Chevron Seeks Approval to Acquire 70% Stake in Greek Offshore Block
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 23 hours ago
0mins
Source: seekingalpha
- Acquisition Request: Chevron has formally requested approval from the Greek energy ministry to acquire a 70% stake in an offshore block southwest of Greece, which would further expand its operations in the Mediterranean and enhance its market position in the region.
- Operational Role: If approved, Chevron would become the operator and lead the gas exploration in Block 2 in the Ionian Sea, with Helleniq Energy retaining a 30% stake, which currently holds 100% of the concession rights, indicating a significant shift in operational control.
- Data Evaluation Extension: The Greek government is considering granting Chevron and Helleniq more time to evaluate completed seismic data, which will influence their decision on exploratory drilling, reflecting the government's emphasis on foreign investment participation.
- Partnership Dynamics: Chevron and Helleniq are partners in several offshore exploration blocks, having recently signed lease agreements for four offshore blocks south of Crete and the Peloponnese, demonstrating a deepening collaboration in the Greek market.
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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: 183.030
Low
158.00
Averages
176.95
High
206.00
Current: 183.030
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.
Chevron Seeks Approval to Acquire 70% Stake in Greek Offshore Block
- Acquisition Request: Chevron has formally requested approval from the Greek energy ministry to acquire a 70% stake in an offshore block southwest of Greece, which would further expand its operations in the Mediterranean and enhance its market position in the region.
- Operational Role: If approved, Chevron would become the operator and lead the gas exploration in Block 2 in the Ionian Sea, with Helleniq Energy retaining a 30% stake, which currently holds 100% of the concession rights, indicating a significant shift in operational control.
- Data Evaluation Extension: The Greek government is considering granting Chevron and Helleniq more time to evaluate completed seismic data, which will influence their decision on exploratory drilling, reflecting the government's emphasis on foreign investment participation.
- Partnership Dynamics: Chevron and Helleniq are partners in several offshore exploration blocks, having recently signed lease agreements for four offshore blocks south of Crete and the Peloponnese, demonstrating a deepening collaboration in the Greek market.
See More
Chevron Appoints New General Counsel
- Executive Transition: Chevron announced the retirement of current General Counsel R. Hewitt Pate in mid-2027, appointing Scott A. Keller as the new General Counsel, who will officially join on July 1 and is expected to take over Pate's role on January 1, 2027, ensuring continuity and stability in legal affairs.
- Legal Expertise: Keller brings extensive legal experience, having served as Solicitor General of Texas and argued over ten cases at both the U.S. Supreme Court and Texas Supreme Court, showcasing his exceptional capability in complex legal matters, which is expected to enhance Chevron's legal support.
- Pate's Contributions: Under Pate's leadership, Chevron successfully navigated several significant legal challenges, including the international arbitration related to the Hess Corporation and a multibillion-dollar lawsuit in Ecuador, demonstrating his crucial role in shaping the company's legal strategy, which Keller will continue.
- Strategic Direction: Chevron is committed to maintaining competitiveness in the global energy market, and Keller's appointment not only emphasizes the importance of legal affairs but also reflects the company's strategic focus on legal compliance and risk management in a complex business environment.
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- Resource Potential: The block is adjacent to Exxon's Stabroek block, which has made 30 discoveries totaling 11 billion barrels of recoverable oil and gas, currently producing 900,000 barrels per day and aiming for 1.7 million barrels by 2030, indicating significant upside potential.
- Investment Plans: ExxonMobil plans to invest $42 million for seismic surveys and potentially drill two exploration wells six months post-survey completion, which could provide Occidental with a long-term growth catalyst if successful.
- Strategic Implications: This acquisition allows Occidental to replenish resources to counter production declines while further diversifying its investment portfolio globally, thereby enhancing its competitive position in the oil and gas sector.
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- Overview of High-Yield ETFs: The Vanguard High Dividend Yield ETF (VYM) includes 608 stocks with a current dividend yield of 2.24%, and while it has underperformed the S&P 500 over the past five years, it has outperformed it in 2026, indicating its potential for providing steady income during volatile periods.
- Portfolio Diversification: VYM's largest sector is financials (20.2%), followed by technology (14.8%) and industrials (14.2%), allowing investors to diversify risks across different economic sectors and reduce reliance on a single industry.
