<p><strong>雪佛龙</strong>(CVX 1.50%) 在过去一年中表现相对平庸。该石油巨头的股价上涨不到 5%，与 <strong>标准普尔 500 指数</strong>(^GSPC 1.52%) 近 15% 的涨幅相比，显得不够令人满意。</p>
<p>尽管近期表现不佳，雪佛龙如今有很多优势。以下是购买这只石油股票的三个理由，仿佛没有明天。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAzOTYvYS1wZXJzb24tbG9va2luZy11cC1hdC1hbi1vaWwtcHVtcC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAzOTYvYS1wZXJzb24tbG9va2luZy11cC1hdC1hbi1vaWwtcHVtcC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 低风险特征</h2>
<p>由于油气价格的波动，石油公司本质上风险较高。然而，雪佛龙在石油行业中拥有最低的风险特征。该公司的业务成本在行业中最低，盈亏平衡点约为每桶 30 美元。这使得雪佛龙即使在较低的油价下也能产生大量现金流。</p>
<p>雪佛龙以其低成本运营和强大的资产负债表相辅相成。到第二季度末，其净债务比率为 14.8%。这一比例处于行业的较低水平，远低于雪佛龙 20%-25% 的目标范围。这为雪佛龙在油市低迷期间继续投资扩展业务提供了财务灵活性。</p>
<h2>2. 增长激增，未来可期</h2>
<p>雪佛龙在整个油市周期中的投资能力使其能够进行长期投资。它开始收获一些长期项目的回报。今年早些时候，该公司在哈萨克斯坦的未来增长项目实现了首次出油，正在逐步达到满负荷生产。雪佛龙最近还在墨西哥湾（在美国也称为美洲湾）完成了一些新开发项目。</p>
<p>这些以及其他举措使雪佛龙的传统业务有望在明年产生额外 100 亿美元的年度自由现金流。这与去年产生的 150 亿美元自由现金流相比，增幅相当可观。</p>
<p>该公司在收购赫斯时也采取了长期策略。雪佛龙最初在 2023 年底签署了合并协议，但直到今年 7 月才完成交易。它的耐心将得到回报，因为这笔巨额合并将在明年立即提升雪佛龙的自由现金流，预计将增加 25 亿美元，使其在 2026 年预计增长达到 125 亿美元。同时，这笔交易将使雪佛龙的可见生产和自由现金流增长前景延续到 2030 年代。</p>
<p>这家能源公司还在建设多个低碳能源业务，以进一步增强和延续其长期增长前景。它最近通过收购德克萨斯州东北部和路易斯安那州西南部锂资源丰富的 Smackover 地层的土地，进入了美国锂行业。雪佛龙还在投资建设生物燃料、氢气以及碳捕集和储存业务。这些投资使公司能够在全球向低碳能源转型的过程中继续增长。</p>
<h2>3. 吸引人且稳定上升的股息</h2>
<p>雪佛龙低风险的商业模式和不断增长的现金流使其能够支付可靠且稳定上升的股息。该公司已经连续 38 年增加股息。这段时间包括多次油价下跌，展示了雪佛龙股息的韧性。在过去十年中，该公司在同行中实现了领先的股息增长，而在此期间，几家竞争对手减少了股息支付。</p>
<p>该公司的股息收益率为 4.5%，几乎是标准普尔 500 指数不足 1.2% 收益率的四倍。雪佛龙以强大的财务基础支持这一高收益的分红。随着下一波增长的到来，现在是锁定这一吸引人股息的好时机，预计该股息将继续增长。</p>
<h2>优秀的组合</h2>
<p>雪佛龙超低成本的运营和强大的资产负债表使其能够轻松应对石油行业的波动。即将到来的增长浪潮将为其提供大量额外现金，给予其继续增加高收益股息的充足动力。如果您在寻找可靠的增长与收入的结合，现在是考虑增持雪佛龙股票的时机。</p>

雪佛龙

<p>雪佛龙（CVX）在过去一年中表现出适度的回报，涨幅不足 5%，但提供了强有力的投资理由。首先，它具有低风险特征，盈亏平衡油价约为每桶 30 美元，净债务比率为 14.8%。其次，雪佛龙有望实现增长，预计明年将新增 100 亿美元的自由现金流，并因与 Hess 的近期合并而获得 25 亿美元的增益。最后，它提供可靠且不断上升的股息，已连续 38 年增加，收益率为 4.5%</p>

<p><strong>Chevron</strong>(CVX 1.50%) has delivered a relatively mediocre return over the past year. Shares of the oil giant are up less than 5%, which is underwhelming compared to the nearly 15% gain of the <strong>S&amp;P 500</strong>(^GSPC 1.52%).</p>
<div class="lb-trans"><p><strong>雪佛龙</strong>(CVX 1.50%) 在过去一年中表现相对平庸。该石油巨头的股价上涨不到 5%，与 <strong>标准普尔 500 指数</strong>(^GSPC 1.52%) 近 15% 的涨幅相比，显得不够令人满意。</p>
</div><p>Despite that lackluster recent performance, Chevron has a lot going for it these days. Here are three reasons to buy the oil stock like there's no tomorrow.</p>
<div class="lb-trans"><p>尽管近期表现不佳，雪佛龙如今有很多优势。以下是购买这只石油股票的三个理由，仿佛没有明天。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAzOTYvYS1wZXJzb24tbG9va2luZy11cC1hdC1hbi1vaWwtcHVtcC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830396%2Fa-person-looking-up-at-an-oil-pump.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>1. A low risk profile</h2>
