Why I Just Added to My Chevron Position Despite Trump Criticism
Speculation that Chevron is about to close two major oil-field deals in Venezuela "trumps" White House knocks on the company.
In a midterm election year where gas prices are a hot issue, Chevron and ExxonMobil have become targets of criticism from President Trump. However, this political pressure appears to be more bark than bite for Chevron. Instead of succumbing to the criticism, I have decided to add to my position in Chevron despite the political targets it faces.
The company's long-term fundamental story may be worth the risk, especially with recent developments such as a deal with Venezuela granting the U.S. control over 65 billion barrels of oil and reports of Chevron being close to securing an agreement for another pair of fields in Venezuela's Orinoco Belt. These moves could potentially increase Chevron's production capacity and provide a major boost to its earnings.
Additionally, Chevron's strong performance in the U.S. market and its strategic acquisition of Hess have further solidified its position as a reliable and high-potential investment.
Written by urgent.news from Yahoo Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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