Australia remains a big part of Chevron's global business, but the company now wants to preserve volumes and value there, not chase incremental expansion.
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Chevron will share the exploration risk with local Thai player Bangchak as the country seeks to build local capability.
With the Hess merger now finalized, Chevron has put to rest years of uncertainty about its long-term value proposition.
Chevron's production in the Permian, Gulf of Mexico and Kazakhstan increased despite lower oil prices.
Key catalysts for Chevron are its Yellowtail project in Guyana and Tengizchevroil project in Kazakhstan, the bank said.
The US major has signed an HOA with Baghdad covering four exploration blocks and an oil field development, several years after…
Melius' updated price forecast implies that shares of Chevron could add 13% from here.
