11 Best Crude Oil Stocks To Buy Right Now

4. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 81

Chevron Corporation (NYSE:CVX) is one of the world’s largest integrated energy companies, engaged in crude oil and natural gas exploration, production, refining, and distribution. With a global footprint spanning North America, South America, Africa, the Middle East, and Asia-Pacific, CVX operates across the entire energy value chain. Its upstream segment focuses on oil and gas production from key assets in the Permian Basin, the Gulf of Mexico, and offshore fields. Downstream, the company refines crude oil and supplies markets worldwide through its extensive network of refineries and service stations. While the company is expanding into lower-carbon solutions, crude oil remains central to its operations, driving production and revenue across its diverse portfolio.

Chevron Corporation (NYSE:CVX) delivered strong results in 2024, achieving record production both globally and in the United States. The company demonstrated exceptional performance in the Permian with production growth of nearly 18% from the previous year. Financially, CVX returned a record $27 billion to shareholders through dividends and buybacks, and over the past 2 years, repurchased $30 billion and reduced outstanding share count by 10%. The company achieved significant milestones including delivering key project start-ups in the Gulf of America, fully integrating PDC Energy, expanding its position in the DJ Basin, and achieving its first oil at the future growth project at TCO. In the new energies business, CVX sold over 20 million barrels of bio-based diesel and advanced foundational projects in CCUS and hydrogen, while completing projects designed to abate over 700,000 tons of CO2 emissions annually.

Looking ahead, Chevron Corporation (NYSE:CVX) expects to add $10 billion of annual free cash flow in 2026, led by growth in advantaged upstream assets. The company plans to achieve industry-leading free cash flow growth while maintaining cost and capital discipline and advancing opportunities in renewable fuels, hydrogen, CCUS, and power. Production is expected to grow around 6% annually through 2026, excluding asset sales, with growth weighted towards the second half of 2025 as key projects in Tengiz and the Gulf of America come online. The company is targeting $2 billion to $3 billion in structural cost reductions by the end of 2026 through asset sales, scaling technology solutions, and improving operational efficiencies, which should allow the company to maintain its profitability even under lower oil prices.