12 Best Oil Refinery Stocks To Invest In According to Analysts

7. Chevron Corporation (NYSE:CVX)

Stock Upside Potential: 12.95%

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 company operates five wholly owned refineries in the US that produce fuels, base oils, and other products.

Chevron Corporation (NYSE:CVX) had another strong year in 2024 and managed record production of 3.3 million barrels of oil equivalent per day, while also achieving several major milestones including delivering key project start-ups in the ‘Gulf of America’. The oil major boasted a revenue of $52.23 billion in Q4 2024, up 10.7% YoY and beating analysts’ estimates by over $3.8 billion. Chevron maintains one of the strongest balance sheets in the integrated energy sector, with a debt-to-equity ratio that is below 0.2x. The company generated an operating cash flow of $31.5 billion and repurchased over $15 billion of its shares in 2024, extending its track record of repurchasing shares in 17 out of the last 21 years. Chevron has increased its dividend annually for 38 consecutive years and announced a 5% increase in its quarterly dividend to $1.71 per share last month.

It was announced last month that Chevron Corporation (NYSE:CVX) has completed a $49 billion expansion at Kazakhstan’s Tengiz oil field, one of the largest in the world, increasing output to nearly one million barrels a day by mid-2025. The project is expected to generate $4 billion of free cash flow this year for Chevron and $5 billion in 2026, at oil prices of $60 per barrel.