- Schwab Dividend ETF Performance: The Schwab U.S. Dividend Equity ETF (SCHD) holds 103 stocks with a dividend yield of 3.29%, and although its long-term performance has lagged behind VYM and the S&P 500, it has shown strong performance in 2026 with a year-to-date total return of about 17.8%.
- Considerations for ETF Selection: When choosing between VYM and SCHD, investors should consider diversification and safety, as VYM offers greater diversification with 608 stocks, while SCHD is more attractive in terms of dividend yield, making it suitable for those seeking stable income.
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Vanguard High Dividend ETF Underperforms S&P 500
- Long-Term Performance: The Vanguard High Dividend Yield ETF has an annualized return of 11.9% over the past five years, and while it has shown strong performance in 2026, it still lags behind the S&P 500, indicating relative weakness in market volatility.
- Expense Ratio Advantage: With an ultra-low expense ratio of 0.04% for the Vanguard ETF and 0.06% for the Schwab U.S. Dividend Equity ETF, both funds are competitively positioned for cost-conscious investors seeking steady income.
- Portfolio Diversification: The Vanguard ETF holds 608 stocks across various sectors, particularly in finance and technology, providing better diversification compared to the Schwab ETF's 103 stocks, thereby reducing single-sector risk.
- Dividend Yield Comparison: The Vanguard ETF offers a dividend yield of 2.24%, while the Schwab ETF provides a higher yield of 3.29%; despite the Schwab ETF's attractiveness in yield, the Vanguard's diversified portfolio may better withstand market fluctuations.
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- Declining Inventory Trend: As of May 22, U.S. commercial crude oil inventories fell by 3.3 million barrels to 441.7 million barrels, approximately 2% below the five-year average, indicating a worsening supply-demand imbalance that could lead to rising oil prices.
- Increased Market Pressure: Chevron CEO Mike Wirth noted that the market's buffer capacity is steadily diminishing, and he expects more direct upward pressure on oil prices in the coming weeks, particularly in June and July.
- Risk of Historical Lows: Exxon executive Neil Chapman warned that inventories are approaching unprecedented low levels, and if this trend continues, Brent crude prices could surge to $150 to $160 per barrel in the coming weeks, with demand destruction likely bringing the market back into balance.
- Geopolitical Impact: Despite Brent futures rising over 50% year-to-date, prices have declined about 18% in the past month due to the fragile ceasefire in the Middle East, highlighting the significant influence of geopolitical factors on oil prices.
See More
Chevron Seeks Approval to Acquire 70% Stake in Greek Offshore Block
- Acquisition Request: Chevron has formally requested approval from the Greek energy ministry to acquire a 70% stake in an offshore block southwest of Greece, which would further expand its operations in the Mediterranean and enhance its market position in the region.
- Operational Role: If approved, Chevron would become the operator and lead the gas exploration in Block 2 in the Ionian Sea, with Helleniq Energy retaining a 30% stake, which currently holds 100% of the concession rights, indicating a significant shift in operational control.
- Data Evaluation Extension: The Greek government is considering granting Chevron and Helleniq more time to evaluate completed seismic data, which will influence their decision on exploratory drilling, reflecting the government's emphasis on foreign investment participation.
- Partnership Dynamics: Chevron and Helleniq are partners in several offshore exploration blocks, having recently signed lease agreements for four offshore blocks south of Crete and the Peloponnese, demonstrating a deepening collaboration in the Greek market.
See More
Chevron Appoints New General Counsel
- Executive Transition: Chevron announced the retirement of current General Counsel R. Hewitt Pate in mid-2027, appointing Scott A. Keller as the new General Counsel, who will officially join on July 1 and is expected to take over Pate's role on January 1, 2027, ensuring continuity and stability in legal affairs.
- Legal Expertise: Keller brings extensive legal experience, having served as Solicitor General of Texas and argued over ten cases at both the U.S. Supreme Court and Texas Supreme Court, showcasing his exceptional capability in complex legal matters, which is expected to enhance Chevron's legal support.
- Pate's Contributions: Under Pate's leadership, Chevron successfully navigated several significant legal challenges, including the international arbitration related to the Hess Corporation and a multibillion-dollar lawsuit in Ecuador, demonstrating his crucial role in shaping the company's legal strategy, which Keller will continue.
