Chevron announced the addition of Thomas W. Horton, 64, to its Board of Directors as an independent director and member of the Audit Committee. Horton brings more than three decades of executive experience, including his tenure as chairman and CEO of American Airlines Group and his current role as a partner at Global Infrastructure Partners. His appointment is expected to bolster the board’s oversight of internal controls and financial reporting, supporting Chevron’s ongoing cost-management and capital-allocation initiatives.

In negotiations with the Iraqi Ministry of Oil, Chevron is pressing for enhanced economic returns before finalizing its planned takeover of Lukoil’s 75% stake in the West Qurna 2 oil field. Sources familiar with the discussions indicate that Chevron is seeking a higher production-sharing percentage and more favorable cost-recovery provisions, arguing that these adjustments are necessary for the investment to meet its target internal rate of return of 15%. West Qurna 2, which produces roughly 600,000 barrels per day, represents one of the world’s largest undeveloped heavy-oil fields.

Chevron has signed a memorandum of understanding with Libya’s National Oil Corporation to collaborate on new oil and gas exploration opportunities in the Sirte Basin and offshore Cyrenaica. This marks Chevron’s first formal engagement with Libya’s NOC in over ten years and lays the groundwork for joint seismic surveys and appraisal drilling. The MoU specifies an initial work program budget of up to $150 million for 2026, with options to expand into additional blocks based on early exploration results.

In the third quarter, Belpointe Asset Management increased its position in Chevron by 28.9%, acquiring 7,102 additional shares and bringing its total stake to 31,653 shares. Major institutions such as Norges Bank and Berkshire Hathaway also hold significant positions, with the former’s new second-quarter investment valued at approximately $2.7 billion and the latter’s stake totaling more than 122 million shares. On the insider front, CEO Michael K. Wirth sold 320,700 shares in early January, reducing his holdings by 95.7%, while CFO Eimear P. Bonner reduced her stake by 86.7% through the sale of 28,334 shares. Insiders now own 0.20% of outstanding shares.