Chevron - what next?
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Already a leader in the Permian, Chevron is well positioned to deliver sustained, profitable growth if the oil price holds up. Add its youthful, highly cash-generative legacy assets and the company is in an enviable position.
Tom Ellacott
Senior Vice President, Corporate Research
Tom leads our corporate thought leadership, drawing on more than 20 years' industry knowledge.
Latest articles by Tom
-
The Edge
Majors' capital allocation in a stuttering energy transition
-
Featured
Corporate oil & gas 2025 outlook
-
The Edge
The complexity of capital allocation for oil and gas companies
-
Opinion
Ten key considerations for oil & gas 2025 planning
-
Opinion
Can ExxonMobil make attractive returns from its US CCUS portfolio?
-
Opinion
How do integrated companies position themselves in the changing downstream landscape?
What’s inside this report?
Chevron’s bid for Anadarko was compelling. But the company didn’t need the deal. We analyse what’s next for the SuperMajor and highlight why we think it is in an enviable position.
Key themes we discuss are:
- Chevron’s strong commitment to capital discipline
- Its asset rationalisation programme and focus on portfolio high-grading
- The quality and depth of Chevron’s Permian tight oil portfolio
Why buy this report?
- Get our pick of Chevron’s top five most likely takeover targets, plus one wild card
- Learn why we think there’s a further US$28 billion in potential upstream disposals in Chevron’s portfolio
- How can Chevron create more value in the Permian?
Benefit from our proprietary data and analysis, underpinned by our industry leading asset models to help you understand what’s next for Chevron.
Report summary
Table of contents
- Executive Summary
-
Anadarko bid reinforces Chevron's commitment to capital discipline
- Change of tack
- Fresh high-grading drive
-
Capital allocation priorities could tilt back in favour of investment
- 1. Increase organic investment in the Permian
- 2. Corporate M&A still in the crosshairs
- 3. Developing longer-term strategic options
- Appendix
Tables and charts
This report includes the following images and tables:
- Strategic fit of Chevron's upstream portfolio – US$28 billion yet to sell?
- Chevron's potential upstream asset sales candidates
- Chevron's cash inflows and outflows (base case price and assuming 7% per annum dividend growth)
- Geographical overlap of potential Permian acquisition targets
- New growth opportunities added since 2014
- WM base-case Permian capex projection
- Evolution of Permian NPV10
- Potential corporate acquisition targets
- Impact of corporate acquisitions on Chevron's Permian production and company EVs
- Wood Mackenzie production outlook
- Market premium / discount to WM NPV,10
- % of total upstream value accounted for by the top four regions
- 1 more item(s)...
What's included
This report contains:
Our corporate reports provide independent analysis on over 50 of the world’s most important oil and gas companies.
Other reports you may be interested in
2025 zinc benchmark TC: a new era or a strategic move?
The 2025 annual zinc benchmark contract treatment charge is understood to have been settled. Was this a strategic move by smelters?
$1,050Corporate resilience to a tariff-induced downturn
Our Corporate and Mining experts discuss the implications of President Trump's tariff policy and the market reaction.
$1,050Perth metals briefing - market dynamics, outlook and geopolitical influence
During our Perth briefing we looked across commodities with a deeper dive into lithium, copper, gold and iron ore.
$1,050