- Strategic Direction: Chevron is committed to maintaining competitiveness in the global energy market, and Keller's appointment not only emphasizes the importance of legal affairs but also reflects the company's strategic focus on legal compliance and risk management in a complex business environment.
See More
Occidental Petroleum Acquires Stake in Trinidad Deepwater Block
- Stake Acquisition: Occidental Petroleum is acquiring a 10% interest in ExxonMobil's Ultra Deep 1 block offshore Trinidad and Tobago, gaining access to a high-potential deepwater exploration area that enhances its global business diversification.
- Resource Potential: The block is adjacent to Exxon's Stabroek block, which has made 30 discoveries totaling 11 billion barrels of recoverable oil and gas, currently producing 900,000 barrels per day and aiming for 1.7 million barrels by 2030, indicating significant upside potential.
- Investment Plans: ExxonMobil plans to invest $42 million for seismic surveys and potentially drill two exploration wells six months post-survey completion, which could provide Occidental with a long-term growth catalyst if successful.
- Strategic Implications: This acquisition allows Occidental to replenish resources to counter production declines while further diversifying its investment portfolio globally, thereby enhancing its competitive position in the oil and gas sector.
See More
Analysis of High-Yield Dividend ETF Investments
- Overview of High-Yield ETFs: The Vanguard High Dividend Yield ETF (VYM) includes 608 stocks with a current dividend yield of 2.24%, and while it has underperformed the S&P 500 over the past five years, it has outperformed it in 2026, indicating its potential for providing steady income during volatile periods.
- Portfolio Diversification: VYM's largest sector is financials (20.2%), followed by technology (14.8%) and industrials (14.2%), allowing investors to diversify risks across different economic sectors and reduce reliance on a single industry.
- Schwab Dividend ETF Performance: The Schwab U.S. Dividend Equity ETF (SCHD) holds 103 stocks with a dividend yield of 3.29%, and although its long-term performance has lagged behind VYM and the S&P 500, it has shown strong performance in 2026 with a year-to-date total return of about 17.8%.
- Considerations for ETF Selection: When choosing between VYM and SCHD, investors should consider diversification and safety, as VYM offers greater diversification with 608 stocks, while SCHD is more attractive in terms of dividend yield, making it suitable for those seeking stable income.
See More
Vanguard High Dividend ETF Underperforms S&P 500
- Long-Term Performance: The Vanguard High Dividend Yield ETF has an annualized return of 11.9% over the past five years, and while it has shown strong performance in 2026, it still lags behind the S&P 500, indicating relative weakness in market volatility.
- Expense Ratio Advantage: With an ultra-low expense ratio of 0.04% for the Vanguard ETF and 0.06% for the Schwab U.S. Dividend Equity ETF, both funds are competitively positioned for cost-conscious investors seeking steady income.
- Portfolio Diversification: The Vanguard ETF holds 608 stocks across various sectors, particularly in finance and technology, providing better diversification compared to the Schwab ETF's 103 stocks, thereby reducing single-sector risk.
- Dividend Yield Comparison: The Vanguard ETF offers a dividend yield of 2.24%, while the Schwab ETF provides a higher yield of 3.29%; despite the Schwab ETF's attractiveness in yield, the Vanguard's diversified portfolio may better withstand market fluctuations.
See More
Oil Prices May Rise Due to Falling Inventories Amid U.S.-Iran Tensions
- Declining Inventory Trend: As of May 22, U.S. commercial crude oil inventories fell by 3.3 million barrels to 441.7 million barrels, approximately 2% below the five-year average, indicating a worsening supply-demand imbalance that could lead to rising oil prices.
- Increased Market Pressure: Chevron CEO Mike Wirth noted that the market's buffer capacity is steadily diminishing, and he expects more direct upward pressure on oil prices in the coming weeks, particularly in June and July.
- Risk of Historical Lows: Exxon executive Neil Chapman warned that inventories are approaching unprecedented low levels, and if this trend continues, Brent crude prices could surge to $150 to $160 per barrel in the coming weeks, with demand destruction likely bringing the market back into balance.
- Geopolitical Impact: Despite Brent futures rising over 50% year-to-date, prices have declined about 18% in the past month due to the fragile ceasefire in the Middle East, highlighting the significant influence of geopolitical factors on oil prices.
See More
