Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant. The Downstream segment refines crude oil into petroleum products; markets crude oil, refined products, and lubricants; manufactures and markets renewable fuels, commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives; and transports crude oil and refined products by pipeline, marine vessel, motor equipment, and rail car. The company was formerly known as ChevronTexaco Corporation and changed its name to Chevron Corporation in 2005. Chevron Corporation was founded in 1879 and is headquartered in San Ramon, California.

Chevron Corporation

Exxon Mobil Corporation XOM continues to demonstrate robust financial strength built on consistent free cash flow generation across its integrated operations, including upstream, downstream and chemicals. During its second-quarter 2025 earnings release, ExxonMobil reported free cash flow of $5.4 billion. This strong cash flow supports the company’s ability to fund shareholder returns, reduce debt and make strategic investments in high-return projects despite commodity price volatility.
Unlike some peers who may rely heavily on upstream scale alone, ExxonMobil’s diversified global portfolio and operational scale provide it with substantial financial flexibility and resilience. This allows the company to pursue strong growth opportunities while maintaining a robust balance sheet, positioning it well to navigate the ongoing energy transition and market uncertainties.
CVX & SHEL Deliver Solid Cash Flow Too
Like XOM, Chevron Corporation CVX and Shell plc SHEL also report solid free cash flow.
Chevron reported about $4.9 billion in free cash flow. The company remains focused on expanding U.S. shale output, particularly in the Permian Basin, while also advancing large international projects that support long-term growth.
Shell, meanwhile, reported $6.5 billion in free cash flow for the quarter. Its strategy remains anchored to liquefied natural gas (“LNG”), where it maintains the world’s largest portfolio, alongside a trading and optimization business that adds earnings resilience.
XOM’s Price Performance, Valuation & Estimates
Shares of XOM have lost 6.1% over the past year against the industry’s loss of 2.3%.
Image Source: Zacks Investment Research
From a valuation standpoint, XOM trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 7.02X. This is above the broader industry average of 4.32X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for XOM’s 2025 earnings has been revised upward over the past seven days.
Image Source: Zacks Investment Research
ExxonMobil stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
One Big Gain, Every Trading Day
To help you take full advantage of this market, you’re invited to access every stock recommendation in all our private portfolios - for just $1.
Zacks private portfolio services that closed 256 double and triple-digit winners in 2024 alone. That’s about one big gain every day the market was open. Of course, not all our picks are winners, but members have seen recent gains as high as +627% +1,340%, and +1,708%.
Imagine how much you could profit with a steady stream of real-time picks from all our services that cover a number of strategies to suit a variety of investing and trading styles.
See Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Strong Cash Flow Keeps ExxonMobil Ahead in a Volatile Energy Market

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares Russell 1000 ETF (Symbol: IWB) where we have detected an approximate $227.6 million dollar inflow -- that's a 0.5% increase week over week in outstanding units (from 120,150,000 to 120,800,000). Among the largest underlying components of IWB, in trading today Eli Lilly (Symbol: LLY) is up about 1.3%, Chevron Corporation (Symbol: CVX) is up about 0.2%, and Verizon Communications Inc (Symbol: VZ) is lower by about 0.1%. For a complete list of holdings, visit the IWB Holdings page » The chart below shows the one year price performance of IWB, versus its 200 day moving average:
Looking at the chart above, IWB's low point in its 52 week range is $264.17 per share, with $354.83 as the 52 week high point — that compares with a last trade of $349.86. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
ETF Finder
RDUS shares outstanding history
Funds Holding FIII
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

