Chevron shares fell 3.68% to $216.99 after a Democratic midterm sweep pushed the global oil benchmark below $100 per barrel. Even so, third-quarter free cash flow rose 157% to $12.00 billion, and adjusted EPS of $5.28 beat the $4.83 estimate for a seventh straight quarter. Revenue rose 35.4% to $65.24 billion and net debt fell $7.8 billion. The article flags two risks: a sustained crude slide could force cuts to 2027 estimates, and Texas politics could stall Project Kilby for Microsoft. The author suggests U.S. downstream earnings of $3.58 billion, up from $638 million, may be a peak-cycle figure, and notes Chevron trades at 17 times earnings, below the $241.67 consensus price target.
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