Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Chevron has nearly doubled since I first laid out my investment thesis, all the while negative sentiment remained high.</li>
<li>Short-term volatility is to be expected, however, remaining focused on the long-term competitiveness of the business is more important, according to the company's chief executive.</li>
<li>Flashback to early 2021: Share prices of high-growth and technology companies are making new highs.</li>
</ul>


Chevron has nearly doubled since I first laid out my investment thesis, all the while negative sentiment remained high.
Short-term volatility is to be expected, however, remaining focused on the long-term competitiveness of the business is more important, according to the company's chief executive.
Flashback to early 2021: Share prices of high-growth and technology companies are making new highs.


Chevron: The Narrative Is Your Worst Enemy

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<ul><li>This past week the news was dominated by political midterm election results and a brewing crypto market implosion but also featured a late week rally after a surprising CPI inflation print which beat estimates on Thursday.</li><li>While pundits can posit various reasons for Thursday and Friday’s market rallies, there appears to be at least a few brewing catalysts that could carry positive momentum into 2023 which include 1) continued downside surprises in either CPI or PCE inflation data which would allow the Fed to back off its aggressive tightening campaign 2) steps leading to Chinese economy reopening reducing existing supply chain bottlenecks 3) steps leading to a ceasefire or peace agreement in Ukraine and 4) significant improvement in EU energy security situation resulting in lower EU inflation.</li><li>In the near term, it appears as of this writing that political gridlock in Washington D.C. will be upon us for the next 2 years removing the worst case scenarios of any significant market-negative legislation (i.e. tax hikes, etc.) being passed.</li></ul>

This past week the news was dominated by political midterm election results and a brewing crypto market implosion but also featured a late week rally after a surprising CPI inflation print which beat estimates on Thursday.While pundits can posit various reasons for Thursday and Friday’s market rallies, there appears to be at least a few brewing catalysts that could carry positive momentum into 2023 which include 1) continued downside surprises in either CPI or PCE inflation data which would allow the Fed to back off its aggressive tightening campaign 2) steps leading to Chinese economy reopening reducing existing supply chain bottlenecks 3) steps leading to a ceasefire or peace agreement in Ukraine and 4) significant improvement in EU energy security situation resulting in lower EU inflation.In the near term, it appears as of this writing that political gridlock in Washington D.C. will be upon us for the next 2 years removing the worst case scenarios of any significant market-negative legislation (i.e. tax hikes, etc.) being passed.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Chevron’s third quarter financial results were strong as the company surpassed Wall Street expectations in terms of revenues as well as earnings, with $624 million in favorable foreign exchange effects and $177 million in pension settlement costs.</li><li>Among key updates, Chevron collaborated with Mitsui Oil to investigate the technical and financial viability of advanced geothermal power generation in Japan.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Chevron’s third quarter financial results were strong as the company surpassed Wall Street expectations in terms of revenues as well as earnings, with $624 million in favorable foreign exchange effects and $177 million in pension settlement costs.Among key updates, Chevron collaborated with Mitsui Oil to investigate the technical and financial viability of advanced geothermal power generation in Japan.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Chevron Corp: Collaboration With Mistui Oil Exploration & Other Drivers

<ul><li>Chevron continued its restructuring efforts which included $200 million in asset sale gains and a $600 million charge to cancel an extended LNG regas contract at Sabine Pass.</li><li>Chevron’s results were encouraging as it managed to deliver an all-around beat with superior yields and reduced carbon in the Permian.</li><li>With the remaining project operations mostly concentrated on systems completion, commissioning, and start-up, Chevron anticipates finishing construction by year's end.</li></ul>

Chevron continued its restructuring efforts which included $200 million in asset sale gains and a $600 million charge to cancel an extended LNG regas contract at Sabine Pass.Chevron’s results were encouraging as it managed to deliver an all-around beat with superior yields and reduced carbon in the Permian.With the remaining project operations mostly concentrated on systems completion, commissioning, and start-up, Chevron anticipates finishing construction by year's end.

Chevron Corp: The REG Acquisition & Other Developments

Equity Capital Markets

<ul><li>Like all other oil majors, Chevron continued to benefit from the rise in oil prices and has been returning more cash to shareholders as well as investing to grow in both new energy and traditional businesses.</li><li>Because of low production in the Gulf of Mexico, in part, the lifting was lower.</li><li>Chevron received some non-ratable bookings on a joint venture which ultimately led to a strong first quarter.</li></ul>

Like all other oil majors, Chevron continued to benefit from the rise in oil prices and has been returning more cash to shareholders as well as investing to grow in both new energy and traditional businesses.Because of low production in the Gulf of Mexico, in part, the lifting was lower.Chevron received some non-ratable bookings on a joint venture which ultimately led to a strong first quarter.

United States

Chevron Corporation is an integrated energy company with operations in countries located around the world.  The Company produces and transports crude oil and natural gas.  Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

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Chevron Corp (CVX US)

Chevron: The Narrative Is Your Worst Enemy

Short-term volatility is to be expected, however, remaining focused on the long-term competitiveness of the business is more important, according...

Vladimir Dimitrov, CFA

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This past week the news was dominated by political midterm election results and a brewing crypto market implosion but also featured a late week...

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Chevron Corp: Collaboration With Mistui Oil Exploration & Other Drivers

Chevron’s third quarter financial results were strong as the company surpassed Wall Street expectations in terms of revenues as well as earnings,...

Baptista Research

Chevron Corp: The REG Acquisition & Other Developments

Chevron continued its restructuring efforts which included $200 million in asset sale gains and a $600 million charge to cancel an extended LNG...

Baptista Research

Chevron Corp: Financial Forecasts

Like all other oil majors, Chevron continued to benefit from the rise in oil prices and has been returning more cash to shareholders as well as...

Baptista Research

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