Chevron Maintains Capital Discipline, as It's Likely to Boost Shareholder Returns
Chevron held its annual analyst day on March 6, where it laid out its growth and capital allocation plans for the next three years. With the guidance items surrounding capital spending and production growth largely in line with our current forecasts, our fair value estimate and narrow moat rating are unchanged. At current prices, we see shares as modestly undervalued.At his first analyst day as CEO, Mike Wirth sounded all the right notes on capital discipline and allocation that investors were...
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