Chevron (NYSE:CVX) Stock

Chevron

Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2023 stood at 11.1 billion barrels of oil equivalent, including 6.0 billion barrels of liquids and 30.4 trillion cubic feet of natural gas.

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Leveraged and inverse ETNs cater to active traders looking for higher exposure to high-momentum sectors.

Bank Of Montreal Expands Investment Offerings With New ETNs, Bitcoin Bet

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Israel on Tuesday announced plans to enter negotiations with Hamas to secure a lasting ceasefire in Gaza and facilitate the release of the remaining Israeli hostages.

Israel To Begin Negotiations With Hamas For Permanent Cease-Fire, Release Of Remaining Hostages

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Trump&#39;s Tax Cut Could Add $4.6 Trillion To Deficit, With $48 Billion Tax Relief For Top 100 Firms: Robert Reich

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The Bank of Montreal launched five new exchange-traded notes (ETNs) Thursday, expanding its range of leveraged and <a href="https://www.benzinga.com/topic/leveraged-etfs">inverse investment products</a>. 
The Canadian banking firm has also been quietly ramping up its Bitcoin ETF holdings, reflecting a growing interest in the cryptocurrency market.
For the uninitiated, ETNs are mostly <a href="https://www.benzinga.com/etfs">similar to ETFs</a>. The difference is they invest in debt like bonds. Also, they attract lesser taxes because they do not pay dividends.
Also Read: <a href="https://www.benzinga.com/etfs/new-etfs/25/02/43862680/roundhill-launches-weeklypay-etfs-with-5-funds-offering-enhanced-payouts">Roundhill Launches WeeklyPay ETFs With 5 Funds Offering Enhanced Payouts</a>
<h2 class="wp-block-heading">A Fresh Lineup Of Leveraged And Inverse ETNs</h2>
BMO's latest ETNs target the <a href="https://www.nasdaq.com/press-release/bmo-and-rex-shares-launch-us-big-banks-and-us-big-oil-leveraged-inverse-leveraged">energy </a>sector through the Solactive MicroSectors U.S. Big Oil Index, which consists of major oil players such as Exxon Mobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>), Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>), Occidental Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>), and Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>). The bank has introduced two ETNs for investors with opposing market views:
MicroSectors U.S. Big Oil 3X Leveraged ETNs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRGU#NYSE">NRGU</a>), which seeks to generate three times the daily return of the index, and MicroSectors U.S. Big Oil -3X Inverse Leveraged ETNs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRGD#NYSE">NRGD</a>), which provides the inverse, delivering negative three times the index's daily movement.
These products allow investors to make tactical bets on the energy market, especially as oil prices remain highly sensitive to geopolitical and economic changes.
BMO hasn&#8217;t left the financial sector behind, with new leveraged and inverse ETNs tied to the Solactive MicroSectors U.S. Big Banks Index. This index tracks heavyweights such as JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), and Bank of America.
The MicroSectors U.S. Big Banks 3X Leveraged ETNs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNKU#NYSE">BNKU</a>) provides three times the daily return of the index. On the other hand, the MicroSectors U.S. Big Banks -3X Inverse Leveraged ETNs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNKD#NYSE">BNKD</a>) moves in the opposite direction, offering negative three times the daily performance.
<h2 class="wp-block-heading">BMO's Growing Crypto Bet</h2>
BMO has also recently made a significant push into Bitcoin ETFs. According to a February <a href="https://www.binance.com/en/square/post/20289730836265">report </a>from Binance, which cited an SEC filing by BMO, the bank has upped its Bitcoin ETF holdings from $13 million to $150 million, a staggering 1053.85% increase in just one quarter.
Regulatory filings submitted to the U.S. SEC on January 13 revealed that BMO had allocated $139 million to BlackRock's iShares Bitcoin ETFs, with the remaining $11 million divided among ETFs from ARK 21Shares, Grayscale, and Fidelity.
The leveraged and inverse ETNs cater to active traders looking for higher exposure to high-momentum sectors, while the Bitcoin ETF investment signals institutional optimism in crypto's long-term potential.
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Chevron Estimates Its Worldwide Oil-Equivalent Production In 2025 To Increase 6%-8% Over 2024 Assuming $70 Per Barrel Brent Price

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Shares of several oil companies are trading higher following a drone attack on a Russian pipeline which could reduce supply.

Israel on Tuesday announced plans to enter negotiations with Hamas to secure a lasting ceasefire in Gaza and facilitate the release of the remaining Israeli hostages.
What Happened: Israel&#8217;s foreign minister,&nbsp;Gideon Sa'ar, declared that the nation is set to begin negotiations with Hamas, <a href="https://www.wsj.com/world/middle-east/hamas-to-release-four-dead-hostages-on-thursday-1051269e?mod=hp_lead_pos6">as per</a>&nbsp;The Wall Street Journal.
The talks aim to establish a permanent ceasefire and secure the release of the remaining Israeli hostages held by Hamas. This development follows Hamas&#8217; agreement to return the bodies of four deceased hostages, a gesture seen as a potential step toward broader peace efforts.
SEE ALSO:&nbsp;<a href="https://www.benzinga.com/tech/25/02/43775516/after-discounts-tesla-is-now-offering-free-vinyl-wraps-to-boost-foundation-series-cybertruck-sales" target="_blank" rel="noreferrer noopener">After Discounts, Tesla Is Now Offering Free Vinyl Wraps To Boost Foundation Series Cybertruck Sales</a>
In return, Israel has agreed to release all Palestinian women and minors under 19 detained in Gaza since October 2023, who were not directly involved in the conflict, according to Arab mediators, the report said. 
Israel&#8217;s security cabinet approved the launch of the second phase of the ceasefire deal on Monday night, two weeks later than originally planned.
Why It Matters: The first phase of the 42-day ceasefire between Israel and Hamas is set to conclude on March 1. The transition to the second phase has been a politically sensitive issue in Israel, as members of Prime Minister Benjamin Netanyahu's right-wing alliance remain opposed to ending the <a href="https://www.benzinga.com/news/global/25/01/43029992/netanyahu-postpones-ceasefire-vote-raising-questions-about-gaza-truce-prospects">war without the complete dismantling of Hamas.</a>
Earlier this month,&nbsp;President Donald Trump&nbsp;announced that the&nbsp;<a href="https://www.benzinga.com/25/02/43484176/trump-says-us-will-take-over-gaza-strip-were-going-to-develop-it-create-thousands-of-jobs">U.S. would take over the Gaza Strip</a>&nbsp;and develop it, creating thousands of jobs. This proposal was met with widespread criticism, with world leaders rejecting the idea of displacing nearly 2 million Palestinians from Gaza.
President Trump also proposed a <a href="https://in.benzinga.com/news/25/02/43503385/trumps-gaza-plan-for-seaside-resort-faces-global-pushback">plan to convert Gaza</a> into a real estate project. French President&nbsp;Emmanuel Macron&nbsp;<a href="https://www.benzinga.com/25/02/43645123/emmanuel-macron-rejects-trumps-plan-of-turning-gaza-into-a-resort-the-right-answer-is-not-a-real-estate-operation">emphasized the need for a political solution</a>&nbsp;to the Gaza issue, rejecting the idea of turning the region into a real estate project. 
Meanwhile, West Texas Intermediate crude futures jumped 0.61% to $71.14 per barrel by 8:20 a.m. ET, while Brent crude was down 0.29% to $75 per barrel. U.S. energy stocks were trading mixed in premarket as the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) rose 0.47%. Oil giants Exxon Mobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) gained 0.17% and Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) was down 0.15%.
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<li>READ MORE:&nbsp;<a href="https://www.benzinga.com/tech/25/02/43759759/apple-and-meta-in-race-to-develop-ai-powered-humanoid-robots" target="_blank" rel="noreferrer noopener">Apple and Meta in Race To Develop AI-Powered Humanoid Robots</a></li>
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 This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/navdeep-yadav" target="_blank" rel="noopener">Navdeep Yadav.</a>

