Chevron heads into its third-quarter earnings report with investors focused on its expanding operations in Venezuela, developments in Angola, and the integration of Hess.
Recent agreements in Venezuela are expected to improve joint-venture terms and provide additional acreage. Chevron plans to invest more than $7 billion over five years. The company aims to more than double production, targeting around 600,000 barrels per day.
Hess has strengthened Chevron’s position in Guyana and the Bakken shale. Chevron has also reached its $3 billion cost-reduction target ahead of schedule. Analysts are watching whether stronger refining and downstream margins can support earnings amid fluctuating oil and gas prices. The stock has a Buy rating and an average price target of $218.40.