Chevron Hits 52-Week High After Winning Libya’s Contract Area 106
Chevron’s subsidiary won Libya’s 2025 Bid Round for Contract Area 106 in the Sirte Basin under a January 24 MOU with Libya’s National Oil Corporation. Shares rallied to a new 52-week high, trading over 8% above their 20-day moving average as the energy sector rose 2.78%.
1. Libya Bid Win
Chevron Business Development EMEA Ltd. was designated a winning bidder in Libya’s 2025 Bid Round for Contract Area 106 in the Sirte Basin, following a memorandum of understanding signed January 24 with Libya’s National Oil Corporation to evaluate exploration and development opportunities.
2. Stock Reaction and Technicals
The announcement propelled Chevron shares to a new 52-week high with a 1.48% intraday gain, positioning the stock over 8% above its 20-day moving average and 18% above its 100-day moving average, while the broader energy sector gained 2.78%.
3. Analyst Outlook
Analyst estimates forecast Chevron’s next quarterly EPS at $1.51 and revenue at $46.76 billion, with the stock trading at a 27.5x P/E. Recent target adjustments include Wells Fargo at $204, Morgan Stanley at $174 and Barclays at $166, underscoring confidence in the North Africa expansion.