Former U.S. Secretary of Labor Robert Reich has called out the tax reduction plans of the Donald Trump-led administration in an X post, terming them as an &#8220;absolutely shameless giveaway,&#8221; that could shoot up the deficit by $4.6 trillion.
What Happened: The possible tax cuts for rich individuals and lower corporate tax rates are likely to widen the U.S. trade deficit, which the Trump 2.0 administration would most likely fund from the tariffs imposed on its trading partners.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Trump wants to extend his tax cuts for rich individuals, which would add $4.6T to the deficit. But he wants to go even further, cutting the corporate tax rate to 15%. It&#39;s yet another absolutely shameless giveaway. <a href="https://t.co/mkAWOFkkUd">pic.twitter.com/mkAWOFkkUd</a>
&mdash; Robert Reich (@RBReich) <a href="https://twitter.com/RBReich/status/1891623719304339516?ref_src=twsrc%5Etfw">February 17, 2025</a></blockquote>
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The data from the Center For American Progress Action Fund or CAPAF shows that cutting the corporate tax rate down to 15% would save all sectors and companies billions of dollars in tax.
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<li>Top 100 U.S. Companies: Can expect a total annual tax cut of $48 billion despite reporting $1.1 trillion in profits in their 2023 annual report.</li>
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<li>Top 10 U.S. Companies: Reported more than $520 billion in profits according to their 2023 annual report can expect an annual tax cut of $23 billion. These include firms like Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Comcast Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), and JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>).</li>
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<li>Oil: The five largest U.S. oil companies, including Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), Marathon Petroleum Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>), Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>), and Valero Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) will receive an estimated $2.2 billion annual tax cut, despite over $80 billion in profits.</li>
</ul>
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<li>Pharma: The five largest U.S. drug makers, Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), Merck &amp; Co Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) and Bristol-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) will receive an estimated $3.1 billion annual tax cut, despite over $50 billion in profits.</li>
</ul>
<ul>
<li>Banking: The five largest Wall Street banks, JPMorgan Chase, Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) and Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) will receive an estimated $4.1 billion annual tax cut, despite nearly $113 billion in profits.</li>
</ul>
<ul>
<li>Grocery: The five largest grocery companies, Kroger Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>), Costco Wholesale Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>), Albertsons Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACI#NYSE">ACI</a>), Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) and Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) will receive an estimated $1.7 billion annual tax cut, despite over $29 billion in profits.</li>
</ul>
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43763438/trump-acting-like-a-mafia-don-says-this-economist-as-uncertainty-mounts-businesses-hold-back-in-fear-of-unforeseen-economic-shifts">Trump &#8216;Acting Like A Mafia Don,&#8217; Says This Economist As Uncertainty Mounts, Businesses Hold Back In Fear Of Unforeseen Economic Shifts</a>
Why It Matters: Trump has threatened all its trading partners with &#8220;reciprocal tariffs,&#8221; while already having implemented 25% on steel and aluminum imports.
According to economists like Craig Shapiro, who is a macro strategist at the Bear Traps Report, tariffs are the "<a href="https://www.benzinga.com/25/02/43587245/tariffs-are-the-only-way-to-fund-tax-cuts-without-deficit-expansion-argues-expert-as-it-takes-center-stage-in-donald-trumps-economic-plan">only way</a>" to fund tax cuts without expanding the federal deficit. 
Shapiro likened Trump&#8217;s governance to that of a &#8220;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43763438/trump-acting-like-a-mafia-don-says-this-economist-as-uncertainty-mounts-businesses-hold-back-in-fear-of-unforeseen-economic-shifts">Mafia Don</a>,&#8221; saying businesses are now uncertain about the economy&#8217;s direction. He noted fading &#8220;initial euphoria&#8221; and a &#8220;wait-and-see&#8221; approach from business leaders due to unclear policies, tariffs, trade agreement uncertainty, and fluctuating government spending. &#8211;
Price Action: On Friday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) which track the S&amp;P 500 and Nasdaq 100 indices, closed mixed. SPY fell 0.0049% to a value of $609.7, and QQQ was up by 0.42% to end at a value of $538.15, according to Benzinga Pro data.
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Photo courtesy: Shutterstock

Trump's Tax Cut Could Add $4.6 Trillion To Deficit, With $48 Billion Tax Relief For Top 100 Firms: Robert Reich

