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Despite posting a 51 percent decline in profit Friday, Chevron's 11-percent increase in oil production offers an opportunity to investors, said Phil Weiss, senior energy analyst at Argus Research.
"Today's result was a really good one on the production side," Weiss said.
"They beat expectations pretty strongly there [and have] a good mix of oil — it looks pretty good."
Weiss said he expects the second-largest oil company to continue with exploration, citing a big, upcoming project in Australia. Chevron [CVX
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As for oil prices, Weiss said he thinks they're too high, and that they will average out at around $68 next year.
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Other Oil Stocks:
Exxon Mobil [XOM
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Royal Dutch Shell [RDS
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ConocoPhillips [COP
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Disclosures:
Members of Weiss' family own shares of either Chevron or Exxon Mobil.
Data is a real-time snapshot *Data is delayed at least 15 minutes