<p>投资能源股票的投资者，如 <strong>雪佛龙</strong>（CVX -1.71%），始终需要密切关注能源商品价格。这是该股票目前引人注目的一个重要原因，因为在油价下滑的期间，其股价表现优于大盘。这使得它对寻求被动收入的投资者特别有吸引力，他们希望购买雪佛龙的股票以获得 4.3% 的股息收益率。</p>
<h2>雪佛龙提供保护</h2>
<p>下图将雪佛龙与两家更高质量的能源勘探和生产公司 <strong>德文能源</strong> 和 <strong>钻石背能源</strong> 进行了比较。虽然其他公司的表现与油价下跌保持一致，但雪佛龙的表现则优于大盘。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7e244ca79ddd01cdf30755b00b0cb591.png?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://media.ycharts.com/charts/7e244ca79ddd01cdf30755b00b0cb591.png"/></p>
<p>WTI 原油现货价格数据来源于 YCharts</p>
<p>这充分展示了许多寻求收入的投资者对能源股票的期望。虽然纯粹的勘探和生产股票与油价之间存在相关性，但雪佛龙作为一家垂直整合的石油巨头所带来的好处正变得越来越明显。</p>
<p>这意味着它将上游业务（勘探和生产）与下游业务（炼油、营销和化学品）结合在一起，从而确保了现金流的生成，以支持不断增长的股息。</p>
<p>此外，雪佛龙以 530 亿美元收购赫斯公司，增加了显著的国际资产（在圭亚那），这些资产通常具有较低的盈亏平衡成本（生产石油时生产者能够覆盖成本的最低油价），并将北达科他州的巴肯资产纳入雪佛龙在二叠纪（德克萨斯州西部和新墨西哥州）的现有优势。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI0ODIvZ2V0dHlpbWFnZXMtMTM4NTI4NDQ5NS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI0ODIvZ2V0dHlpbWFnZXMtMTM4NTI4NDQ5NS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>对投资者的意义</h2>
<p>虽然雪佛龙永远不会完全免受油价下跌的影响，但其下游资产和通过收购低盈亏平衡成本的国际资产进行多元化的努力使其能够抵御适度的下滑，这对寻求收入的投资者来说是个好消息。同时，它还具有来自油价可能上涨的上行潜力。</p>

雪佛龙

<p>雪佛龙的股票对投资者具有吸引力，因为尽管油价下跌，但其表现依然强劲，提供 4.3% 的股息收益率。其垂直整合的模式，结合了上游和下游业务，增强了现金流并支持股息增长。最近以 530 亿美元收购 Hess 公司，为其增加了有价值的国际资产，且具有较低的盈亏平衡成本，进一步巩固了雪佛龙的地位。虽然雪佛龙并未完全免受油价下跌的影响，但其多元化的资产提供了保护，并在油价上涨时具有潜在的上行空间，使其对寻求收入的投资者具有吸引力</p>

<p>Investors in energy stocks, such as <strong>Chevron</strong>(CVX -1.71%), always need to keep a close eye on energy commodity prices. That's one significant reason why the stock is intriguing right now, as the share price has outperformed during a period of downward drift in oil prices. That makes it particularly appealing for passive income investors looking to buy Chevron shares for a 4.3% dividend yield.</p>
<div class="lb-trans"><p>投资能源股票的投资者，如 <strong>雪佛龙</strong>（CVX -1.71%），始终需要密切关注能源商品价格。这是该股票目前引人注目的一个重要原因，因为在油价下滑的期间，其股价表现优于大盘。这使得它对寻求被动收入的投资者特别有吸引力，他们希望购买雪佛龙的股票以获得 4.3% 的股息收益率。</p>
</div><h2>Chevron offers protection</h2>
<div class="lb-trans"><h2>雪佛龙提供保护</h2>
</div><p>The chart below compares Chevron to two higher-quality energy exploration and production companies, <strong>Devon Energy</strong> and <strong>Diamondback Energy</strong>. While the others have performed in line with the declining price of oil, Chevron has outperformed.</p>
<div class="lb-trans"><p>下图将雪佛龙与两家更高质量的能源勘探和生产公司 <strong>德文能源</strong> 和 <strong>钻石背能源</strong> 进行了比较。虽然其他公司的表现与油价下跌保持一致，但雪佛龙的表现则优于大盘。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7e244ca79ddd01cdf30755b00b0cb591.png" alt="" original-src="https://media.ycharts.com/charts/7e244ca79ddd01cdf30755b00b0cb591.png"/></p>
<p>WTI Crude Oil Spot Price data by YCharts</p>
<div class="lb-trans"><p>WTI 原油现货价格数据来源于 YCharts</p>
</div><p>This is a valuable demonstration of what many income-seeking investors are looking for from energy stocks. While pure-play exploration and production stocks have demonstrated a correlation with the price of oil, the benefits of Chevron being a vertically integrated oil major are becoming increasingly apparent.</p>
<div class="lb-trans"><p>这充分展示了许多寻求收入的投资者对能源股票的期望。虽然纯粹的勘探和生产股票与油价之间存在相关性，但雪佛龙作为一家垂直整合的石油巨头所带来的好处正变得越来越明显。</p>
</div><p>This means it combines upstream operations (exploration and production) with downstream operations (refining, marketing, and chemicals), and in doing so secures the cash-flow generation to support a growing dividend.</p>
<div class="lb-trans"><p>这意味着它将上游业务（勘探和生产）与下游业务（炼油、营销和化学品）结合在一起，从而确保了现金流的生成，以支持不断增长的股息。</p>
</div><p>In addition, Chevron's $53 billion acquisition of Hess Corporation has added significant international assets (in Guyana) that tend to have a lower break-even cost (the minimum price of oil a producer can cover costs in producing oil), and adds assets in the Bakken (North Dakota) to Chevron's existing strength in the Permian (West Texas and New Mexico).</p>
<div class="lb-trans"><p>此外，雪佛龙以 530 亿美元收购赫斯公司，增加了显著的国际资产（在圭亚那），这些资产通常具有较低的盈亏平衡成本（生产石油时生产者能够覆盖成本的最低油价），并将北达科他州的巴肯资产纳入雪佛龙在二叠纪（德克萨斯州西部和新墨西哥州）的现有优势。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI0ODIvZ2V0dHlpbWFnZXMtMTM4NTI4NDQ5NS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832482%2Fgettyimages-1385284495-1200x800-5b2df79.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>What it means to investors</h2>
<div class="lb-trans"><h2>对投资者的意义</h2>
</div><p>While Chevron will never be completely immune from falling oil prices, its downstream assets and efforts to diversify by acquiring lower break-even-cost international assets protect it from a moderated decline, which is good news for income-seeking investors. At the same time, it has upside potential coming from a possible increase in oil prices.</p>
<div class="lb-trans"><p>虽然雪佛龙永远不会完全免受油价下跌的影响，但其下游资产和通过收购低盈亏平衡成本的国际资产进行多元化的努力使其能够抵御适度的下滑，这对寻求收入的投资者来说是个好消息。同时，它还具有来自油价可能上涨的上行潜力。</p>
</div>

我无法停止思考 2025 年雪佛龙股票的原因之一