Chevron (CVX) is exploring a joint bid with private equity firm Quantum Capital to acquire international assets of the Russian oil company Lukoil (LUKOY), valued at around $22 billion. The news was reported by the Financial Times.
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The Quantum‑led offer targets Lukoil’s full international portfolio, including oil and gas production, refineries, and over 2,000 fuel stations across Europe, Asia, and the Middle East.
If successful, Chevron and Quantum plan to split the assets between them and run them for the long term. This approach reportedly aligns with the Trump administration’s preference for keeping key energy assets under steady American ownership.
Chevron has previously explored buying parts of Lukoil’s portfolio and may be particularly interested in the Russian company’s 5% stake in Kazakhstan’s Tengiz oilfield, a project Chevron already partly owns and operates.
Chevron’s Strategic Growth Efforts
Chevron’s long-term growth strategy focuses on expanding its presence in regions with high-volume production. The Tengiz oilfield is one of its most valuable assets, and owning a larger stake would deepen its role in one of the world’s largest and most productive oil projects.
Beyond Tengiz, Chevron is also investing in the Permian Basin to improve drilling efficiency and focus on projects that can deliver strong returns even in volatile oil price scenarios.
At the same time, Chevron is trying to balance its oil and gas expansion with investments in lower-carbon technologies. The company is investing in renewable fuels, carbon capture projects, and partnerships to develop hydrogen and other new energy solutions.
These efforts help Chevron stay competitive as global energy demand shifts, while still supporting the company’s core business and long-term profitability.
Is CVX a Good Stock to Buy?
Turning to Wall Street, CVX stock has a Strong Buy consensus rating based on 15 Buys and four Holds assigned in the last three months. At $177.32, the average Chevron stock price target implies a 13.27% upside potential.
