As predicted here, earnings have disappointed Wall Street and the stock has slumped, despite the buyback nonsense. Production missed and spending was much higher than hoped.
"In the past year, Chevron has lagged behind some other companies, including its top competitor Exxon Mobil XOM –1.44% (XOM). Exxon is investing more heavily in oil and gas projects, as well as putting a larger portion of its capital budget toward clean energy efforts. While analysts are still generally bullish on Chevron—half of them rate the stock at Buy—their average target prices are just 4% below the company’s current price."