Distribution FundingThe company's own guidance implies an $8B distribution funding shortfall at $70 Brent, while analysts see a wider shortfall given modeled lower TCO FCF than guided and less cost-cutting benefit.
Financial GuidanceCVX guided to $10B FCF growth from 2024-2026 at a $70 Brent price deck, but this growth is mostly oil, suggesting the guide is a bit light.
Market RiskChevron is exposed to heavy market risk as earnings depend on the price volatility of crude oil, natural gas and other refinery products.