8 Best Crude Oil Stocks To Buy Right Now

5. Chevron Corporation (NYSE:CVX) 

Number of Hedge Fund Holders: 63

Chevron Corporation (NYSE:CVX) is a global energy company involved in exploration, production, and refining. The company produces 3.1 million barrels of oil equivalent per day, making it the second-largest oil company in the United States. Chevron Corporation (NYSE:CVX) operates across Europe, Africa, Asia, Australia, South America, and North America, and has the capacity to refine 1.8 million barrels of oil per day at its refineries in the United States and Asia.

Chevron Corporation (NYSE:CVX) is in the process of acquiring Hess Corporation for $53 billion, which would give it a 30% stake in the Guyana oil fields. This acquisition would provide Chevron Corporation (NYSE:CVX) with a stable income stream and a rare growth opportunity in Latin America, where the company currently has limited operations. The Guyana oil fields are considered highly productive and low-cost, and Chevron Corporation’s (NYSE:CVX) success in acquiring Hess would diversify its reserves and strengthen its balance sheet.

If the deal proceeds as planned, Chevron Corporation (NYSE:CVX) would gain access to billions of dollars in oil reserves. However, the deal is facing significant delays due to an arbitration dispute with Exxon Mobil, which has claimed a right of first refusal.

In Q3, Chevron Corporation (NYSE:CVX) reported record production in the Permian Basin, which contributed to a 7% year-over-year increase in net oil-equivalent production. Chevron Corporation (NYSE:CVX) also commenced production on major Gulf of Mexico projects. During the quarter, the company announced the sale of $6.5 billion in Canadian assets and repurchased $4.7 billion in shares. By the end of 2026, Chevron Corporation (NYSE:CVX) plans to reduce structural expenses by $2–3 billion.