Stocks
Chevron Rises on Venezuela Bet Amid Crude Price Surge
Chevron's stock rose 0.58% to $209.80 on September 8, bucking the trend of the Dow Jones Industrial Average's decline due to Canada's retaliatory tariffs.
The oil major's gain is largely attributed to its $7 billion bet on Venezuela, announced on September 2, which aims to nearly double production across its three joint ventures with PDVSA to around 600,000 barrels per day.
Chevron expects to hold production costs below $20 a barrel and benefit from higher crude prices, with Goldman Sachs' target of $120 a barrel seen as achievable in the near future.