Website listings and data company <a href="https://www.benzinga.com/real-estate/24/12/42462666/plan-and-budget-for-the-mid-6-range-what-homebuyers-can-expect-in-2025-according-to-realtor-com">Realtor.com</a> is the latest high-profile Californian-based company to relocate to Texas. In moving from Santa Clara to <a href="https://www.benzinga.com/25/02/43620349/tesla-still-on-track-to-launch-autonomous-ride-hailing-in-austin-by-june-says-elon-musk">Austin</a>, alarm bells sounded in Silicon Valley as it lost another high-profile tech business to the Lone Star state.
&#8220;With the move, the company has made Austin its top hiring location and has committed to the long-term growth of its team and office footprint in Texas,&#8221; Realtor.com <a href="https://cw-gbl-gws-prod.azureedge.net/-/media/cw/marketbeat-pdfs/2024/q4/us-reports/office/austin_americas_marketbeat_office_q42024.pdf?rev=f81f4e5596c0434ea30b73c9c4a80aa6">announced</a> on Feb. 6, adding that the area&#8217;s affordable cost of living, &#8220;aspirational lifestyle,&#8221; and &#8220;expansive tech and academic communities&#8221; make it an ideal home base.
Realtor.com is a unit of News Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWS#NASDAQ">NWS</a>, NWSA)).
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<h2 class="wp-block-heading">Affordability And Lifestyle</h2>
In conjunction with the move, and in a blow to Californian prestige, Realtor.com said: &#8220;Austin and Texas offer a strong and growing talent pool, a powerhouse economy with unparalleled housing growth, affordability of living only matched by its aspirational lifestyle, expansive tech, and academic communities, and a dynamic and vibrant city at the heart of the thriving state of Texas. There is no better place for us to call home.&#8221;
It continued: &#8220;Over the coming years, we are committed to growing our presence by hiring great local talent and by bringing new recruits to Texas. Basing Realtor.com in Texas puts our company at the heart of innovation and inspiration at a moment of national economic renaissance for America. We are proud to be housed in a state which understands the crucial role played by business in providing opportunities for personal growth, professional success and community achievement. Our investment in Austin is a downpayment on The American Dream.&#8221;
Trending: Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-y2">Last Chance to get 4,000 of its pre-IPO shares for just $0.26/share!</a>
Realtor.com's announcement<a href="https://www.wsj.com/business/energy-oil/chevron-to-leave-california-for-texas-as-regulations-mount-in-golden-state-d58e170c"> </a>echoed oil major Chevron's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) last year that it would move to Texas from California. The company is now based in Dallas.
&#8220;We believe California has a number of policies that raise costs, that hurt consumers, that discourage investment, and ultimately, we think that&#8217;s not good for the economy in California and for consumers,&#8221; Chevron CEO Mike Wirth <a href="https://www.wsj.com/business/energy-oil/chevron-to-leave-california-for-texas-as-regulations-mount-in-golden-state-d58e170c">told The Wall Street Journal</a> in August.
<h2 class="wp-block-heading">A Deluge Of Companies Leaving California For Texas</h2>
<a href="http://realtor.com/">Realtor.com</a> joins a deluge of companies that have traded the Golden State for the Lone Star State. These include Chevron, SpaceX, X, Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) , and <a href="https://www.benzinga.com/insights/options/25/02/43597329/unpacking-the-latest-options-trading-trends-in-charles-schwab">Charles Schwab</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NASDAQ">SCHW</a>).&nbsp;
Recently, Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg moved trust and safety workers to Texas and is reportedly exploring <a href="https://www.wsj.com/tech/meta-incorporation-texas-delware-f06e8bab">moving the social-media giant&#8217;s legal residence</a> to the state. Smaller but high-profile companies, such as TV chef<a href="https://www.businessinsider.com/gordon-ramsay-moves-restaurant-hq-california-texas-2021-12"> Gordon Ramsay&#8217;s restaurant business</a> also made headlines by moving to Texas from California.
See Also: Wondering if your investments can get you to a $5,000,000 nest egg? Speak to a financial advisor today.<a href="https://smartasset.com/retirement/find-a-financial-planner?utm_source=benzinga&amp;utm_campaign=ben&amp;utm_content=y2_5MilNestEgg"> SmartAsset&#8217;s free tool matches you up with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost</a> to decide which one is right for you.
<a href="https://www.concordia.edu/blog/19-corporations-and-businesses-fleeing-california-for-texas.html">Other large companies</a>, including CBRE Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBRE#NYSE">CBRE</a>), Green Dot (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDOT#NYSE">GDOT</a>), Hewlett Packard Enterprise (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>), Oracle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>), and Pabst Brewing Company, have moved to Texas in recent years, according to Concordia University.
<h2 class="wp-block-heading">Population Surge</h2>
Aside from differing politics, many companies cite the cost of living, affordable land, and lack of state income taxes as drivers for the move. Texas&#8217;s population increased by 1.6% in the year to July 2022, <a href="https://www.newsweek.com/why-americans-are-fleeing-democratic-states-1795292">Newsweek reported</a>, citing Census Bureau data. Over the same period, California decreased by 0.3% and New York by 0.9%.&nbsp;
<a href="https://www.bloomberg.com/news/articles/2025-02-06/realtor-com-leaves-california-to-set-up-headquarters-in-texas">Bloomberg reported</a> that Realtor.com has around 60,000 square feet in its Austin headquarters, and some workers who used to be based out of Santa Clara have been instructed to work remotely. However, according to commercial real estate brokerage <a href="https://cw-gbl-gws-prod.azureedge.net/-/media/cw/marketbeat-pdfs/2024/q4/us-reports/office/austin_americas_marketbeat_office_q42024.pdf?rev=f81f4e5596c0434ea30b73c9c4a80aa6">Cushman &amp;&nbsp; Wakefield</a>, Austin&#8217;s construction boom has resulted in office vacancies of nearly 30%.
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TSLA

Realtor.com Leaves California To Set Up Base In Texas —  It's Just One Of Many Companies Leaving The West Coast

Investors with a lot of money to spend have taken a bullish stance on Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CVX, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 17 uncommon options trades for Chevron.
This isn't normal.
The overall sentiment of these big-money traders is split between 52% bullish and 35%, bearish.
Out of all of the special options we uncovered, 5 are puts, for a total amount of $197,606, and 12 are calls, for a total amount of $686,798.
<h3>Expected Price Movements</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $95.0 to $200.0 for Chevron during the past quarter. 
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Chevron's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Chevron's whale trades within a strike price range from $95.0 to $200.0 in the last 30 days. 
<h3>Chevron Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1739564121_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th align="right">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>06/18/26</td>
<td>$63.9</td>
<td>$61.0</td>
<td>$62.65</td>
<td>$95.00</td>
<td>$125.3K</td>
<td>0</td>
<td align="right">20</td>
</tr>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/04/25</td>
<td>$4.4</td>
<td>$4.15</td>
<td>$4.15</td>
<td>$157.50</td>
<td>$83.0K</td>
<td>6</td>
<td align="right">207</td>
</tr>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/17/25</td>
<td>$13.7</td>
<td>$13.55</td>
<td>$13.59</td>
<td>$170.00</td>
<td>$81.5K</td>
<td>68</td>
<td align="right">60</td>
</tr>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/18/26</td>
<td>$58.55</td>
<td>$56.15</td>
<td>$58.02</td>
<td>$100.00</td>
<td>$75.4K</td>
<td>91</td>
<td align="right">13</td>
</tr>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$2.24</td>
<td>$2.22</td>
<td>$2.23</td>
<td>$160.00</td>
<td>$70.4K</td>
<td>9.7K</td>
<td align="right">664</td>
</tr>
</tbody>
</table>

