Chevron(US:CVX) Jing Ji Guan Cha Wang·2026-02-13 21:56Company Developments - Chevron recently won a contract for the onshore block 106 in the Surt Basin, Libya, and signed a memorandum of understanding with the Libyan National Oil Company to assess onshore drilling potential, aligning with the company's strategy to expand its asset portfolio in North Africa and the Eastern Mediterranean [2] Financial Performance - In its earnings report released on January 30, 2026, Chevron reported a net profit of $2.8 billion for Q4 2025, with adjusted earnings per share of $1.52, exceeding market expectations; production increased by 20% year-on-year to 4.05 million barrels per day. Management highlighted achieving a cash flow inflection point in 2025 and plans for a production increase of 7%-10% in 2026 [3] Capital Expenditure - Chevron announced a capital expenditure budget of $18 billion to $19 billion for 2026, representing an approximate 22% increase from 2025. The funds will prioritize upstream projects in the Permian Basin, Kazakhstan's Tengiz, and low-carbon initiatives, with a target to achieve a 3% increase in upstream production by the end of 2026 compared to 2024 [4] Shareholder Returns - In 2025, Chevron paid $12.8 billion in dividends and repurchased $12.1 billion in stock, with a total of over $100 billion in buybacks and dividends over the past five years, reinforcing investor confidence [5] Analyst Ratings - As of February 2026, 53% of 30 institutions rated Chevron as "buy" or "hold," with a target average price of $182.38. Analysts predict a potential year-on-year decline in earnings per share for Q1 2026 but maintain a long-term focus on the potential of new projects in Guyana and the Eastern Mediterranean [6]