DBRS confirms Chevron

DBRS said it confirmed Chevron Corp.'s senior notes and debentures at AA with a stable trend.

The confirmation is based on results and corporate developments in the first six months ended June 30. The agency said Chevron's financial profile remained very strong in the first half, as strong energy pricing helped to support strong cash flow. Credit metrics were positively impacted, as adjusted debt-to-capital decreased to 9.9% and debt-to-cash flow improved to 0.25 times for the last 12 months ended June 30.

Given its production weighting toward crude oil (68%), Chevron's earnings and cash flow remain susceptible to the price volatility of energy markets, DBRS noted.

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