<div class="lb-trans"><h2>1. 低风险特征</h2>
</div><p>Oil companies are inherently riskier due to the volatility of oil and gas prices. However, Chevron has one of the lowest risk profiles in the oil patch. The company has the lowest-cost business in the industry, with a break-even level of around $30 per barrel. That enables Chevron to produce lots of cash flow even at lower oil prices.</p>
<div class="lb-trans"><p>由于油气价格的波动，石油公司本质上风险较高。然而，雪佛龙在石油行业中拥有最低的风险特征。该公司的业务成本在行业中最低，盈亏平衡点约为每桶 30 美元。这使得雪佛龙即使在较低的油价下也能产生大量现金流。</p>
</div><p>Chevron complements its low-cost operations with a fortress balance sheet. Its net debt ratio was 14.8% at the end of the second quarter. That's toward the lower end of the sector and well below Chevron's 20%-25% target range. This provides Chevron with the financial flexibility to continue investing in expanding its business during oil market downturns.</p>
<div class="lb-trans"><p>雪佛龙以其低成本运营和强大的资产负债表相辅相成。到第二季度末，其净债务比率为 14.8%。这一比例处于行业的较低水平，远低于雪佛龙 20%-25% 的目标范围。这为雪佛龙在油市低迷期间继续投资扩展业务提供了财务灵活性。</p>
</div><h2>2. A growth surge with more to come</h2>
<div class="lb-trans"><h2>2. 增长激增，未来可期</h2>
</div><p>Chevron's capacity to invest throughout the oil market cycle enables it to make long-term investments. It's starting to reap the rewards of some long-cycle projects. The company achieved first oil at its Future Growth Project in Kazakhstan earlier this year, which is ramping up to full capacity. Chevron also recently completed some new developments in the Gulf of Mexico (also known as the Gulf of America in the U.S.).</p>
<div class="lb-trans"><p>雪佛龙在整个油市周期中的投资能力使其能够进行长期投资。它开始收获一些长期项目的回报。今年早些时候，该公司在哈萨克斯坦的未来增长项目实现了首次出油，正在逐步达到满负荷生产。雪佛龙最近还在墨西哥湾（在美国也称为美洲湾）完成了一些新开发项目。</p>
</div><p>These and other initiatives have Chevron's legacy business on track to produce an incremental $10 billion in annual free cash flow next year. That's a substantial increase compared to the $15 billion in free cash flow it produced last year.</p>
<div class="lb-trans"><p>这些以及其他举措使雪佛龙的传统业务有望在明年产生额外 100 亿美元的年度自由现金流。这与去年产生的 150 亿美元自由现金流相比，增幅相当可观。</p>
</div><p>The company also played the long game with its acquisition of Hess. Chevron initially signed the merger deal in late 2023, but didn't close the transaction until this July. Its patience will pay off, as that megamerger will provide an immediate boost to Chevron's free cash flow next year, adding another $2.5 billion to its expected total, which it now sees increasing by $12.5 billion in 2026. Meanwhile, that deal will extend Chevron's visible production and free cash flow growth outlook into the 2030s.</p>
