Recently, Zacks.com users have been paying close attention to Chevron (CVX). This makes it worthwhile to examine what the stock has in store.
Policy aims to block Maduro royalties and Chinese takeover while maintaining US oil infrastructure
Chevron plans to lay off 200 employees at locations in Midland, Texas as part of a global workforce reduction of up to 20% by 2026.
KHC, CVX, and TMO stand out as some of the hardest-hit names held by big-name hedge funds.
Chevron will lay off nearly 800 employees in Texas, according to a notice on Wednesday to the Texas Workforce Commission, part of the U.S. oil producer's plan to cut up to 20% of its global workforce by the end of 2026.
Houston, Texas-based oil giant Chevron is transferring joint venture control to its partner, state company PDVSA, while maintaining a staff presence in Venezuela.
The company would be able to maintain key infrastructure but be barred from importing oil from the South American country.
Chevron Corporation (NYSE:CVX, ETR:CHV) and Exxon Mobil Corp (NYSE:XOM, ETR:XONA) will square off this week in a private arbitration hearing in London that could determine the future of one of the world's most lucrative oil discoveries. At stake is Chevron's proposed $53 billion acquisition of Hess Corp, whose crown jewel is a 30% stake in a giant offshore oil project in Guyana.
XOM and CVX battle in arbitration over Hess' stake in Guyana's oil-rich Stabroek Block, with 11B barrels and industry influence on the line.
CVX is set to receive a minimal license for safety-only work in Venezuela as U.S. policy shifts back to stricter Trump-era sanctions.
Chevron's disciplined capital allocation and Guyana assets make it resilient and attractive despite recent earnings pressure and oil price volatility. The pending Hess acquisition offers significant long-term upside, though legal uncertainty with Exxon remains a risk to the deal. Chevron is currently valued as if Hess dilution has already occurred, creating compelling 2026 upside potential with a $165.73 price target.
Exxon's battle to bid on a stake in a major oil discovery has chilled the once-cordial relationship it had with rival Chevron.