Chevron Corporation (CVX)

A major event impacting Chevron's stock was the finalization of its acquisition of Hess Corp. on July 18, 2025, for $53 billion to $55 billion, completed after a favorable arbitration ruling against ExxonMobil. This acquisition is expected to enhance Chevron's growth profile, be accretive to cash flow per share starting in 2025, and achieve $1 billion in annual run-rate cost synergies by the end of 2025. Due to a recent slump in crude oil prices, the company's share repurchases for 2025 are expected to be at the lower end of its guidance ($11.5 billion to $13 billion). Between July 22, 2024, and July 21, 2025, Chevron's share price experienced a decline of 4.63%.

Demand for Chevron's products and services exhibits seasonality, driven by oil and gas market trends. In winter, there is a surge in demand for heating oil and natural gas. In summer, gasoline demand rises due to increased travel. In spring, crude oil inventories increase as refineries prepare for the summer driving season. In fall, crude oil inventories build up as refineries undergo maintenance, and natural gas prices peak in anticipation of cold-weather heating consumption.

Chevron Corporation is a multinational energy corporation specializing in oil and gas, operating as a vertically integrated company involved in hydrocarbon exploration, production, refining, marketing, transport, chemicals manufacturing, sales, and power generation. Its main products include crude oil, natural gas, gasoline, diesel, jet fuel, lubricants, additives, and petrochemicals. Chevron is one of the largest oil companies globally and the second-largest in the United States by revenue, behind ExxonMobil.

Chevron has a significant global presence, operating in over 180 countries. Its upstream operations are primarily located in the United States, Australia, Nigeria, Angola, Kazakhstan, and the Gulf of Mexico. Downstream operations are concentrated in the west coast of North America, the U.S. Gulf Coast, Southeast Asia, South Korea, Australia, and South Africa. The company also has operations in South America, Europe, Africa, Asia, and the Middle East.

Chevron's brand reputation has been influenced by ongoing criticism and legal disputes related to environmental damage, its role in climate change, and lobbying efforts for the fossil fuel industry. A notable event was a court order in April 2025, requiring Chevron to pay over $740 million to restore the Louisiana coast. In August 2024, Chevron announced its relocation of headquarters from California to Houston, Texas. While Chevron has stated aspirations to achieve net-zero emissions by 2050, these goals have been met with skepticism due to their non-binding nature.

Chevron Corporation has substantial institutional ownership, with 5,097 institutional owners holding a total of 1,589,061,466 shares. Major institutional shareholders include Vanguard Group Inc., State Street Corp, BlackRock, Inc., Berkshire Hathaway Inc., and others. Institutional investors collectively hold a significant majority of the company's shares, around 69%. Key individual shareholders include CEO Michael K. Wirth, Vice President and CFO Pierre R. Breber, and Vice Chairman Mark A. Nelson.