Chevron has appointed Thomas W. Horton, 64, as an independent director and member of its Audit Committee. Horton brings over three decades of leadership experience, most recently as chairman and CEO of American Airlines Group and as a partner at Global Infrastructure Partners. His appointment expands the board to 12 members and underscores Chevron’s focus on governance and risk oversight ahead of its 2026 strategic planning cycle.

Chevron is in advanced talks with Iraqi authorities to secure more favorable fiscal and operational conditions before finalizing its proposed takeover of Lukoil’s stake in the West Qurna 2 oil field. Sources indicate Chevron is pushing for a cost-recovery ceiling increase and greater profit-sharing ratios to justify an investment projected to exceed $10 billion in development capital over the next five years. The outcome will directly affect Chevron’s upstream margin profile in the Middle East segment.

In a landmark move marking its return after more than a decade, Chevron has signed a memorandum of understanding with Libya’s National Oil Corporation to explore and develop onshore and offshore blocks. The agreement grants Chevron operatorship rights for initial seismic surveys covering 15,000 square kilometers and commits the company to drill at least three appraisal wells within the first two years. This initiative could add up to 200,000 barrels per day of production capacity by 2030 if exploratory targets are met.

Third-quarter filings show Belpointe Asset Management boosted its Chevron stake by 29%, taking ownership to 31,653 shares worth $4.9 million, while Norges Bank entered with a $2.7 billion position. Chevron reported Q3 revenue of $48.17 billion and EPS of $1.85, topping consensus by $0.14. The company declared a quarterly dividend of $1.71 per share, representing an annualized yield of 4.1% and a payout ratio near 96%, reflecting confidence in cash flow generation despite a 1.9% year-over-year revenue decline.