Chevron shares edged higher Friday as Brent crude held near $94 per barrel amid shipping constraints in the Strait of Hormuz and increased U.S. economic pressure on Iran. The stock inched less than 0.1% higher to $205.84, with oil heading for a second straight weekly gain. Chevron reported second-quarter earnings of $12.1 billion as worldwide production jumped 20%, while operating cash flow excluding working-capital swings reached $19.7 billion and adjusted free cash flow climbed to $15.4 billion. The stock trades 29.74% above its GF Value estimate of $158.65, a premium that could evaporate if diplomatic efforts cool the oil market.
Chevron CorpRising oil prices due to Iran pressure and Strait of Hormuz shipping constraints benefit Chevron's upstream operations.
Brent crude near $94 due to shipping constraints and Iran pressure, indicating supply concerns.