<h3>About Chevron</h3>
Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2023 stood at 11.1 billion barrels of oil equivalent, including 6.0 billion barrels of liquids and 30.4 trillion cubic feet of natural gas.
Following our analysis of the options activities associated with Chevron, we pivot to a closer look at the company's own performance.
<h3>Present Market Standing of Chevron</h3>
<ul>
<li>Trading volume stands at 3,316,461, with CVX's price up by 1.37%, positioned at $156.28.</li>
<li>RSI indicators show the stock to be is currently neutral between overbought and oversold.</li>
<li>Earnings announcement expected in 70 days.</li>
</ul>
<h3>What Analysts Are Saying About Chevron</h3>
In the last month, 5 experts released ratings on this stock with an average target price of $174.0.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from Barclays persists with their Overweight rating on Chevron, maintaining a target price of $171. 
&#x2A; An analyst from Raymond James persists with their Outperform rating on Chevron, maintaining a target price of $175. 
&#x2A; An analyst from Raymond James has decided to maintain their Outperform rating on Chevron, which currently sits at a price target of $180. 
&#x2A; An analyst from Truist Securities persists with their Hold rating on Chevron, maintaining a target price of $160. 
&#x2A; Maintaining their stance, an analyst from Wells Fargo continues to hold a Overweight rating for Chevron, targeting a price of $184. 
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Chevron options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Options

Market Whales and Their Recent Bets on CVX Options

<figure class="wp-block-image size-large"><img decoding="async" src="https://thearorareport.com/wp-content/uploads/2025/02/2025-02-13_08h40_07.png" alt="" /></figure>
To gain an edge, this is what you need to know today.
<h4 class="wp-block-heading">Hotter PPI</h4>
Please <a href="https://thearorareport.com/chart-analysis-stock-market-hotter-inflation-ppi-inflation-spy-mc-02132025">click here</a> for a chart of SPDR S&amp;P 500 ETF Trust (SPY) which represents the benchmark stock market index S&amp;P 500 (SPX).
Note the following:
<ul>
<li>The chart shows the Consumer Price Index (CPI) dip was aggressively bought yesterday.</li>
<li>The chart shows that the stock market is now back at the low band of the micro resistance zone.</li>
<li>Based on historical precedence, the stock market should have fallen over 1000 DJIA points yesterday on hotter CPI data. The momo crowd extremely aggressively bought the dip, resulting in the stock market closing down only 225 DJIA points.</li>
<li>A new narrative from momo gurus has taken hold that inflation no longer matters because of their complete faith in President Trump's leadership.</li>
<li>The stock market also completely ignored Powell's response to higher CPI data.&nbsp; Powell said:
<ul>
<li>Policy will remain restrictive.</li>
<li>Progress is being made on inflation, but it is not yet at the goal.</li>
</ul>
</li>
<li>Last night, stock market futures ran even higher on aggressive momo buying.&nbsp; In the early trade, the stock market gave up gains in stock futures prior to the release of the Producer Price Index (PPI), as many investors took advantage of the strength to sell on concerns that Trump will announce reciprocal tariffs today.</li>
<li>Inflation at the producer level came hotter than expected.&nbsp; Here are the details:
<ul>
<li>Headline PPI came at 0.4% vs. 0.2% consensus.</li>
<li>Core PPI came at 0.3% vs. 0.3% consensus.</li>
<li>Of utmost importance to prudent investors is that the PPI data for prior months has been significantly revised upwards.&nbsp;</li>
</ul>
</li>
<li>The momo crowd initially extremely aggressively bought stocks on hotter PPI.&nbsp; The buying was met by selling from investors who took notice of the prior revisions to the upside.&nbsp; The momo crowd bought the dip as other investors sold.</li>
<li>A battle royale is shaping up between investors who are concerned about inflation and investors who believe inflation is not of consequence anymore because of President Trump's leadership.</li>
<li>In The Arora Report analysis, there is merit to President Trump&#8217;s leadership in pro-growth policies, reducing waste and fraud in the government, deregulation, tax cuts and tariffs.&nbsp; Having said that, it is a grave mistake to ignore inflation.&nbsp;&nbsp;</li>
<li>Back in September 2024, when the Fed cut interest rates by 50 bps, we shared with you the contrary Arora call that the Fed was making a policy mistake.&nbsp; The CPI and PPI data, especially the prior month revisions, now confirm that the Fed made a mistake in September.</li>
<li>The Arora Report has made dozens of contrary calls over decades regarding the Fed.&nbsp; One hundred percent of the prior calls have proven correct.&nbsp; So far, the call about the September 2024 rate cuts has proven spot on.&nbsp; Not only has the subsequent inflation data shown that the Fed made a mistake, but the yield on the 10-year bond has risen about 100 bps since the Fed's 50 bps rate cut.</li>
<li>Initial jobless claims came at 213K vs. 217K consensus.</li>
<li>Retail sales will be released tomorrow at 8:30am ET.</li>
<li>Prudent investors need to be aware that President Trump is threatening to impose reciprocal tariffs later today.&nbsp; There is a press conference scheduled for 1pm ET.&nbsp; Consider staying alert.</li>
</ul>
<h4 class="wp-block-heading">Layoffs</h4>
More layoffs are coming in tech.
In important news, oil giant Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) will cut 20% of its workforce.
Seventy-five thousand federal workers have opted into Trump's deferred resignation program.
Ultimately, these layoffs will start having an effect on the economy.
<h4 class="wp-block-heading">Europe</h4>
European stocks are seeing buying after Trump saying he is initiating talks with Russia's Putin to end the Ukraine war.
<h4 class="wp-block-heading">Magnificent Seven Money Flows</h4>
In the early trade, money flows are positive in Alphabet Inc Class C (GOOG), NVIDIA Corp (NVDA), and Tesla Inc (TSLA).
In the early trade, money flows are neutral in Apple Inc (AAPL), Amazon.com, Inc. (AMZN), Microsoft Corp (MSFT), and Meta Platforms Inc (META).
In the early trade, money flows are positive in S&amp;P 500 ETF (SPY) and Invesco QQQ Trust Series 1 (QQQ).
<h4 class="wp-block-heading">Momo Crowd And Smart Money In Stocks</h4>
Investors can gain an edge by knowing money flows in SPY and QQQ.  Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil.  The most popular ETF for gold is SPDR Gold Trust (GLD).  The most popular ETF for silver is iShares Silver Trust (SLV).  The most popular ETF for oil is United States Oil ETF (USO).
<h4 class="wp-block-heading">Bitcoin</h4>
Bitcoin is range bound.
<h4 class="wp-block-heading">Protection Band And What To Do Now</h4>
It is important for investors to look ahead and not in the rearview mirror.&nbsp; The proprietary protection band from The Arora Report is very popular.&nbsp; The protection band puts all of the data, all of the indicators, all of the news, all of the crosscurrents, all of the models, and all of the analysis in an analytical framework that is easily actionable by investors.
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges.&nbsp; The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive.&nbsp; If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash.&nbsp; A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash.&nbsp; When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks.&nbsp; High beta stocks are the ones that move more than the market.
<h4 class="wp-block-heading">Traditional 60/40 Portfolio</h4>
Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.
Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of five year duration or less.&nbsp; Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever <a href="https://thearorareport.com/generate-wealth-newsletter-benzinga">Generate Wealth Newsletter</a>.

