Chevron Corporation: CVX – Winning through the cycle – fireside chat key takeaways

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Chevron Corporation: CVX – Winning through the cycle – fireside chat key takeaways

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Chevron Corporation

CVX – Winning through the cycle – fireside

chat key takeaways

Maintain Rating: BUY | PO: 210.00 USD | Price: 191.01 USD

CVX Fireside Chat – Winning through the cycle 21 May 2026

We hosted Chevron Chairman and CEO Mike Wirth for a fireside chat focused on topics Equity

ranging from the evolving macro backdrop to portfolio strategy and capital allocation. A

Jean Ann Salisbury

key takeaway from our discussion was Chevron’s continued focus on the long term Research Analyst

rather than the near term volatility and uncertainty. Mr. Wirth reiterated Chevron’s BofAS +1 646 855-1470

capital allocation priorities (in order) of growing the dividend, disciplined reinvestment, jeanann.salisbury@bofa.com

balance sheet strength and shareholder returns, while highlighting the advantages of its James Larkin, CFA

globally diversified integrated platform. Research Analyst BofAS

+1 646 855 0116

Restarting the Strait could take months james.r.larkin@bofa.com

Mr. Wirth noted that currently ~13mbd cannot get out; the conflict started with high oil Conor Fitzpatrick Research Analyst

stocks and oil on the water, but the shock absorbers won’t be able to keep dampening BofAS

for much longer. Mr. Wirth believes restoring normal flows through the Strait will be a +1conor.fitzpatrick@bofa.com646 855 5711

complex process, as restarting production and moving ships could take months, not Naomi Marfatia

weeks, even after hostilities end. While it remains too early to define a post conflict Research Analyst

“new normal”, Mr. Wirth noted the longer disruptions persist and inventories draw, the BofAS+1 646 855-2739