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Chevron Corp CVX

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Morningstar’s Analysis

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We Prefer Exxon Largely on Valuation, but Chevron Is an Attractive Option on Rising Oil Prices

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

In the last year, each integrated oil has updated its strategy to address the energy transition. Reviewing the strategies, a clear bifurcation appears between the U.S. (Exxon, Chevron) and European (BP, Shell, Total) firms on how to invest for the future. Although strategies among the European firms vary, they can be broadly classified as diversification away from hydrocarbons. The U.S. firms, in contrast, continue to bet on a future with sustained hydrocarbon demand.

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Company Profile

Business Description

Chevron is an integrated energy company with exploration, production, and refining operations worldwide. Chevron is the second-largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.3 million cubic feet a day of natural gas and 1.9 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the U.S. and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2020 stood at 11.1 billion barrels of oil equivalent, including 6.1 billion barrels of liquids and 29.9 trillion cubic feet of natural gas.

6001 Bollinger Canyon Road
San Ramon, CA, 94583-2324
T +1 925 842-1000
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Distressed
Employees 13,379