Chevron Stock Falls Despite Supreme Court Win as Oil Prices Tumble on Hormuz Reopening
Chevron stock dropped Friday, hit by weaker oil prices after Iran announced the Strait of Hormuz remains open to commercial shipping during the ceasefire—knocking energy shares broadly lower. The decline followed a U.S. Supreme Court decision that sided with Chevron and other oil majors in a jurisdiction dispute tied to a protracted Louisiana coastal-damage lawsuit. This comes as Chevron heads into its first-quarter earnings with investors already skittish about possible swings in near-term profits. Last week, the company flagged in a filing that so-called “timing effects”—accounting mismatches triggered when hedges and inventories are marked to market before the underlying shipments arrive—might shave $2.7 billion to $3.7 billion off after-tax earnings, with most of the hit expected in the downstream segment, Chevron’s refining and marketing arm.