Chevron Shares Gain on Iraq Oilfield Talks and Board Expansion
Chevron Inc. (NYSE: CVX) shares ROSE 0.9% to $169.05 as investors welcomed progress in negotiations for Iraq's West Qurna 2 oilfield and the appointment of former American Airlines CEO Doug Horton to its board. The energy giant is pushing Baghdad for improved contract terms ahead of a February 28 sanctions deadline forcing Russia's Lukoil to divest the asset.
West Qurna 2 represents a strategic prize, accounting for 0.5% of global crude output and nearly 10% of Iraq's production. Market observers view Chevron's maneuvering as a long-term growth play, with the potential to reshape both the company's production profile and Iraq's revenue streams.
The board addition comes amid heightened governance scrutiny across the energy sector. Horton's airline industry experience may prove valuable as Chevron navigates complex geopolitical negotiations and operational challenges.
