CVX · Earnings call · 2026Q3T · Full report

Iraq Energy Expansion

CHEVRON CORP · 2026-10-30 · Importance 32 · Surprise 24

Chevron said terms being negotiated in Iraq were more attractive than those historically available there and described them as competitive. The company was working with the ministry on a development plan that would be primarily drilling, with infrastructure work expected to be modest rather than a major capital project. Management also cited significant resource depth and exploration prospects associated with the potential deal. Chevron said it was in discussions with several other Middle Eastern governments about similar investment propositions as it builds post-2030 growth options.

Key facts

• Chevron said Iraq's terms were more attractive than historically and were then very competitive while negotiations continued.
• Chevron was working with Iraq's ministry on a development plan expected to be primarily drilling, with modest and manageable infrastructure work rather than a major capital project.
• Chevron said the Iraq opportunity had significant resource depth and included good exploration prospects.