Overview

• On Sept. 10, Chevron submitted a joint bid with Hellenic Energy to explore four offshore blocks off the Peloponnese and Crete as Greece seeks to expand domestic gas production.
• Recent project milestones include the Future Growth Project in Kazakhstan moving toward full capacity and completed developments in the Gulf of Mexico.
• Coverage cites expectations for about $10 billion in additional free cash flow next year, compared with roughly $15 billion produced last year.
• Chevron pays a quarterly dividend of $1.71 per share, implying a yield near 4.3% as of Sept. 19, and has increased its payout for 38 consecutive years.
• Analysts highlight a corporate break-even near $30 per barrel and diversified integrated operations as supports for resilient cash generation, with Exxon's yield noted as lower despite a longer dividend streak.