Chevron Stock Reaches Record High Amid Strong Earnings and Bullish Sentiment

Chevron's stock price has surged more than 42% this year and is nearing a record high, but it's unclear whether the fundamentals driving this rally can sustain itself at these prices.

The company's Q2 FY26 earnings report showed adjusted EPS of $6.06, revenue of $67.20B (+51.43% YoY), and worldwide production of 4,070 MBOED (+20% YoY), marking a seventh straight EPS beat.

Bulls see a breakout above $228 as the company's opportunity set is described by CEO Mike Wirth as 'the largest and highest quality opportunity set that we've had in years.'

However, risks worth watching include Brent averaging below $70 per barrel through 2030, CPC pipeline risk in Kazakhstan, and Middle East volatility.