Chevron Corporation: CVX offshore trip – key takeaways; maintain top pick

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Chevron Corporation: CVX offshore trip – key takeaways; maintain top pick

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Chevron Corporation

CVX offshore trip – key takeaways;

maintain top pick

Maintain Rating: BUY | PO: 210.00 USD | Price: 173.63 USD

Trifecta trip to Pascagoula, Anchor, and Titan 21 June 2026

We hosted a field trip with CVX, visiting the Pascagoula refinery, Anchor offshore Equity

platform, and Deepwater Titan (we did do the HUET training). CFO Eimear Bonner,

Downstream president Andy Walz, and Offshore president Brent Gros attended. Jean Ann Salisbury Research Analyst

BofAS

+1 646 855-1470Centralized refining strategy bearing fruit

jeanann.salisbury@bofa.com

In the past year, CVX has moved to a more centralized model in the US refining segment,

James Larkin, CFA

thinking of the 5 refineries as “one 1mbd refinery.” In Pascagoula, this has led to more flex Research Analyst

of crude slate than in the past, as optimization is driven across all refineries. This “mindset BofAS +1 646 855 0116

of 1mbd” has also led to more standardized turnarounds, more streamlined procurement, james.r.larkin@bofa.com

and the rollout of best practices, such as robot drone tank cleaning. Pascagoula, built for Conor Fitzpatrick

heavy sour crudes (i.e., Venezuela), has already benefited from a ramp-up of Venezuela Research Analyst BofAS

input but can take more. And surprisingly, it has had no issues with sourcing crude at any +1 646 855 5711

US refineries so far – even California, though that was helped by the Jones Act waiver. conor.fitzpatrick@bofa.com

There seems to be upside potential for CVX’s refining footprint as more heavy crude is NaomiResearchMarfatiaAnalyst

expected to enter the market in coming years (Venezuela, Canada, Middle East). BofAS

+1 646 855-2739