Macquarie analyst Iain Reid downgraded Chevron to Neutral and cut its price target to $105 from $125 following a reduction in the firm's oil price estimates saying the majors will likely slip back into deficits and have further, painful cost reductions. The firm lowered its its second half 2017 Brent forecast to $54.15 from $58.76 and WTI forecast to $52.15 from $56.75, 2018 Brent forecast to $49.33 from $55.75 and WTI forecast to $46.08 from $52.50, and 2019 Brent forecast to $65 from $70 and WTI forecast to $60 from $65.

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Notable companies reporting before tomorrow's open, with earnings consensus, include Exxon Mobil (XOM), consensus $2.20... Chevron (CVX), consensus $2.87... AbbVie (ABBV), consensus $2.23... HCA Healthcare (HCA), consensus $5.01... Colgate-Palmolive (CL), consensus 81c... Charter (CHTR), consensus $7.92... AutoNation (AN), consensus $4.27.

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.