5 Biggest Oil Companies in Texas

2. Chevron Corporation (NYSE:CVX)

Revenue in 2022: $246.25 billion
Number of Hedge Fund Holders: 57

Chevron Corporation (NYSE:CVX), with a market cap of about $320 billion, is one of the largest oil and gas producers in the Permian basin in Texas. With headquarters in Houston, Texas, the company controls about 2.2 million net acres.

In 2020, Chevron Corporation (NYSE:CVX) acquired Noble Energy, strengthening its position in the Permian basin.

In its Q4 2022 investor letter, Carillon Tower Advisers stated the following about Chevron Corporation (NYSE:CVX):

“Energy performed well during the fourth quarter, with the sector up about 23%. Investors returned to the sector after the Organization of the Petroleum Exporting Countries (OPEC) signaled it would reduce production. Chevron Corporation (NYSE:CVX) reported strong quarterly results while buying back stock, paying a healthy dividend, and maintaining a strong balance sheet.”