Citi analyst Alastair Syme downgraded Chevron to Neutral from Buy with a price target of $120, down from $135. Chevron has emerged as a "relative safe haven" for energy investors given its balance sheet strength and clear capital allocation, Syme tells investors in a research note. However, the "safe-haven status might now be overplayed," contends the analyst. He notes that 2019 has seen Chevron's returns have fallen as much as most of its Integrated Oils peers.

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.