On January 12, Stephanie Link, Chief Investment Officer at Hightower, disclosed on CNBC’s Halftime Report that she has raised her firm’s exposure to Chevron by 20% over the past month. Link cited the energy major’s robust free cash flow generation—projected at $30 billion for the current fiscal year—and its commitment to returning capital to shareholders through a $75 billion buyback program running through 2025. She highlighted that Chevron’s upstream segment is benefiting from higher U.S. Gulf of Mexico production and streamlined operating costs, supporting her view that the stock offers a potential total return of 15% over the next 12 months.

Chevron has stepped up Venezuelan crude shipments in recent weeks to alleviate storage constraints at the José terminal and capitalize on improving light-heavy differentials. Management forecasts incremental exports of 50,000 barrels per day—raising total throughput to roughly 200,000 barrels per day—will free up storage capacity and drive an incremental $700 million in annual cash flow. The company is also advancing a $500 million upgrade to its local refining infrastructure, expecting to improve crude-quality conversion rates by 10% and enhance netback margins by $4 per barrel.