Kazakhstan's Largest Oilfield Recovery Slow
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 12h ago
0mins
Source: Yahoo Finance
- Recovery Progress: Kazakhstan's largest oilfield, Tengiz, is expected to restore less than 50% of normal production by February 7 due to a generator fire on January 18 that halted operations, impacting the country's oil export capacity.
- Production Forecast: Sources indicate that Tengiz's output is projected to reach 33,000 metric tons (approximately 260,000 barrels) per day by February 5, only 26% of normal levels, with an increase to 57,000 metric tons (about 460,000 barrels) by February 7, still below 46% of usual output.
- Export Challenges: Although Chevron has restarted production, the ongoing force majeure on CPC Blend crude supplies from Tengiz is expected to continue affecting Kazakhstan's oil exports, with significant challenges remaining in restoring normal production levels.
- Market Impact Assessment: JPMorgan forecasts that Tengiz may remain offline for the rest of the month, leading to Kazakhstan's January crude output averaging between 1 million and 1.1 million barrels per day, significantly lower than the usual 1.8 million barrels per day, highlighting the vulnerability of the country's energy supply.
Analyst Views on CVX
Wall Street analysts forecast CVX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CVX is 176.95 USD with a low forecast of 158.00 USD and a high forecast of 206.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
19 Analyst Rating
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 167.500
Low
158.00
Averages
176.95
High
206.00
Current: 167.500
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.
