Chevron announced that Thomas W. Horton, 64, has joined its Board of Directors as an independent director and has been appointed to the Board Audit Committee. Horton brings more than three decades of executive leadership, having served as Chairman and CEO of American Airlines Group and as a partner at Global Infrastructure Partners. His appointment expands Chevron’s board to 12 members, with four audit committee seats, and underscores the company’s emphasis on financial oversight and governance expertise at a time when it posted third-quarter revenue of $48.2 billion and net income of $3.2 billion.

Multiple sources report that Chevron is pushing the Iraqi government for more favorable fiscal terms before agreeing to acquire Russia’s Lukoil stake in the West Qurna 2 oil field, which produces around 520,000 barrels per day. Chevron is reportedly seeking an increase in its cost-recovery ceiling from $28 per barrel to at least $34 per barrel and a production bonus structure tied to output above 600,000 barrels per day. The field’s reserves are estimated at 12 billion barrels, and securing enhanced terms could boost Chevron’s upstream free cash flow by up to $1.1 billion annually, according to internal modelling.

Chevron signed a memorandum of understanding with Libya’s National Oil Corporation to explore and develop onshore and offshore blocks in the Sirte Basin and Murzuq Basin. This marks Chevron’s first formal agreement in Libya since 2011 and grants the company access to carry out 3D seismic surveys over 15,000 square kilometers and drill up to four exploration wells over the next three years. Libya’s average production of 1.2 million barrels per day has been volatile due to security challenges; Chevron projects that an initial appraisal could bring 50,000 barrels per day online by 2024, pending regulatory approvals.

Recent SEC filings show that Belpointe Asset Management increased its Chevron position by 28.9%, adding 7,102 shares to reach 31,653 shares valued at approximately $4.9 million. Meanwhile, Norges Bank opened a new position of $2.7 billion in the second quarter, and Berkshire Hathaway added 3.45 million shares, bringing its total to 122.1 million shares. Overall, institutional ownership climbed to 72.4% of outstanding shares, as major investors repositioned ahead of Chevron’s January 30 fourth-quarter earnings release, where consensus forecasts expect EPS of $2.15 and revenue of $50.3 billion.