<div class="lb-trans"><p>该公司在收购赫斯时也采取了长期策略。雪佛龙最初在 2023 年底签署了合并协议，但直到今年 7 月才完成交易。它的耐心将得到回报，因为这笔巨额合并将在明年立即提升雪佛龙的自由现金流，预计将增加 25 亿美元，使其在 2026 年预计增长达到 125 亿美元。同时，这笔交易将使雪佛龙的可见生产和自由现金流增长前景延续到 2030 年代。</p>
</div><p>The energy company is also building out several lower-carbon energy businesses to further enhance and extend its long-term growth outlook. It recently entered the U.S. lithium sector by acquiring land in the lithium-rich Smackover formation in Northeast Texas and Southwest Louisiana. Chevron is also investing in building out biofuel, hydrogen, and carbon capture and storage businesses. These investments position the company to continue growing even as the world transitions to lower-carbon energy sources.</p>
<div class="lb-trans"><p>这家能源公司还在建设多个低碳能源业务，以进一步增强和延续其长期增长前景。它最近通过收购德克萨斯州东北部和路易斯安那州西南部锂资源丰富的 Smackover 地层的土地，进入了美国锂行业。雪佛龙还在投资建设生物燃料、氢气以及碳捕集和储存业务。这些投资使公司能够在全球向低碳能源转型的过程中继续增长。</p>
</div><h2>3. An attractive and steadily rising dividend</h2>
<div class="lb-trans"><h2>3. 吸引人且稳定上升的股息</h2>
</div><p>Chevron's combination of a low-risk business model and growing cash flows has enabled it to pay a reliable and steadily rising dividend. The company has increased its dividend for 38 straight years. That time frame includes multiple periods of lower oil prices, showcasing the resilience of Chevron's dividend. The company has delivered peer-leading dividend growth over the past decade, a stretch during which several rivals reduced their dividend payments.</p>
<div class="lb-trans"><p>雪佛龙低风险的商业模式和不断增长的现金流使其能够支付可靠且稳定上升的股息。该公司已经连续 38 年增加股息。这段时间包括多次油价下跌，展示了雪佛龙股息的韧性。在过去十年中，该公司在同行中实现了领先的股息增长，而在此期间，几家竞争对手减少了股息支付。</p>
</div><p>The company's dividend yields 4.5%, nearly four times the S&amp;P 500's sub-1.2% yield. Chevron supports this high-yielding payout with a strong financial foundation. With its next growth wave coming, now is a good time to lock in this attractive dividend, which should continue growing.</p>
<div class="lb-trans"><p>该公司的股息收益率为 4.5%，几乎是标准普尔 500 指数不足 1.2% 收益率的四倍。雪佛龙以强大的财务基础支持这一高收益的分红。随着下一波增长的到来，现在是锁定这一吸引人股息的好时机，预计该股息将继续增长。</p>
</div><h2>A great combination</h2>
<div class="lb-trans"><h2>优秀的组合</h2>
</div><p>Chevron's ultra-low-cost operations and fortress balance sheet enable it to navigate the oil sector's volatility with ease. Its upcoming growth wave will provide it with lots of additional cash, giving it ample fuel to continue increasing its high-yielding dividend. If you're seeking a dependable blend of growth and income, now is the time to consider loading up on Chevron stock.</p>
<div class="lb-trans"><p>雪佛龙超低成本的运营和强大的资产负债表使其能够轻松应对石油行业的波动。即将到来的增长浪潮将为其提供大量额外现金，给予其继续增加高收益股息的充足动力。如果您在寻找可靠的增长与收入的结合，现在是考虑增持雪佛龙股票的时机。</p>
</div>

购买雪佛龙股票的三个理由：机不可失