10 Best Oil Stocks to Invest In According to Billionaires

4. Chevron Corporation (NYSE:CVX)

Number of Billionaire Holders: 14

Chevron Corporation (NYSE:CVX) manufactures and sells a range of high-quality refined products, including gasoline, diesel, marine and aviation fuels, premium base oil, finished lubricants, and fuel oil additives. The oil and gas giant owns five US fuel refineries and boasts a network of Chevron and Texaco service stations.

Chevron Corporation (NYSE:CVX) narrowly missed earnings expectations in Q4 2024 as weak margins dragged its refining business into a loss for the first time in the last four years. However, the company increased its revenue by 10.7% YoY to $52.23 billion during the quarter, topping estimates as it increased its worldwide and US production by 7% and 19%, respectively, to record levels in 2024. CVX also maintains a robust balance sheet and generated $31.5 billion in operating cash flow and $15 billion in free cash flow in FY 2024, ending the year with a net debt ratio of 10%. The industry giant expects to maintain this momentum, expecting to add $10 billion of annual free cash flow in 2026 (assuming $70 oil) and around $9 billion at the current Brent price.

Chevron Corporation (NYSE:CVX) is known for its commitment to shareholders, and the company returned a record $27 billion to its shareholders in 2024 in the form of dividends and share repurchases. The company has returned over $75 billion to shareholders over the last three years and recently increased its quarterly dividend by 4.9% to $1.71 per share, maintaining a 38-year streak of consistent dividend growth.

As a result, Chevron Corporation (NYSE:CVX) was also included in our list of the 25 Best Dividend Stocks to Buy According to Billionaires.