Chevron Advances Gorgon Stage 3 Project in Western Australia Amid Mixed Analyst Ratings

Chevron Corporation is identified as one of the 12 Best Performing Dow Stocks in 2025. BofA has reduced its price target for Chevron from $183 to $180 while maintaining a Buy rating. Conversely, HSBC upgraded Chevron from Hold to Buy with a target of $169.

Separately, partners in the Gorgon Joint Venture have authorized the A$3 billion ($1.98 billion) Gorgon Stage 3 project off Western Australia, designed to connect existing infrastructure to the Geryon and Eurytion gas fields to support LNG exports. The project was approved by regulators in November after public consultation.

Chevron, Exxon Mobil, and Shell own 97.3% of the Gorgon Project, with Osaka Gas, JERA, and MidOcean holding the remainder. This initiative aims to enhance long-term local gas supply and LNG exports.