buy rating while raising its price target from $210 to $235, citing growth expectations from the Tengiz Field expansion in Kazakhstan. The company is scheduled for Q1 2026 earnings on May 1. Analysts project revenue and EPS growth rates of 2% and 16% respectively through 2028.
Apr 1Chevron stock up 40% over 3 months amid geopolitical tensions; Tropical Cyclone Narelle damages Wheatstone LNG facility.Positive▶
Chevron rallied 40% in 3-month period and up 36% YTD as Brent crude averaged ~$97/barrel in March, up 33% from February due to U.S.-Israeli-Iran conflict disrupting Strait of Hormuz markets. Tropical Cyclone Narelle damaged Chevron's Wheatstone LNG facility in Australia, leaving both production trains offline with restart pushed out by several weeks. Wheatstone normally produces 8.9 million tons of LNG annually. Stock carries Buy rating from 19 analysts with average price target of $186.50. Q1 2026 earnings catalyst expected May 1.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| XOMEXXON | $153.41 | -0.60% | -5.5% | 15.2x | 0.29 | $641.5B |
| CVXCHEVRON | $190.83 | -1.28% | -2.8% | 16.5x | 0.59 | $385.1B |
| COPCONOCOPHILLIPS | $123.50 | -1.81% | -4.5% | 14.8x | 0.19 | $153.3B |
| WMBWILLIAMS | $75.66 | -0.85% | +5.1% | 29.4x | 0.65 | $93.3B |
| SLBSLB | $57.00 | +0.20% | +14.3% | 17.0x | 0.69 | $85.1B |
| VLOVALERO | $247.40 | -2.05% | +2.9% | 13.7x | 0.61 | $75.5B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price between 50d and 200d. Testing 50d support.