What's Going On With Chevron Shares Premarket Thursday?
Portfolio Pulse from Lekha Gupta
Chevron Corporation (NYSE:CVX) shares are trading higher premarket following QatarEnergy's acquisition of a 20% interest in an offshore block in Suriname. Chevron retains a 40% stake in the block, which is advancing into its second exploration phase. Suriname's offshore oil production is expected to commence in approximately four years. Investors can also gain exposure to Chevron through EA Series Trust Strive U.S. Energy ETF (NYSE:DRLL) and SPDR Select Sector Fund – Energy Select Sector (NYSE:XLE).
July 18, 2024 | 12:52 pm
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POSITIVE IMPACT
Chevron shares are trading higher premarket due to QatarEnergy acquiring a 20% interest in an offshore block in Suriname, where Chevron retains a 40% stake.
The acquisition by QatarEnergy and Chevron's retained stake in the offshore block in Suriname is a positive development, indicating potential future revenue from oil production. This news has led to a premarket increase in Chevron's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
EA Series Trust Strive U.S. Energy ETF (DRLL) may see positive movement as Chevron, a significant holding, benefits from the QatarEnergy partnership in Suriname.
As Chevron is a significant holding in the DRLL ETF, positive news for Chevron is likely to have a beneficial impact on the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
SPDR Select Sector Fund – Energy Select Sector (XLE) may experience positive movement as Chevron, a major component, benefits from the QatarEnergy partnership in Suriname.
Given that Chevron is a major component of the XLE ETF, positive developments for Chevron are likely to positively impact the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50