8 Best Fuel Stocks To Buy Now

5. Chevron Corporation (NYSE:CVX) 

Number of Hedge Fund Holders: 63

Chevron Corporation (NYSE:CVX) is a global energy leader engaged in exploration, production, and refining. Producing 3.1 million barrels of oil and 7.7 million cubic feet of natural gas per day, the company operates extensively across Europe, Africa, Asia, Australia, South America, and North America. The company has a capacity to refine 1.8 million barrels of oil daily at its refineries in the United States and Asia.

Chevron Corporation (NYSE:CVX) is taking several steps to drive growth and increase production. In the Gulf of Mexico, the company has started up the high-pressure Anchor project and began water injection to boost production at the Jack/St. Malo and Tahiti fields. These projects, combined with additional start-ups through 2025, are expected to grow Gulf of Mexico production to 300,000 barrels per day by 2026.

Chevron Corporation (NYSE:CVX) is also investing in new projects and technologies to drive growth. The company has initiated final lead testing for the wet sour gas compressors at its Tengiz project and is preparing the crude processing systems for operations. The Tengiz project is expected to be a major contributor to the company’s production growth, and the management is confident in its ability to deliver the project on time and on budget.