I am likely more familiar with the dynamic in play on energy stocks but I don't follows Chevron at all. I can tell you when Suncor was stuck around $29 it popped up to $34 on earnings and a new dividend, then got stuck in the $30-$34 range a bit, and is now over $40. Suncor is huge by Canadian standards. The big caps took forever to reflect rising Oil prices, perhaps even more so in the US ( 2021 Cdn energy index was something like +98% and US half that ).