Chevron CorporationCVX has recently recommenced operations in the politically disturbed Kurdistan region of Iraq, per Reuters. The company restarted operations at the Sarta 3 block in Kurdistan.

The company had to call off operations in the region in October 2017 due to increasing dispute. In January 2018, the company revealed its plan to restart operations in the field and took necessary steps to remobilize staff and equipment in the region to recommence operations, with the dispute abating of late.

The $213 billion market cap company started its operations in the Kurdistan region in 2012. However, it was blacklisted by the Iraqi government in July 2012 after the company signed contracts with the Kurdistan Regional Government to acquire two exploration blocks in the region.

The event is expected help the company move toward the 4-7% production growth targeted for 2018. Notably, Chevron's upstream international net oil-equivalent production of 2.07 million barrels per day (BPD) in fourth-quarter 2017 missed the Zacks Consensus Estimate of 2.11 million BPD, showing a negative surprise of 1.9%.

About the Company

San Ramon, CA-based Chevron is one of the largest publicly traded oil and gas entities in the world per proved reserves. It engages in oil and gas exploration and production, refining and marketing of petroleum products plus manufacturing of chemicals and other energy-related businesses. The company divides operations into two main segments: Upstream and Downstream.

The diversified oil company has a long and consistent dividend-paying record. It is one of the only two energy stocks on the list of Dividend Aristocrats - a group of 51 companies in the S&P 500 Index that have raised their payouts for more than 25 years in a row. With the recent 3.7% dividend hike, Chevron is on track to make 2018 the 31st consecutive year with an increase in annual dividend payout.

Price Performance

Chevron has gained 0.3% last year, underperforming 6.8% growth of its industry .

Zacks Rank and Stocks to Consider

Chevron carries a Zacks Rank #3 (Hold).

A few better-ranked stocks in the oil and energy sector are Cabot Oil & Gas Corporation COG , Suncor Energy Inc. SU and Pioneer Natural Resources Company PXD . All these companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .

Houston, TX-based Cabot is an independent energy company. Its sales for the fourth quarter of 2017 are expected to increase 34.7% year over year. For 2017, the bottom line is expected to be up 347.6%.

Based in Calgary, Canada, Suncor Energy is an integrated energy company. Its revenues for first-quarter 2018 are anticipated to improve 22.9% from the prior-year quarter. For 2018, the bottom line is anticipated to be up 21.9%.

Irving, TX-based Pioneer Natural Resources is an independent oil and gas exploration and production company. Its revenues for first-quarter 2018 are expected to improve 22.8% from the year-ago quarter. For 2018, the bottom line is anticipated to be up 163.4%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.