Chevron Expands Mediterranean Presence with Seismic Research Plans

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

The company already has assets in the region, including two gas-producing fields off Israel and one in Cyprus.

Oil prices are expected to remain elevated, which will boost Chevron's revenue and free cash flow in the short term.

Chevron's CEO Mike Wirth noted that various mechanisms capable of moderating oil prices have largely been spent, suggesting that even a quick end to the conflict with Iran wouldn't bring prices down quickly.