<p><strong>雪佛龍</strong>(CVX 1.50%) 在過去一年中表現相對平庸。該石油巨頭的股價上漲不到 5%，與 <strong>標準普爾 500 指數</strong>(^GSPC 1.52%) 近 15% 的漲幅相比，顯得不夠令人滿意。</p>
<p>儘管近期表現不佳，雪佛龍如今有很多優勢。以下是購買這隻石油股票的三個理由，彷彿沒有明天。</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>圖片來源：Getty Images。</p>
<h2>1. 低風險特徵</h2>
<p>由於油氣價格的波動，石油公司本質上風險較高。然而，雪佛龍在石油行業中擁有最低的風險特徵。該公司的業務成本在行業中最低，盈虧平衡點約為每桶 30 美元。這使得雪佛龍即使在較低的油價下也能產生大量現金流。</p>
<p>雪佛龍以其低成本運營和強大的資產負債表相輔相成。到第二季度末，其淨債務比率為 14.8%。這一比例處於行業的較低水平，遠低於雪佛龍 20%-25% 的目標範圍。這為雪佛龍在油市低迷期間繼續投資擴展業務提供了財務靈活性。</p>
<h2>2. 增長激增，未來可期</h2>
<p>雪佛龍在整個油市週期中的投資能力使其能夠進行長期投資。它開始收穫一些長期項目的回報。今年早些時候，該公司在哈薩克斯坦的未來增長項目實現了首次出油，正在逐步達到滿負荷生產。雪佛龍最近還在墨西哥灣（在美國也稱為美洲灣）完成了一些新開發項目。</p>
<p>這些以及其他舉措使雪佛龍的傳統業務有望在明年產生額外 100 億美元的年度自由現金流。這與去年產生的 150 億美元自由現金流相比，增幅相當可觀。</p>
<p>該公司在收購赫斯時也採取了長期策略。雪佛龍最初在 2023 年底簽署了合併協議，但直到今年 7 月才完成交易。它的耐心將得到回報，因為這筆鉅額合併將在明年立即提升雪佛龍的自由現金流，預計將增加 25 億美元，使其在 2026 年預計增長達到 125 億美元。同時，這筆交易將使雪佛龍的可見生產和自由現金流增長前景延續到 2030 年代。</p>
<p>這家能源公司還在建設多個低碳能源業務，以進一步增強和延續其長期增長前景。它最近通過收購德克薩斯州東北部和路易斯安那州西南部鋰資源豐富的 Smackover 地層的土地，進入了美國鋰行業。雪佛龍還在投資建設生物燃料、氫氣以及碳捕集和儲存業務。這些投資使公司能夠在全球向低碳能源轉型的過程中繼續增長。</p>
<h2>3. 吸引人且穩定上升的股息</h2>
<p>雪佛龍低風險的商業模式和不斷增長的現金流使其能夠支付可靠且穩定上升的股息。該公司已經連續 38 年增加股息。這段時間包括多次油價下跌，展示了雪佛龍股息的韌性。在過去十年中，該公司在同行中實現了領先的股息增長，而在此期間，幾家競爭對手減少了股息支付。</p>
<p>該公司的股息收益率為 4.5%，幾乎是標準普爾 500 指數不足 1.2% 收益率的四倍。雪佛龍以強大的財務基礎支持這一高收益的分紅。隨着下一波增長的到來，現在是鎖定這一吸引人股息的好時機，預計該股息將繼續增長。</p>
<h2>優秀的組合</h2>
<p>雪佛龍超低成本的運營和強大的資產負債表使其能夠輕鬆應對石油行業的波動。即將到來的增長浪潮將為其提供大量額外現金，給予其繼續增加高收益股息的充足動力。如果您在尋找可靠的增長與收入的結合，現在是考慮增持雪佛龍股票的時機。</p>

