Chevron stock has performed well since Wirth took the reins in 2018, outperforming most of its peers. He’s won the endorsement of Warren Buffett.
Earlier this year, with Iranian navy helicopters closing in, the Advantage Sweet, a 274-meter-long crude-oil tanker cruising in international waters through the Gulf of Oman en route from Kuwait to Houston, sent out a distress signal.The next day, April 28, Iranian state TV released a chilling video showing armed, masked commandos rappelling down from their chopper to seize the ship, one of them raising his fist in apparent triumph.
Chevron’s capital , manpower , scale , technology, chemistry, and processes —and, yes, the accompanying political risk, including in the company’s home state of California—is ginormous. But when all of this works—as it is now, with the price of crude oil spiking from $67 a barrel in late June to $93 this past week—there are tens of billions of dollars to be made for shareholders. And Chevron has stood out from the pack in recent years.
Buffett first bought some 48 million shares of Chevron in 2020s fourth quarter, then massively boosted his stake to 159 million in the first quarter of 2022 and topped off the holding to 165 million shares in the third quarter of last year. Since then, Buffett has pared back to 123 million shares, still a 6.3% stake worth over $20 billion.
Then there’s Kazakhstan, where Chevron has a significant presence but had to reduce production for a time last year after a spate of violence. Also last year, the company pulled out of Myanmar because of “violence and human rights abuses.” Chevron has a 39.66% stake in Israel’s mega-Leviathan gas field, located some 80 miles offshore from Haifa.
Read disagrees. “We don’t worry about Chevron’s performance in the Permian,” he says. “Yes, some of the results may be underwhelming. The market had reasons for doubt. But we recognize there’s good and bad quarters, relative to expectations, relative to the most recent performance.”
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