Chevron Corporation (CVX)

Chevron's stock price has been significantly impacted by geopolitical developments, particularly concerning Venezuela. News of the United States' intervention in Venezuela led to a jump in Chevron's stock due to its presence in the country. The company's stock has lagged the S&P 500 over the past year, with oil prices being a dominant driver of its returns. The acquisition of Hess Corporation is expected to bring significant synergies and contribute to Chevron's growth prospects. Chevron reported its Q3 2025 earnings, beating analyst estimates for EPS and revenue, though quarterly revenue was down year-over-year.

Demand for Chevron's products and services exhibits seasonality, particularly influenced by crude oil and natural gas markets. Crude oil demand tends to experience a slump until the end of August, followed by a rally into September and October, and then enters its weakest period towards the end of the year. A colder-than-average winter is expected to boost natural gas demand and consequently benefit Chevron's profits. Emerging trends like increasing electricity consumption driven by data center expansion and the artificial intelligence (AI) revolution are anticipated to further boost overall oil and gas demand.

Chevron Corporation is an American multinational energy corporation specializing in oil and gas, operating within the Energy Minerals sector and the Integrated Oil and Gas industry. It is a vertically integrated company involved in hydrocarbon exploration, production, refining, marketing, and transport, as well as chemicals manufacturing and sales, and power generation. Its major products include crude oil, natural gas, transportation fuels, lubricants, additives, and petrochemicals. The company also manufactures and markets renewable fuels and is involved in carbon capture and storage.

Chevron has a vast global presence, operating in more than 180 countries. Its dominant regions for oil and gas production include North America, Eurasia, South America, the west coast of sub-Saharan Africa, Egypt, and Iraq. Downstream operations are concentrated in Western North America, the U.S. Gulf Coast, Southeast Asia, South Korea, Australia, and South Africa.

Chevron has historically maintained a reputation for "capital discipline". The company's involvement in Venezuela and the political scrutiny surrounding the U.S. plans for the country's oil sector have brought increased attention to Chevron. While this situation presents potential business opportunities, it also carries heightened political and reputational risks.

Chevron Corporation has a diverse ownership structure, with a significant portion held by institutional investors, approximately 72.42%. Major institutional owners include Vanguard Group Inc., State Street Corp, BlackRock, Inc., and Berkshire Hathaway Inc. The top individual insider shareholders of Chevron common stock are Michael K. Wirth, Mark A. Nelson, and Pierre Breber.