Market Summary

Hotter PPI Follows Hotter CPI, But Momo Crowd Ignoring Inflation On Trump Hopium

In a significant cost-saving move, oil behemoth&nbsp;Chevron Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) has announced plans to slash its workforce by up to 20%.
What Happened: Chevron announced on Wednesday that it intends to commence major layoffs this year, aiming to complete the majority by the end of 2026. The move is part of a broader cost-cutting plan, with the company targeting a reduction of $2 billion to $3 billion by the end of 2026, reported <a href="https://www.cnbc.com/2025/02/12/chevron-will-slash-up-to-20percent-of-its-workforce-as-part-of-cost-cutting-plan.html">CNBC</a>
With Chevron&#8217;s total employee count of 45,600 as of December 2023, a 20% cut could result in the severance of over&nbsp;9,000 workers. Vice Chairman Mark Nelson stated that the company intends to offer complete support to the outgoing staff during the transition. &#8220;But responsible leadership requires taking&nbsp;these steps to improve the&nbsp;long-term competitiveness of our company&nbsp;for our people, our shareholders&nbsp;and our communities,&#8221; explained Nelson.
SEE ALSO: <a href="https://www.benzinga.com/news/earnings/25/02/43666595/crude-oil-down-over-2-upstart-shares-jump-following-earnings">Crude Oil Down Over 2%; Upstart Shares Jump Following Earnings</a>
Why It Matters: This decision comes on the heels of Chevron&#8217;s fourth-quarter earnings report, which, despite beating revenue estimates, disappointed on adjusted net earnings. <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/43399866/chevrons-free-cash-flow-outlook-tops-estimates-goldman-sachs-sees-upside">The company&#8217;s revenues</a> and other income of $52.23 billion exceeded the consensus of $46.75 billion. However, its adjusted net earnings were $3.63 billion, with an adjusted EPS of $2.06, missing the consensus of $2.11.
Despite this, Goldman Sachs analyst Neil Mehta observed that at 3,349 MBOE/d, Chevron&#8217;s production volumes almost matched their expectations. The company plans further cost reduction even as it foresees a 6% annual growth in its production over the next two years on the back of new wells in Kazakhstan and other nations.
The workforce reduction is a part of Chevron&#8217;s strategic move to improve its competitiveness in a sustained way amid these financial challenges. According to a New York Times report in January, Chevron&#8217;s cost reduction strategies include hiring engineers and geologists in locations with cheaper labor such as in India, to support activities in the U.S. and other countries.
Despite President Donald Trump&#8216;s agenda of &#8216;drill, baby, drill&#8217;, Wall Street expects the U.S. oil producers to be conservative with spending. Senior portfolio manager at Tortoise Capital, Rob Thummel stated, "We expect most oil and gas producers to remain disciplined with capital expenditures. However, less regulation will make it easier to increase drilling activity if commodity prices reach levels that are too high."
Following the announcement, Chevron shares lost over 1% yesterday. The stock has gained nearly 3% over the past year.
<ul>
<li>READ MORE:<a href="https://in.benzinga.com/markets/25/01/43308384/if-you-invested-10-000-in-exxon-mobil-stock-10-years-ago-how-much-would-you-have-now"> If You Invested $10,000 In Exxon Mobil Stock 10 Years Ago, How Much Would You Have Now?</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Chevron Announces About 20% Workforce Reduction In Cost-Saving Initiative: 'Responsible Leadership Requires Taking These Steps'

Management

Chevron Announces 15% To 20% Global Reduction Of Workforce

Oil prices climbed Monday, marking their strongest one-day surge in nearly a month, as geopolitical risks intensified following threats of a <a href="https://www.benzinga.com/topic/gaza">ceasefire breakdown in Gaza.</a>
West Texas Intermediate crude futures jumped 1.8% to $71.90 per barrel by 2:30 p.m. ET, while Brent crude advanced 1.6% to $76.40 per barrel. The rally came as investors weighed the potential for renewed instability in the Middle East, a region responsible for nearly one-third of global oil production.
U.S. energy stocks also gained traction, with the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) rising 2%, while oil majors Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) climbed 1.6% and 0.8%, respectively.
<h3 class="wp-block-heading">Ceasefire At Risk: Hamas Accuses Israel Of Violations</h3>
Concerns over escalating conflict in Gaza grew after Hamas announced it would halt hostage releases, citing Israel's alleged failure to uphold the terms of the ceasefire.
Two Egyptian security sources told Reuters that mediators now fear a collapse in the deal, which was intended to facilitate a phased exchange of hostages and prisoners.
Since the agreement took effect in early January, Hamas has freed 18 captives, including dual U.S.-Israeli citizen Keith Siegel, in exchange for more than 730 Palestinian prisoners.
Yet, the next scheduled swap — three Israeli hostages for hundreds of Palestinian detainees — has now been delayed.
The fragile six-week ceasefire, which began in mid-January, was designed to facilitate the release by Hamas of Israeli hostages captured in its Oct. 7 attack in exchange for Palestinian prisoners held by Israel.
<h3 class="wp-block-heading">Trump's Middle East Strategy: What's Next For Gaza?</h3>
President Donald Trump, less than a month into his second term, has sent global shockwaves with his stance on Gaza. Over the weekend, he floated the idea of U.S. ownership of the war-ravaged enclave, describing it as a potential economic hub.
Speaking aboard Air Force One on Sunday, Trump suggested that Gaza could be bought and owned with assistance from regional partners.
"I&#8217;m committed to buying and owning Gaza&#8230;We&#8217;ll make it into a very good site for future development,&#8221; he said.
Last week, in a meeting with Israeli Prime Minister Benjamin Netanyahu, Trump suggested the United States assume control of the Gaza Strip. His proposal included relocating the roughly 2 million Palestinian residents to nearby nations like Egypt and Jordan, envisioning Gaza's transformation into the &#8220;Riviera of the Middle East.&#8221;
Trump said that Palestinians displaced from Gaza would not have the right to return under his proposal. 
Trump's suggestion sparked significant international criticism. United Nations Secretary-General António Guterres cautioned against any measures that could be interpreted as ethnic cleansing.
Egypt and Jordan have firmly rejected the idea of resettling Palestinians from Gaza, citing concerns over regional stability and potential demographic shifts.
Read Next:
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Photo via Shutterstock.

