Distribution ShortfallThe company's own guidance implies an $8B distribution funding shortfall at $70 Brent, while analysis suggests a wider shortfall given modeled lower TCO FCF than guided and less cost-cutting benefit.
Free Cash Flow GuidanceCVX 2024-26 FCF guidance missed expectations while targeted 2027 FCF was unchanged, indicating potential challenges in financial planning.
Market RiskChevron is exposed to heavy market risk as earnings depend on the price volatility of crude oil, natural gas, and other refinery products.