Chevron is reiterated as a buy, with a raised price target reflecting higher oil prices and robust Q1 production growth. CVX maintains 2026 guidance: 7–10% production growth, $18B–$19B annual organic capex, and $3B–$4B cost reductions by year-end. EPS growth is expected to be strong, with normalized per-share earnings projected at $12–$14 and a 5.3% free cash flow yield.