Chevron Expands Eastern Mediterranean Presence Amid Elevated Oil Prices

Chevron is expanding its presence in the Eastern Mediterranean, with plans to begin seismic research in Greek waters later this year.

The company already has assets in the region, including gas-producing fields off Israel and Cyprus, as well as exploration blocks in Egypt and Libya.

Oil prices are expected to remain elevated, which will help boost Chevron's revenue and free cash flow. The company reported net income of $12 billion in the second quarter, a 400% increase from last year.

Analysts see the stock going higher, with an average price target of about $224, representing a 10% increase over the current price.