Chevron Corporation (CVX)

Over the past six months, Chevron's stock shares have risen approximately 20%, trading near $184 per share as of February 2026, driven by stabilized energy prices, record production growth, and stronger free cash flow resilience. In the first quarter of 2026, Chevron reported earnings of $2.2 billion, a decrease from $3.5 billion in the first quarter of 2025, largely due to a net loss of $360 million related to a legal reserve and $223 million in foreign currency effects. Worldwide and U.S. production increased by 15% and 24% respectively, partly due to the acquisition of Hess Corporation and growth in the Gulf of Mexico and Permian Basin. Revenue for Q1 2026 was $47.9 billion, up 3.5% from Q1 2025, though it missed analyst estimates. Geopolitical tensions have impacted oil prices and Chevron's stock, while signs of a possible U.S.-Iran peace deal have led to drops in oil prices. A director at Chevron, John B. Hess, sold 195,000 shares of common stock on May 6, 2026, totaling approximately $36 million.

Demand for Chevron's products and services, particularly oil, exhibits seasonality. Historically, oil prices tend to slump from July to the end of August, then rally into September and October. Following October and into the end of the year, oil typically enters its weakest seasonal period, bottoming around January 1.

Chevron is a multinational energy leader headquartered in San Ramon, California, operating as one of the world's largest integrated energy companies. Its core business spans the energy industry, primarily specializing in oil and gas, and operates through two main segments: Upstream and Downstream. The Upstream segment focuses on the exploration, development, production, and transportation of crude oil and natural gas, including liquefaction, transportation, regasification of LNG, and carbon capture and storage. The Downstream segment involves refining crude oil into petroleum products, marketing crude oil, refined products, and lubricants, and manufacturing and marketing renewable fuels, petrochemicals, and additives. Chevron also invests in power generation and develops future energy resources, including renewable diesel, sustainable aviation fuel, renewable natural gas, hydrogen, and biodiesel. The company's major products include gasoline, natural gas, transportation fuels, lubricants, additives, and petrochemicals.

Chevron conducts extensive business worldwide, active in more than 180 countries. Its upstream operations are primarily located in the United States, Australia, Nigeria, Angola, Kazakhstan, and the Gulf of Mexico. Downstream operations are most significant on the west coast of North America, the U.S. Gulf Coast, Southeast Asia, South Korea, and Australia. Other countries and regions where Chevron has operations include Argentina, Bangladesh, Brazil, Canada, China, Egypt, Equatorial Guinea, Israel, Kurdistan Region of Iraq, Mexico, the Partitioned Zone between Saudi Arabia and Kuwait, the Philippines, Republic of Congo, Singapore, Thailand, the United Kingdom, and Venezuela.

Chevron has publicly committed to lowering its carbon intensity and plans to invest $10 billion through 2028 in lower-carbon initiatives, including growing businesses in renewable fuels, hydrogen, and carbon capture, and the company formed Chevron New Energies for this purpose. In June 2022, Chevron acquired Renewable Energy Group (REG), a major biofuel producer in the U.S., further demonstrating its move towards alternative energy solutions.

Chevron Corporation is a publicly-traded entity with ownership highly distributed among thousands of institutional and individual investors. Institutional investors hold approximately 72% to 75% of Chevron's total outstanding shares. Major institutional shareholders include The Vanguard Group, Inc., BlackRock, Inc., and State Street Corporation. Berkshire Hathaway is also a notable owner. Other significant institutional holders include Geode Capital Management, LLC, Morgan Stanley, Charles Schwab Investment Management Inc, Bank Of America Corp /de/, Norges Bank, and Fisher Asset Management, LLC. Key executives, such as Chairman and CEO Michael Wirth, hold significant portions of their wealth in company stock. Retail investors own roughly 25% of Chevron.