Chevron has formalized a memorandum of understanding with the National Oil Corporation of Libya to jointly explore and develop hydrocarbon prospects in Libya’s Sirte Basin and offshore Mediterranean zones. This agreement marks Chevron’s strategic return to Libya after more than a decade, and it grants the U.S. major preferential access to data from existing fields and seismic surveys covering over 20,000 square kilometers. Under the MoU, both parties will establish technical committees to evaluate drilling targets that collectively could hold an estimated 1.5 billion barrels of recoverable oil equivalent. NOC officials have committed to streamline permitting processes and logistical support, potentially enabling first exploratory wells by early 2027.

In the third quarter, Belpointe Asset Management increased its Chevron position by 28.9%, acquiring 7,102 additional shares to reach a total holding of 31,653 shares, representing approximately $4.9 million of exposure. Meanwhile, Norges Bank entered as a new stakeholder during the second quarter with a position valued at roughly $2.7 billion. Berkshire Hathaway added 3.45 million shares in the same period, bringing its total to 122.1 million shares. Other significant movements include Massachusetts Financial Services raising its Chevron holding by 32.1%—an increase of more than 2.2 million shares—and Charles Schwab Investment Management expanding its stake by 4.0%, acquiring over 1.3 million shares. Collectively, institutional ownership now accounts for more than 72% of Chevron’s outstanding shares.

Chevron will report fourth-quarter results on January 30, with consensus forecasts projecting adjusted earnings of approximately $10.80 per share for the full year, up from $10.50 in the prior consensus cycle. Analysts expect Q4 revenue to exceed $45 billion, driven by higher downstream refining margins and production volumes averaging 3.1 million barrels of oil equivalent per day. Sell-side research firms have issued a range of ratings: one Strong Buy, fourteen Buy, seven Hold and four Sell, with an average target set near $170 per share. Following the October quarter, Chevron raised its quarterly dividend by 3% to an annualized $6.84 per share, reflecting its 37-year streak of consecutive dividend increases.