雪佛龍

<p>雪佛龍（CVX）在過去一年中表現出適度的回報，漲幅不足 5%，但提供了強有力的投資理由。首先，它具有低風險特徵，盈虧平衡油價約為每桶 30 美元，淨債務比率為 14.8%。其次，雪佛龍有望實現增長，預計明年將新增 100 億美元的自由現金流，並因與 Hess 的近期合併而獲得 25 億美元的增益。最後，它提供可靠且不斷上升的股息，已連續 38 年增加，收益率為 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>雪佛龍</strong>(CVX 1.50%) 在過去一年中表現相對平庸。該石油巨頭的股價上漲不到 5%，與 <strong>標準普爾 500 指數</strong>(^GSPC 1.52%) 近 15% 的漲幅相比，顯得不夠令人滿意。</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>儘管近期表現不佳，雪佛龍如今有很多優勢。以下是購買這隻石油股票的三個理由，彷彿沒有明天。</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>圖片來源：Getty Images。</p>
</div><h2>1. A low risk profile</h2>
<div class="lb-trans"><h2>1. 低風險特徵</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>由於油氣價格的波動，石油公司本質上風險較高。然而，雪佛龍在石油行業中擁有最低的風險特徵。該公司的業務成本在行業中最低，盈虧平衡點約為每桶 30 美元。這使得雪佛龍即使在較低的油價下也能產生大量現金流。</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>雪佛龍以其低成本運營和強大的資產負債表相輔相成。到第二季度末，其淨債務比率為 14.8%。這一比例處於行業的較低水平，遠低於雪佛龍 20%-25% 的目標範圍。這為雪佛龍在油市低迷期間繼續投資擴展業務提供了財務靈活性。</p>
</div><h2>2. A growth surge with more to come</h2>
<div class="lb-trans"><h2>2. 增長激增，未來可期</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>雪佛龍在整個油市週期中的投資能力使其能夠進行長期投資。它開始收穫一些長期項目的回報。今年早些時候，該公司在哈薩克斯坦的未來增長項目實現了首次出油，正在逐步達到滿負荷生產。雪佛龍最近還在墨西哥灣（在美國也稱為美洲灣）完成了一些新開發項目。</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>這些以及其他舉措使雪佛龍的傳統業務有望在明年產生額外 100 億美元的年度自由現金流。這與去年產生的 150 億美元自由現金流相比，增幅相當可觀。</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>該公司在收購赫斯時也採取了長期策略。雪佛龍最初在 2023 年底簽署了合併協議，但直到今年 7 月才完成交易。它的耐心將得到回報，因為這筆鉅額合併將在明年立即提升雪佛龍的自由現金流，預計將增加 25 億美元，使其在 2026 年預計增長達到 125 億美元。同時，這筆交易將使雪佛龍的可見生產和自由現金流增長前景延續到 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>這家能源公司還在建設多個低碳能源業務，以進一步增強和延續其長期增長前景。它最近通過收購德克薩斯州東北部和路易斯安那州西南部鋰資源豐富的 Smackover 地層的土地，進入了美國鋰行業。雪佛龍還在投資建設生物燃料、氫氣以及碳捕集和儲存業務。這些投資使公司能夠在全球向低碳能源轉型的過程中繼續增長。</p>
</div><h2>3. An attractive and steadily rising dividend</h2>
<div class="lb-trans"><h2>3. 吸引人且穩定上升的股息</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>雪佛龍低風險的商業模式和不斷增長的現金流使其能夠支付可靠且穩定上升的股息。該公司已經連續 38 年增加股息。這段時間包括多次油價下跌，展示了雪佛龍股息的韌性。在過去十年中，該公司在同行中實現了領先的股息增長，而在此期間，幾家競爭對手減少了股息支付。</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>該公司的股息收益率為 4.5%，幾乎是標準普爾 500 指數不足 1.2% 收益率的四倍。雪佛龍以強大的財務基礎支持這一高收益的分紅。隨着下一波增長的到來，現在是鎖定這一吸引人股息的好時機，預計該股息將繼續增長。</p>
</div><h2>A great combination</h2>
<div class="lb-trans"><h2>優秀的組合</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>雪佛龍超低成本的運營和強大的資產負債表使其能夠輕鬆應對石油行業的波動。即將到來的增長浪潮將為其提供大量額外現金，給予其繼續增加高收益股息的充足動力。如果您在尋找可靠的增長與收入的結合，現在是考慮增持雪佛龍股票的時機。</p>
</div>

購買雪佛龍股票的三個理由：機不可失