Sector ETFs

Commodities

Global

Econ #s

Oil Prices, Energy Stocks Jump As Gaza Ceasefire Risks Collapse On Rising Hamas-Israel Tensions

Last week was a whirlwind of news, with major developments unfolding from the White House to El Salvador. From Elon Musk&#8217;s new government role to President Trump&#8217;s latest tariff imposition, the weekend was packed with stories that kept us on our toes. Here&#8217;s a quick recap of the top stories.
Elon Musk&#8217;s New Government Role
Elon Musk has been appointed as a &#8220;special government employee&#8221; by the White House. Musk&#8217;s new role, leading Trump's cost-cutting initiative, the Department of Government Efficiency, has sparked concerns among some agencies and Democratic lawmakers. The billionaire&#8217;s appointment allows him to potentially bypass certain disclosure rules applicable to regular government employees.
<a href="https://www.benzinga.com/25/02/43452103/elon-musk-appointed-as-special-government-employee-amid-doge-department-push-cant-do-anything-without-our-approval-says-trump">Read the full article here.</a>
Trump&#8217;s Tariffs on Top Trading Partners
President Donald Trump imposed tariffs on America&#8217;s three largest trading partners &#8211; Canada, China, and Mexico. While economists warn about potential negative impacts, macro strategist Craig Shapiro argues that these tariffs could serve as a tool for transitioning the U.S. economy to a more sustainable future.
<a href="https://www.benzinga.com/government/regulations/25/02/43427091/as-trump-imposes-tariffs-on-americas-3-largest-trading-partners-this-macro-strategist-calls-the-policy-a-tool-to-transition-us-to-a-more-sustainable-future-amid-grotesque-money-printing">Read the full article here.</a>
Bukele&#8217;s Prison Proposal
El Salvador&#8217;s President Nayib Bukele has offered to incarcerate convicted criminals from the U.S. in his country. This proposal, praised as &#8220;unprecedented&#8221; by U.S. Secretary of State Marco Rubio, could make El Salvador&#8217;s prison system sustainable.
<a href="https://www.benzinga.com/news/global/25/02/43483622/bukeles-big-house-el-salvador-offers-us-a-prison-deal-like-no-other-musk-says-great-idea">Read the full article here.</a>
DOGE Scandal
Marko Elez, a Department of Government Efficiency staff member, resigned following revelations of his involvement with a racist social media account. This comes amid a legal dispute involving Elez's access to sensitive Treasury Department data.
<a href="https://www.benzinga.com/25/02/43549516/elon-musk-led-doges-marko-elez-who-had-treasury-payment-access-resigns-over-racist-social-media-posts">Read the full article here.</a>
Chevron&#8217;s Venezuela Business
The Trump Administration is in talks with Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) over the company&#8217;s business in Venezuela. The administration could potentially revoke Chevron's license to operate in the country.
<a href="https://www.benzinga.com/markets/equities/25/02/43513835/trump-administration-negotiates-with-chevron-on-companys-venezuela-business">Read the full article here.</a>
Read Next:
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<li><a href="https://www.benzinga.com/general/sports/25/02/43577295/trump-praises-taylor-swifts-boyfriend-travis-kelce-ahead-of-super-bowl-appearance-after-kansas-city-chiefs-tight-end-says-it-would-be-a-great-honor-to-have-the-president-at-the-game" target="_blank" rel="noreferrer noopener">Trump Praises Taylor Swift's Boyfriend Travis Kelce Ahead Of Super Bowl Appearance After Kansas City Chiefs Tight End Says It Would Be A ‘Great Honor' To Have The President At The Game</a></li>
</ul>
Photo courtesy: Shutterstock

Musk's Government Role, Trump's Tariffs, Bukele's Prison Proposal, DOGE Scandal, And Chevron's Venezuela Business: This Week In Politics

The second Trump Administration has brought a flurry of foreign policy changes to the federal government. Its latest action puts oil giant Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), typically a <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/43036184/us-energy-sector-enjoys-strong-start-to-2025-analysts-eye-constructive-setup-for-chevron">beneficiary of Republican administrations</a>, into its crosshairs.
What Happened: Chevron is in communication with the Trump Administration over the Houston-based company's business in Venezuela, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-02-05/chevron-is-in-contact-with-trump-administration-over-venezuela">reports</a>. 
Trump could revoke Chevron&#8217;s license to operate in the country.
Chevron is the only domestic oil producer with a license to operate in Venezuela. The U.S. has several outstanding sanctions against the South American country, led by President Nicolás Maduro. Many commentators describe Maduro as a dictator.
Company executives <a href="https://www.ft.com/content/61c83b8f-6c6f-4200-b389-f186f0a69c75">told</a> the Financial Times that the elimination of the license would allow Russia and China to gain outsized influence in Venezuela. Joe Biden, Trump&#8217;s predecessor, issued the license in 2022.
Why it Matters: In 2023, the company&#8217;s Venezuelan operations <a href="https://coveringcompanies.journalism.cuny.edu/2023/11/22/chevrons-bet-on-venezuela-faces-political-hurdle/#:~:text=Breber%2C%20said%20the%20company's%20operations%20in%20Venezuela,first%203%20quarters%20of%202023%2C%20down%20from">comprised</a> around one percent of its cash flows. The company produces around 20% of Venezuela's total oil.
Considerations to revoke Chevron&#8217;s license are not the administration&#8217;s only actions regarding the South American country.
The administration rescinded <a href="https://www.benzinga.com/politics/25/01/43321271/trump-officials-cancel-biden-protections-for-venezuluan-refugees-mull-deportation-the-economic-impact">temporary protected immigration</a> status for hundreds of thousands of Venezuelan refugees last week. The administration could enforce deportation against the workers once their immigration status lapses in 2025.
Also Read:
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<li><a href="https://www.benzinga.com/trading-ideas/movers/25/02/43506109/bill-ackman-sends-unitedhealth-stock-lower-with-deleted-tweet-heres-what-he-said">Bill Ackman Sends UnitedHealth Stock Lower With Deleted Tweet: Here&#8217;s What He Said</a></li>
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Image: Shutterstock

Trump Administration Negotiates With Chevron On Company's Venezuela Business

Barclays analyst Betty Jiang maintains Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) with a Overweight and lowers the price target from $174 to $171.

Price Target

Analyst Ratings

Barclays Maintains Overweight on Chevron, Lowers Price Target to $171

Truist Securities analyst Neal Dingmann maintains Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) with a Hold and lowers the price target from $164 to $160.

