Barclays analyst Jeanine Wai initiated Chevron (CVX) with an Overweight rating and $145 price target, citing her view that the company is well positioned to fund its 3-4% five-year growth CAGR guidance while also returning significant free cash flow to shareholders. The stock's discount to Exxon (XOM) shares should invert over the next year as the market becomes comfortable with the sustainability of Chevron's cash return program, contends Wai.
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Chevron announced that its 50% owned affiliate Tengizchevroil has safely commenced operations at its Wellhead Pressure Management Project, or WPMP, at the Tengiz oil field in Kazakhstan. TCO achieved this milestone by converting its first metering station at Tengiz to low pressure and activating the associated Pressure Boost Facility, or PBF. This marks important progress for TCO's overall expansion project at Tengiz. The WPMP is designed to maintain the existing processing plants' full capacity by lowering the flowing pressure at the wellheads and then boosting the pressure to the existing plants.