Chevron Announces Final Investment Decision to Expand Leviathan Platform in Israel
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 16 2026
0mins
Should l Buy CVX?
Source: Benzinga
- Investment Decision: Chevron and its partners have reached a Final Investment Decision to expand the Leviathan offshore platform in Israel, aiming to boost annual gas deliveries to 21 billion cubic meters, significantly enhancing energy supply in the region.
- Project Details: The expansion involves drilling three new offshore wells, installing additional subsea infrastructure, and upgrading treatment facilities on the Leviathan platform, with operations expected to commence by the end of this decade, thereby improving overall production efficiency.
- Management Commentary: Jack Baker, managing director of Chevron’s Eastern Mediterranean region, stated that this milestone reflects the company's ongoing commitment to partner with Israel in developing natural gas resources to provide essential energy to millions in Israel, Egypt, and Jordan.
- Long-Term Outlook: Chevron anticipates organic capital expenditures of $18–$19 billion for 2026 and targets a 2%–3% annual growth in oil and gas production through 2030, demonstrating confidence in the future of energy in the region.
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Analyst Views on CVX
Wall Street analysts forecast CVX stock price to fall
19 Analyst Rating
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 183.870
Low
158.00
Averages
176.95
High
206.00
Current: 183.870
Low
158.00
Averages
176.95
High
206.00
About CVX
Chevron Corporation is an integrated energy company. The Company produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and industry. The Company’s segments include Upstream and Downstream. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with LNG; transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of the refining of crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels, and transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Exploration Phase Plans: Under the agreement, the consortium will conduct 2D and 3D seismic surveys during the first exploration phase to evaluate hydrocarbon potential, laying the groundwork for future development.
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- Exploration Phase Plans: Under the agreement, the consortium will conduct 2D and 3D seismic surveys during the first exploration phase to evaluate hydrocarbon potential, laying the groundwork for future development.
- Asset Integration: Chevron already possesses multiple assets in the Mediterranean, including two gas-producing blocks offshore Israel and the developing Aphrodite gas field in Cyprus, which enhances its overall competitiveness in the region.
See More
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- Rising Oil Prices: Crude oil prices have surged, with West Texas Intermediate futures increasing approximately 6% this week to trade above $66 per barrel, while Brent futures also rose about 6%, reflecting concerns over potential supply disruptions due to military conflict.
- Historical Data Insights: Barclays' trading desk analysis shows that since September 1980, the S&P 500 has remained largely unchanged the day after geopolitical events, with slight gains on the day before and the day of such events, suggesting a generally optimistic market response.
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