Chevron is downgraded from bullish to neutral after a 24% YTD rally driven by geopolitical oil premiums rather than fundamentals. Q1 results were operationally strong, with 15% YoY production growth and ongoing successful Hess integration, but headline earnings were distorted by non-recurring items. CVX maintains robust capital returns: $6B returned in Q1, 39th consecutive dividend increase, and reaffirmed 2030 targets for 10% annual FCF and EPS growth at $70 WTI.