Truist Securities Maintains Hold on Chevron, Lowers Price Target to $160

Oil markets reversed course sharply on Tuesday morning following reports that President Donald Trump is preparing to issue a memorandum directing the U.S. Treasury to impose maximum <a href="https://www.benzinga.com/topic/iran">economic pressure on Iran.</a> 
The directive aims to enforce sanctions and block all potential paths for Iran to develop a nuclear weapon, according to a Reuters report.
The new directive may require the U.S. Secretary of State to modify or revoke existing sanctions waivers and collaborate with the Treasury Department to implement a plan aimed at eliminating Iran&#8217;s oil exports, according to a U.S. official.
&#8220;A bold move considering Iran still ships as much as&nbsp;1.3 million barrels per day, mostly to China,&#8221; commented oilprice.com. 
The news outlet indicated that global oil supply could tighten overnight and noted that the last time Trump fully enforced Iranian sanctions, oil prices surged past $80.
<h3 class="wp-block-heading">Oil Prices Rebound From Session Lows</h3>
Crude oil prices initially declined overnight amid demand concerns following <a href="https://www.benzinga.com/government/regulations/25/02/43462165/china-strikes-retaliatory-measures-against-us-following-trumps-10-tariffs-its-much-less-than-proportional-analyst-says">Chinese trade countermeasures against U.S. tariffs.</a> 
Yet, oil prices erased their losses amid news of Trump&#8217;s potential actions on Iran, rallying on fears of potential supply disruptions.
West Texas Intermediate crude surged above $73 per barrel after hitting a session low of $70, reflecting a sharp intraday swing. Brent crude followed a similar pattern, rising as traders recalibrated expectations for global supply.
Traders will closely watch for further developments regarding the directive and the upcoming meeting between Israeli Prime Minister Benjamin Netanyahu and Trump on Tuesday, which could further shape U.S. policy on Iran and energy markets.
<h3 class="wp-block-heading">Energy Stocks Outperform </h3>
The broader energy sector saw significant gains as oil prices rebounded. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) jumped 1.9%, leading all other sectors. Major oil companies also saw strong moves higher, with both Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) climbing 2.2%. 
On Tuesday, Goldman Sachs raised its 12-month price target on Chevron from $182 to $183, implying an 18% upside from current levels. Analyst Neil Mehta reiterated Chevron as a &#8220;top Super Major pick for 2025,&#8221; citing three key factors such as strong capital returns, major project ramp-ups and margin expansion.
Goldman expects Chevron to return approximately one-third of its market cap to shareholders over the next three years through dividends and share buybacks. The stock currently yields 4.6%.
Key growth drivers include increased production from the Permian Basin, U.S. Gulf of Mexico, and Kazakhstan&#8217;s Tengiz field.
Finally, the company is expected to improve profitability through cost-cutting and operational efficiencies.
Goldman projects free cash flow of $22 billion in 2025 and $28 billion in 2026, assuming Brent crude prices of $76 and $80 per barrel, respectively. This equates to an FCF yield of 9% in 2025 and 11% in 2026.
Goldman Sachs adjusted its 12-month price target on Exxon from $123 to $117, holding a &#8216;Neutral&#8217; rating.
The firm acknowledges Exxon's strong operational execution and premium upstream portfolio—including assets in Guyana, LNG, and the Permian—but cites valuation concerns relative to peers.
&#8220;While we remain constructive on XOM's strong track record of quarterly and operational execution, we remain mindful of relative valuation,&#8221; the bank stated, highlighting that Exxon&#8217;s 2026 FCF yield of 8% lags behind Chevron and ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), which are projected at 11%.
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</ul>
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Macro Economic Events

Trump Prepares Maximum Pressure On Iran: Oil Jumps Above $73, Energy Stocks Rally

In response to the United States&#8217; unilateral decision to impose a 10% tariff on all Chinese goods, China has announced its intention to retaliate by imposing tariffs on certain US imports.
What Happened: The State Council Customs Tariff Commission announced on Tuesday that it will be imposing tariffs on certain US imports, effective from Feb. 10. The decision comes in response to the U.S. government&#8217;s decision to levy a 10% tariff on all Chinese goods.
According to the announcement, the tariffs will be as follows:
1. A 15% tariff on coal and liquefied natural gas (LNG).
2. A 10% tariff on crude oil, agricultural machinery, high-displacement vehicles, and pickup trucks.
3. Additional tariffs will be imposed on the listed U.S. imports, on top of the existing rates. The current tax exemption and reduction policies will remain unchanged, and the additional tariffs will not be subject to reduction.
SEE ALSO:&nbsp;<a href="https://in.benzinga.com/25/02/43452717/nvidia-tsmc-drop-as-trump-hits-mexico-canada-and-china-with-tariffsbut-top-analyst-sees-only-limited-supply-chain-impact">Nvidia, TSMC Stocks Fell As Trump Hit Mexico, Canada, And China With Tariffs—But Top Analyst Sees Only &#8216;Limited&#8217; Supply Chain Impact On Chips</a>
The announcement was made according to the laws of the People&#8217;s Republic of China, including the Customs Law, the Foreign Trade Law, and international legal principles. The decision was approved by the State Council.
In a separate statement, officials from the Chinese Commerce Ministry and customs announced the implementation of export controls on items related to tungsten, tellurium, ruthenium, and molybdenum.
Why It Matters: The decision by China to impose tariffs on select US imports comes in response to the US government&#8217;s decision to levy a 10% tariff on all Chinese goods. This move is part of the ongoing trade tensions between the two economic powerhouses, which have been escalating in recent years.
President Donald Trump&#8216;s tariffs on Canada, Mexico, and China are predicted to <a href="https://www.benzinga.com/news/global/25/02/43442219/why-beer-tequila-avocados-cars-iphone-prices-could-rise-trumps-tariffs-on-canada-mexico-china-to-hurt-several-sectors">impact several sectors</a> and potentially lead to retailers and companies raising prices on consumers to offset the higher prices.
Renowned economist and Obama-era Treasury Secretary, Lawrence Summers, criticized President Trump's recent tariff impositions, <a href="https://www.benzinga.com/25/02/43425160/trump-tariffs-a-strategic-gift-to-xi-jinpings-china-says-obama-era-treasury-secretary-jobs-in-industrial-heartland-will-be-lost">describing them as a "bully strategy"</a> that could have far-reaching negative impacts.
Among crude oil and LNG exporters, companies like Exxon Mobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), and ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), which have significant exports to China, could see higher costs due to the new tariffs. Similarly, U.S. automakers such as General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) and Ford (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), which sell vehicles in China, may encounter new challenges.
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<li>READ NEXT: <a href="https://www.benzinga.com/tech/25/02/43453553/palantirs-shyam-sankar-us-is-at-war-with-china-in-ai-and-the-time-to-act-was-yesterday">Palantir&#8217;s Shyam Sankar: US Is At War With China In AI—And The Time To Act Was &#8216;Yesterday&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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China Strikes Back: New Tariffs Up To 15% On Certain US Imports In Retaliation For Trump's 10% Levy On Chinese Goods

