10 Best Energy Stocks To Buy According to Hedge Funds

5. Chevron Corporation (NYSE:CVX)  

Number of Hedge Fund Investors: 64  

Chevron Corporation (NYSE:CVX) is a prominent vertically integrated company operating globally in the oil and gas exploration, production, and refining sectors. Beyond its traditional operations, Chevron Corporation (NYSE:CVX) is also making investments in green energy technologies and services, including wind, solar, and biofuels.

Chevron Corporation (NYSE:CVX) aims to target 1 million barrels of oil per day in the Permian Basin. On October 14, the company announced to increase in its oil and gas production in the Permian Basin, a region renowned for its oil and gas reserves. The company has targeted production of 1 million boe/d by 2025 in the New Mexico end of the Permian.

Chevron Corporation’s (NYSE:CVX) New Mexico asset manager, Duncan Healey, highlighted the area’s high-quality and untapped reserves as key factors for this expansion. According to Healey, Chevron Corporation (NYSE:CVX) expects better production than from other areas of the Permian and can extract oil and gas easily. The company is also adopting cleaner technology such as using electrical compressors instead of natural gas fuelled to reduce the carbon intensity of its operations.

Chevron Corporation (NYSE:CVX) has also begun oil and natural gas production from the Anchor project in the deepwater U.S. Gulf of Mexico by using high-pressure technology that can operate safely at up to 20,000 psi, with reservoir depths reaching 34,000 feet below sea level. The Anchor semi-submersible floating production unit (FPU) has a design capacity of 75,000 gross barrels of oil per day and 28 million gross cubic feet of natural gas per day. The development consists of seven subsea wells tied into the Anchor FPU, located in the Green Canyon area, approximately 140 miles off the coast of Louisiana, in water depths of approximately 5,000 feet. Total potentially recoverable resources from the Anchor field are estimated to be up to 440 million barrels of oil equivalent.