Chevron Corporation (CVX)

Executive Summary

Chevron Corporation at $189.25 per share is, in our view at T&T Capital Management, one of the cleanest large-cap integrated-oil compounders we follow. The franchise just produced the strongest first-quarter production figure in its modern history — 3.86 million barrels of oil equivalent per day, up 15 percent year-over-year — driven by the first full quarter of contribution from the Hess acquisition, which closed mid-2025 after the binding arbitration ruling in Chevron’s favor on the Exxon and CNOOC right-of-first-refusal challenge. The franchise now owns 30 percent of the Stabroek block in Guyana — among the highest-quality offshore oil acreage discovered globally in the past twenty years and a multi-decade growth engine. The Q1 2026 print, reported May 1, 2026, was decisive.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers