<p>投資能源股票的投資者，如 <strong>雪佛龍</strong>（CVX -1.71%），始終需要密切關注能源商品價格。這是該股票目前引人注目的一個重要原因，因為在油價下滑的期間，其股價表現優於大盤。這使得它對尋求被動收入的投資者特別有吸引力，他們希望購買雪佛龍的股票以獲得 4.3% 的股息收益率。</p>
<h2>雪佛龍提供保護</h2>
<p>下圖將雪佛龍與兩家更高質量的能源勘探和生產公司 <strong>德文能源</strong> 和 <strong>鑽石背能源</strong> 進行了比較。雖然其他公司的表現與油價下跌保持一致，但雪佛龍的表現則優於大盤。</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 原油現貨價格數據來源於 YCharts</p>
<p>這充分展示了許多尋求收入的投資者對能源股票的期望。雖然純粹的勘探和生產股票與油價之間存在相關性，但雪佛龍作為一家垂直整合的石油巨頭所帶來的好處正變得越來越明顯。</p>
<p>這意味着它將上游業務（勘探和生產）與下游業務（煉油、營銷和化學品）結合在一起，從而確保了現金流的生成，以支持不斷增長的股息。</p>
<p>此外，雪佛龍以 530 億美元收購赫斯公司，增加了顯著的國際資產（在圭亞那），這些資產通常具有較低的盈虧平衡成本（生產石油時生產者能夠覆蓋成本的最低油價），並將北達科他州的巴肯資產納入雪佛龍在二疊紀（德克薩斯州西部和新墨西哥州）的現有優勢。</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>圖片來源：Getty Images。</p>
<h2>對投資者的意義</h2>
<p>雖然雪佛龍永遠不會完全免受油價下跌的影響，但其下游資產和通過收購低盈虧平衡成本的國際資產進行多元化的努力使其能夠抵禦適度的下滑，這對尋求收入的投資者來説是個好消息。同時，它還具有來自油價可能上漲的上行潛力。</p>

雪佛龍

<p>雪佛龍的股票對投資者具有吸引力，因為儘管油價下跌，但其表現依然強勁，提供 4.3% 的股息收益率。其垂直整合的模式，結合了上游和下游業務，增強了現金流並支持股息增長。最近以 530 億美元收購 Hess 公司，為其增加了有價值的國際資產，且具有較低的盈虧平衡成本，進一步鞏固了雪佛龍的地位。雖然雪佛龍並未完全免受油價下跌的影響，但其多元化的資產提供了保護，並在油價上漲時具有潛在的上行空間，使其對尋求收入的投資者具有吸引力</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>投資能源股票的投資者，如 <strong>雪佛龍</strong>（CVX -1.71%），始終需要密切關注能源商品價格。這是該股票目前引人注目的一個重要原因，因為在油價下滑的期間，其股價表現優於大盤。這使得它對尋求被動收入的投資者特別有吸引力，他們希望購買雪佛龍的股票以獲得 4.3% 的股息收益率。</p>
</div><h2>Chevron offers protection</h2>
<div class="lb-trans"><h2>雪佛龍提供保護</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>下圖將雪佛龍與兩家更高質量的能源勘探和生產公司 <strong>德文能源</strong> 和 <strong>鑽石背能源</strong> 進行了比較。雖然其他公司的表現與油價下跌保持一致，但雪佛龍的表現則優於大盤。</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 原油現貨價格數據來源於 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>這充分展示了許多尋求收入的投資者對能源股票的期望。雖然純粹的勘探和生產股票與油價之間存在相關性，但雪佛龍作為一家垂直整合的石油巨頭所帶來的好處正變得越來越明顯。</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>這意味着它將上游業務（勘探和生產）與下游業務（煉油、營銷和化學品）結合在一起，從而確保了現金流的生成，以支持不斷增長的股息。</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，雪佛龍以 530 億美元收購赫斯公司，增加了顯著的國際資產（在圭亞那），這些資產通常具有較低的盈虧平衡成本（生產石油時生產者能夠覆蓋成本的最低油價），並將北達科他州的巴肯資產納入雪佛龍在二疊紀（德克薩斯州西部和新墨西哥州）的現有優勢。</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>圖片來源：Getty Images。</p>
</div><h2>What it means to investors</h2>
<div class="lb-trans"><h2>對投資者的意義</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>雖然雪佛龍永遠不會完全免受油價下跌的影響，但其下游資產和通過收購低盈虧平衡成本的國際資產進行多元化的努力使其能夠抵禦適度的下滑，這對尋求收入的投資者來説是個好消息。同時，它還具有來自油價可能上漲的上行潛力。</p>
</div>

我無法停止思考 2025 年雪佛龍股票的原因之一