JP Morgan Maintains Overweight on Chevron

JP Morgan reiterates its Overweight rating on Chevron Corp. (NYSE: CVX) as the company's 2012E capex program advances major upstream developments.

JPM says. “CVX plans to spend $28.5 bn (87% of total capex) on its upstream segment in 2012, with a particular focus on its Gorgon and Wheatstone LNG projects and its deepwater Gulf of Mexico developments at Jack/St. Malo, Big Foot, Tahiti-2 and Tubular Bells. CVX budgets $8.6 bn (30% of 2012E upstream capex) to mitigate natural field decline and support current production, including further development of the Marcellus and Wolfcamp plays in the U.S.”

CVX closed at $104.52 per share on Wednesday.