Sep. 10 at 6:34 AM
$CVX looks more attractive than
$XOM to me, but the margin of safety is still limited with oil near
$100.
The Hess deal is already delivering: production rose to ~4.07M BOE/day and run-rate synergies reached ~
$1.5B, above the original
$1B target. That gives CVX a stronger growth story heading into 2027.
Our upside framework is around
$215.80, while
$201.66 is the key downside/consolidation area I’m watching.
That’s a tighter risk range than XOM, but I still wouldn’t aggressively chase energy here.
My view: CVX has better growth momentum and post-Hess optionality, but the best setup may come after some oil-price normalization.
$201.66 becomes interesting if fundamentals stay intact.
