Chevron Gains Tailwind as Oil Prices Expected to Rise Further

Chevron's CEO Mike Wirth expects higher oil prices ahead due to depleted global crude buffers. Brent crude ended at $104.61/barrel and WTI at $100.05. Chevron's record production, strong cash generation, and improved balance sheet flexibility support higher oil prices. Upstream earnings surged to $8.2 billion in Q2, and adjusted free cash flow reached $15.4 billion. Chevron's shares have risen 36.1% in the past year, outperforming BP but underperforming ExxonMobil. Rising earnings estimates, up 18.18% for 2026 and 14.62% for 2027, add to the bull case for Chevron.