5 Most Profitable Oil Stocks in the World

3. Chevron Corporation (NYSE:CVX)

Number of Hedge Fund Holders: 72

Latest TTM Net Income: $25.46 billion

Headquartered in San Ramon, California, Chevron Corporation (NYSE:CVX) is a prominent American multinational energy company with a primary focus on the oil and gas industry. Originally established as the Standard Oil Company of California and emerging as the second-largest direct descendant of Standard Oil, Chevron operates across over 180 countries worldwide.

On October 23, Chevron Corporation (NYSE:CVX) unveiled a definitive agreement with Hess Corporation for an all-stock transaction valued at $53 billion. Under this agreement, Chevron is set to acquire all outstanding shares of Hess. The acquisition is anticipated to enhance and broaden Chevron’s portfolio, with a particular emphasis on the Stabroek block in Guyana. Described as an “exceptional” asset offering industry-leading cash margins and a low carbon footprint, it promises continued production growth into the next decade.

By the end of the third quarter of this year, 72 out of the 910 hedge funds part of Insider Monkey’s database held a stake in Chevron Corporation (NYSE:CVX). The firm’s most significant investor is Warren Buffett’s Berkshire Hathaway, owning 110.24 million shares valued at $18.59 billion.