CVX Stock Rises Overnight: Chevron Says It Has Discovered Oil, Gas Condensate Offshore In Angola

Chevron said on Monday that it had made an oil and gas condensate discovery at the 105-4X exploration well in Block 0, offshore Angola.

• The company said that the well, drilled in the prolific Lower Congo Basin, found an oil and gas condensate column of more than 600 meters (2,000 feet) in the primary Pinda reservoir.
• Chevron plans to assess the asset for potential development as a tie-back to its nearby facilities. 
• Barclays lowered the price target on Chevron to $208 from $216 and maintained an ‘Equal Weight’ rating on the shares.

Shares of Chevron Corp. (CVX) closed up more than 1% on Monday and continued to climb in the overnight session. 

The company said that it had made an oil and gas condensate discovery at the 105-4X exploration well in Block 0, offshore Angola. 

The discovery will aid its ‌push to increase production in sub-Saharan Africa and demonstrates the potential of its exploration program in the region, the company said. 

Chevron’s Exploration Details 

The company said that the well, drilled in the prolific Lower Congo Basin, found an oil and gas condensate column of more than 600 meters (2,000 feet) in the primary Pinda reservoir.

Chevron plans to assess the asset for potential development as a tie-back to its nearby facilities. 

Chevron’s Africa Operations

The company said that beyond Angola, the discovery builds on a successful exploration program in Sub-Saharan Africa where Chevron is currently producing around 300 thousand barrels of oil equivalent per day net. Its existing resource base and active exploration program across the region is positioned to sustain and grow production into the future.

“This discovery is another important milestone for Chevron’s over 70-year history in Angola,” said Kevin McLachlan, Vice President, Exploration, Chevron. “By combining high-impact exploration with infrastructure-led opportunities close to existing facilities, we are growing our resource base, creating value, and demonstrating that our strategy is delivering, as well as our continued confidence in Angola’s resource potential.”

In Nigeria, Chevron farmed into two offshore blocks last year and has also been awarded a deepwater block in the country's latest bid round. Chevron has also had three near-field exploration successes – Meji NW-1, South Delta AA and Awodi-07 – in Nigeria since late 2024, where it is continuing an ongoing exploration and appraisal program. 

In Guinea-Bissau, Chevron has secured three blocks, including the newly acquired Block 4B, which closed on Aug. 13th; in Equatorial Guinea, it has secured an additional five-block reconnaissance license. 

Barclays Lowers CVX Stock Price Target

Barclays lowered the price target on Chevron to $208 from $216 and maintained an ‘Equal Weight’ rating on the shares, as per TheFly. The revised target still implies an upside of about 2.6% from the company’s last closing price. 

The firm said it adjusted targets in the integrated oil and exploration and product group after its second-quarter earnings. 

Chevron reported Q2 earnings on July 31, posting an adjusted earnings per share of $6.06 on revenues of $67.20 billion. 

CVX Stock: Retail Stance

On Stocktwits, retail sentiment around CVX stock was ‘bearish’ at the time of writing, while message volumes jumped 333%. 

One user said, “$CVX Short here.”

CVX stock is up 30% year-to-date. 

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