The <a target="_blank" href="https://www.benzinga.com/topic/energy-sector" rel="noreferrer noopener">U.S. energy sector</a> posted a strong 2025 opening, outperforming other sectors as crude prices soared and the Market anticipated a deregulatory shift under Donald Trump&#8217;s&nbsp;government.
<a target="_blank" href="https://www.benzinga.com/topic/oil" rel="noreferrer noopener">Major oil companies</a> Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>),&nbsp;Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), and&nbsp;Shell Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>), once the asset-light hypergrowth Big Tech antithesis are now targeting Big Tech to drive value.
Chevron, GE Vernova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) and Engine No. 1 launched a joint venture to power <a href="https://www.benzinga.com/25/01/43308041/chevron-ge-vernova-engine-no-1-bet-big-on-ai-power-but-is-it-too-late" target="_blank" rel="noreferrer noopener">artificial intelligence data centers</a> by 2027. Exxon will focus on providing low-carbon power through its carbon capture business.
Also Read: <a target="_blank" href="https://www.benzinga.com/media/25/01/43352019/amazon-cuts-more-jobs-in-cost-saving-push-report" rel="noreferrer noopener">Amazon Cuts More Jobs in Cost-Saving Push: Report</a>
Shell wants to use its solar energy and battery storage arm and its natural gas plant in Rhode Island.
The Big Oil trio&#8217;s&nbsp;fourth-quarter earnings grappled with fossil fuel supply outstripping demand, which took a toll on their margins, prompting them to depend on Big Tech energy supply as the latter splurge on their aggressive artificial intelligence data center ambitions, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2025-02-01/exxon-xom-chevron-cvx-brave-deepseek-risk-to-chase-ai-as-oil-glow-fades?sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
However, China&#8217;s DeepSeek&#8217;s <a target="_blank" href="https://www.benzinga.com/25/01/43390988/deepseek-and-nvidia-under-us-investigation-ai-market-shakeup-wipes-out-1-trillion-in-tech-value" rel="noreferrer noopener">cheaper and low-power</a> AI model&#8217;s emergence rivaling Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) backed OpenAI, and&nbsp;other Big Tech giants posed a letdown for the oil companies by potentially cutting the need for data centers. The oil companies are betting on the growing demand for natural gas-generated electricity.
Big Oil resorted to buybacks and dividends to lure investors as the prospect of peak oil demand looms. However, the shareholder return strategy reached its limit.
Exxon paid out its entire <a target="_blank" href="https://www.benzinga.com/news/earnings/25/01/43389620/exxon-mobil-q4-earnings-mixed-results-but-ceo-promises-profitable-growth-well-into-the-future" rel="noreferrer noopener">free cash flow</a> of $36.0 billion in 2024 dividends and buybacks, yet still trades at a 46% discount to the S&amp;P 500 Index average.
It plans to expand its annual $20 billion share repurchase program through 2026.&nbsp;Chevron returned&nbsp;<a target="_blank" href="https://www.benzinga.com/25/01/43382627/chevron-falls-as-q4-profits-decline-amid-lower-oil-output-dividend-hike-offers-silver-lining" rel="noreferrer noopener">$27.0&nbsp;billion&nbsp;of</a> cash to shareholders in the year.
The U.S. is now the world&#8217;s biggest oil producer. Yet energy stocks make up just 3.2% of the S&amp;P 500. Part of Big Oil&#8217;s discounted valuation is due to its high capital spending that failed to yield returns.
Due to the energy transition, the Street remains jittery over the sustainability of dividends and buybacks. The volatility of commodity-price swings also dampened the valuation of fossil fuels compared to cash-rich Big Tech.
Goldman Sachs&#8217;&nbsp;Daan Struyven expects Donald Trump&#8217;s <a target="_blank" href="https://www.benzinga.com/general/market-summary/24/11/42212364/trumps-tariff-threat-to-canada-may-disrupt-oil-markets-inflate-prices-would-likely-raise-the-price-of-fuels-says-analyst" rel="noreferrer noopener">25% tariffs on</a> Canada to raise the price of fuels in the U.S. and drive inflation. Higher transport costs could also affect the profits of oil marketing companies.
Struyven recently said he expects <a target="_blank" href="https://www.benzinga.com/economics/macro-economic-events/25/01/43036184/us-energy-sector-enjoys-strong-start-to-2025-analysts-eye-constructive-setup-for-chevron" rel="noreferrer noopener">oil prices to</a> reach $90 per barrel if the U.S. further tightens Russia, Iran, and Venezuela&#8217;s oil supply.
Investors can gain exposure to crude oil through the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) and ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>).
Price Actions: At last check on Monday, XOM stock was down 0.37% to $106.43. CVX is up 0.10%, and SHEL is down 1.06%.
Also Read:
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<li><a href="https://www.benzinga.com/25/01/43351386/metas-ai-investments-llama-expansion-and-ad-tech-drive-growth-earn-analyst-conviction" target="_blank" rel="noreferrer noopener">Meta&#8217;s AI Investments, Llama Expansion, Ad Tech Growth Earn Analyst Conviction</a></li>
</ul>
Image via Shutterstock

Media

MSFT

SHEL

Chevron, Exxon And Shell Shift Focus To Powering AI Growth

UBS analyst Josh Silverstein maintains Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) with a Buy and lowers the price target from $195 to $194.

UBS Maintains Buy on Chevron, Lowers Price Target to $194

RBC Capital analyst Biraj Borkhataria reiterates Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) with a Outperform and maintains $175 price target.

Reiteration

RBC Capital Reiterates Outperform on Chevron, Maintains $175 Price Target

Press Releases

Synchrony Extends Consumer Credit Card Issuing Agreement with Chevron, Celebrates 17 Years of Innovative Financial Solutions for Consumers

Advisory: Chevron to Present at Goldman Sachs Energy, CleanTech & Utilities Conference 2025

Advisory: Chevron Corporation's 4Q 2024 Earnings Conference Call and Webcast

Chevron Bolsters U.S. Gulf of Mexico Production With Whale Facility Startup

Chevron Names Laura Lane Vice President and Chief Corporate Affairs Officer; Al Williams to Retire

Brightmark RNG Holdings Achieves Landmark First Gas Milestone at 10 Midwest RNG Projects

Chevron Announces $1 Million Donation to Los Angeles County Wildfire Relief Efforts

Chevron Achieves First Oil at Future Growth Project in Kazakhstan

Engine No. 1, Chevron, and GE Vernova to Power U.S. Data Centers

Chevron Reports Fourth Quarter 2024 Results

Ecopetrol S.A. American Depositary Shares

Ecopetrol

Equinor

Occidental Petroleum Corporation Common Stock

Occidental Petroleum

Petroleo Brasileiro S.A.- Petrobras Common Stock

Petrobras Brasileiro

Petroleo Brasileiro S.A.- Petrobras American Depositary Shares

Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares)

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