11 Best American Energy Stocks to Buy Now

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5. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 81

Chevron Corporation (NYSE:CVX) is a leading integrated energy company. The corporation produces crude oil and natural gas while also manufacturing transportation fuels, lubricants, petrochemicals, and additives. It is investing in developing new technologies, renewable fuels, hydrogen, and even power generation for data centers. Chevron Corporation (NYSE:CVX) ranks among the best American stocks to invest in.

The company is looking to increase production efficiency and optimize its portfolio. In 2024, Chevron Corporation (NYSE:CVX) delivered record-breaking production levels with global oil-equivalent production growing 7%. This increase was supported primarily by an 18% growth in the Permian Basin. Chevron Corporation (NYSE:CVX) has launched major growth projects and is actively looking to grow its exploration acreage position in the Gulf of America, Angola, Brazil, Equatorial Guinea, Uruguay, and Namibia. In January 2025, the corporation began producing oil at its Future Growth Project (FGP) located at the Tengiz oil field in Kazakhstan. This project is estimated to boost total output to approximately 1 million barrels of oil equivalent per day.

In an effort to strengthen its portfolio, Chevron Corporation (NYSE:CVX) also sold assets in Canada, the Republic of Congo, and Alaska. The company plans to cut costs by $2-3 billion by 2026 and also to divest $10-15 billion worth of assets by 2028. On March 31, Chevron Corporation (NYSE:CVX) announced the completion of its transaction to sell a 70% interest in its East Texas gas assets for $525 million to an affiliate of TG Natural Resources LLC.

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