Chevron stock rose 0.6% amid several business developments. The company is entering exclusive negotiations with Iraq's Basra Oil for a stake in the West Qurna 2 oilfield, one of the world's largest onshore fields producing 480,000 barrels per day. Chevron purchased two Jafurah condensate cargoes from Saudi Aramco for loading in February and March. The company is expanding exploration spending by 50% and increased its acreage position by 50% with ten new basin entries over two years, with planned exploration wells in the Gulf of America, Libya, Namibia, Nigeria, Angola, Suriname, Brazil, and Guyana. Chevron finalized a 600 million dollar joint venture with Bunge North America for renewable fuel production. Energy stocks broadly gained over 22% year-to-date, with Chevron and Exxon Mobil being the largest contributors to sector performance.
Read full analysisChevron stock rose 0.6% amid several business developments. The company is entering exclusive negotiations with Iraq's Basra Oil for a stake in the West Qurna 2 oilfield, one of the world's largest onshore fields producing 480,000 barrels per day. Chevron purchased two Jafurah condensate cargoes from Saudi Aramco for loading in February and March. The company is expanding exploration spending by 50% and increased its acreage position by 50% with ten new basin entries over two years, with planned exploration wells in the Gulf of America, Libya, Namibia, Nigeria, Angola, Suriname, Brazil, and Guyana. Chevron finalized a 600 million dollar joint venture with Bunge North America for renewable fuel production. Energy stocks broadly gained over 22% year-to-date, with Chevron and Exxon Mobil being the largest contributors to sector performance.
Chevron is the second-largest U.S. integrated oil company, producing crude oil, natural gas, and refined products across global operations. The company has been aggressively expanding its exploration footprint, entering ten new basins over two years including Libya, Greece, and now potentially Iraq, while maintaining a 39-year streak of consecutive dividend increases. Today's news centers on exclusive negotiations for a stake in Iraq's West Qurna 2 oilfield, which would materially expand Chevron's production base.