Chevron Pens $2.17 Billion Downstream Asset Sale

Chevron Corporation (NYSE:CVX) on Thursday disclosed the sale of its several downstream businesses to ENEOS Holdings for an acquisition price of $2.17 billion. Details ENEOS inked a share purchase agreement with Chevron subsidiaries to acquire Chevron's downstream fuels and lubricants marketing operations across Singapore, Malaysia, the Philippines, Australia, Vietnam, and Indonesia. The deal also includes Chevron Singapore Pte. Ltd.'s 50% non-operated stake in Singapore Refining Company (SRC). The acquisition will be executed through a Singapore-based special purpose vehicle (SPV) established by ENEOS Holdings. Post deal completion, ENEOS will acquire full ownership of multiple entities, including Chevron's businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam, and Indonesia, covering refining interests, fuels marketing, and lubricants operations. Earnings Snapshot Recently, Chevron reported mixed first-quarter results, with earnings reflecting ongoing cost pressures and market headwinds across its operations. Adjusted EPS of $1.41 beat the $0.95 estimate, while revenue of $48.61 billion missed the $52.08 billion estimate. Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price target of $199.71. Recent analyst moves include: Bernstein: Market Perform (Lowers Target to $204.00) (May 11) RBC Capital: Outperform (Maintains Target to $220.00) (May 5) UBS: Buy (Raises Target to $220.00) (May 4) Chevron Stock: Key Levels To Watch With markets closed, the major index ETFs (QQQ, DIA, IWM, SPY) all finished at 0.00%, and Energy (XLE) also ended at 0.00%. In other words, Chevron's session was largely in line with a market that didn't provide much directional push. Chevron ended at $185.51, and the chart is sending a mixed message: the stock sat below its 20-day SMA ($187.03) and 50-day SMA ($193.01), but remained above its 100-day SMA ($181.48) and 200-day SMA ($167.88). That combination often shows a longer-term uptrend that's cooling in the near term, especially after the March swing high and the April swing low. Momentum also looked more "range-bound" than trending, with RSI at 45.60—near neutral and not showing an overbought/oversold extreme. RSI is a quick way to gauge whether recent buying or selling has gotten stretched, and this reading suggests neither side has a clear edge right now. The moving-average structure supports that idea: the 20-day SMA is below the 50-day SMA (a bearish near-term crossover), while the 50-day SMA remains above the 200-day SMA (the golden cross that occurred in August 2025). Practically, that sets up a tug-of-war where bulls want to defend the longer-term trend, but they likely need a reclaim of the 20-day/50-day area to restore upside momentum. Chevron's Weight in Key ETFs: HDV, FDL, FTXN iShares Core High Dividend ETF (NYSE:HDV): 6.94% Weight First Trust Morningstar Dividend Leaders Index Fund (NYSE:FDL): 8.80% Weight First Trust Nasdaq Oil & Gas ETF (NASDAQ:FTXN): 7.49% Weight Significance: Because CVX carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock. CVX Price Action: Chevron shares were down 0.15% at $185.72 during premarket trading on Thursday, according to Benzinga Pro data. Photo via Shutterstock