Chevron: new contracts are being signed at materially better terms

The economics run through contract terms rather than headline pricing. Cost-recovery provisions and duration change realised margin as much as the day rate does, and they are disclosed later. Contract terms are visible in the backlog disclosure. New awards carry both higher rates and improved cost recovery relative to the contracts rolling off. The position: long on Chevron, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. The risk is a sustained price move below the breakeven band, which would put the distribution back in question regardless of project execution.