Chevron Corp

CVX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$649.00	Xxjqjd	Ggvcqdnr

Exxon and Chevron Maintain Capital Discipline in 2023; We Still Prefer Exxon on Growth

Allen Good

Dec 9, 2022

ExxonMobil and Chevron announced their 2023 capital spending plans with each increasing spending relative to 2022, but remaining within their prior long-term guidance. Exxon went a step further by increasing its share repurchase guidance. Our fair value estimates and narrow moat ratings are unchanged, leaving both trading at a premium. Of the two, we continue to prefer Exxon given its long-term growth outlook and ability to increase cash returns.

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