Chevron's Tengiz Project Adds Scale, Cash Flow and Reach

Core Insights - Chevron Corporation has successfully completed the $48 billion Future Growth Project at the Tengiz oil field, which is now fully operational and adding 260,000 barrels of oil per day, bringing total production to nearly 1 million barrels per day [1][7] - The project is expected to generate $5 billion in free cash flow in 2025 and $6 billion in 2026 from Chevron's 50% stake, enhancing the company's cash generation capabilities [2][7] - The FGP enhances Chevron's influence in Eurasian energy infrastructure, utilizing advanced technologies for efficient production and emissions reduction, indicating a commitment to disciplined growth and cash generation [3][7] Financial Performance - Chevron's shares have increased by more than 8% over the past three months [6] - The company's forward 12-month P/E multiple is approximately 18.2X, which is below the S&P 500 average, and it carries a Value Score of B [8] Earnings Estimates - Chevron has beaten the Zacks Consensus Estimate for earnings in two of the last four quarters, while missing in the other two [9] - The reported earnings for the upcoming quarters show a mix of slight beats and misses against estimates, with an average surprise of -3.60% [10]