IWB, LLY, CVX, VZ: Large Inflows Detected at ETF

Exxon Mobil Corporation XOM has a strong presence in offshore Guyana resources and the Permian, the most productive basin in the United States.
The integrated energy company announced that it discovered a massive amount of oil—nearly 11 billion barrels—off the coast of Guyana. To put it simply, this is the largest oil discovery anywhere in the world in the last 15 years. In the region, XOM has three active projects, combinedly producing at a rate of roughly 650,000 barrels per day. XOM expects a total of eight projects in the region to be online by 2030, which will produce a total of 1.7 million barrels of oil equivalent per day (MMBoE/D).
In the Permian, the energy giant is employing advanced technology to get much more oil out of each well, thereby improving oil recovery. From the most prolific basin, XOM is expecting to produce 2.3 MMBoE/D by the end of this decade, suggesting a surge from the current 1.6 MMBoE/D.
CVX & FANG’s Solid Permian Footprint
Like XOM, Chevron CVX and Diamondback Energy, Inc. FANG also produce significant volumes of oil and natural gas from the Permian.
Chevron has a strong footprint in the Permian. With more than 2 million net acres of land, CVX has been operating in the basin for more than 100 years.
Diamondback Energy is a pure-play Permian operator. FANG has a huge inventory of oil and gas wells, thereby showcasing a solid production outlook.
XOM’s Price Performance, Valuation & Estimates
Shares of XOM have declined 1.2% over the past year against the 2.9% rise of the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, XOM trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 6.98X. This is above the broader industry average of 4.29X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for XOM’s 2025 earnings has been revised upward over the past seven days.
Image Source: Zacks Investment Research
ExxonMobil stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
See our %%CTA_TEXT%% report – free today!
7 Best Stocks for the Next 30 Days
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

ExxonMobil's Outlook Robust on Guyana Discoveries & Permian Presence

Key Points
Berkshire Hathaway stock is down since the start of the second quarter, but there’s more to the story.
Berkshire’s operating businesses are doing quite well, although insurance profitability is inconsistent.
Although Berkshire hasn’t bought back any shares, it wasn’t as much of a net seller of stocks as it seems.
Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) reported its second-quarter earnings a couple of weeks ago, but it just recently gave investors a glimpse of changes in its $300 billion stock portfolio. Now that we have a complete picture of how Berkshire's second quarter went, it's a good time to take a look at some of the key trends to watch.
Warren Buffett announced his intention in May to step down as Berkshire's CEO, and since that time, the stock has declined by more than 10%. Do the numbers say that investors should be concerned, or that the business is running smoothly?
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »
Berkshire's operating businesses are doing well
Although Berkshire's stock portfolio and its massive stockpile of cash get many headlines, the core of Berkshire Hathaway is its operating businesses. With over 60 subsidiaries that include GEICO, Duracell, BNSF Railroad, a massive utility business, and many others, these are the engines that generate the capital for Berkshire to invest in stocks or add to its bank account.
In the second quarter, Berkshire's operating earnings declined by about 4% year over year, but that doesn't tell the whole story. The decline was mainly due to $877 million in on-paper foreign currency "losses" from Berkshire's non-dollar-denominated debt, compared with a gain of $446 million in the second quarter of 2024, as well as a decline in underwriting profits from the insurance businesses. Underwriting profits can be rather inconsistent because of natural disasters and other factors, so if they trend upward over time, there's no need for concern.
In fact, if we back out the underwriting income and the foreign exchange fluctuations, Berkshire's operating earnings grew by about 10% year over year. There was solid growth in the railroad and energy businesses, as well as the broad manufacturing, service, and retail category that includes dozens of other Berkshire subsidiaries.
Still no buybacks
Berkshire Hathaway's share repurchase plan doesn't have a formal limit as many companies do. In fact, it allows the company to repurchase shares whenever Buffett feels the stock is priced below its intrinsic value.
After spending billions of dollars buying back stock in most quarters since the modern version of the buyback authorization has been in place, Berkshire abruptly stopped buying back stock a few quarters ago. There was much speculation that with the steep decline in Berkshire's stock that occurred after Buffett announced his retirement, but that turned out to not be the case. Berkshire spent exactly $0 on buybacks in the second quarter.
There are a few potential explanations. Maybe Buffett doesn't believe Berkshire is at a substantial discount to intrinsic value. Or maybe Buffett is simply deciding to conserve capital until after he formally steps down as CEO at the end of the year, and plans to leave things like buyback decisions to his successors. But in any case, Berkshire's buybacks, or lack thereof, are worth keeping an eye on.
Buffett wasn't as much of a stock seller as it seems
Berkshire's second-quarter earnings were released nearly two weeks before the company's stock portfolio activity was revealed. And based on the earnings report, it appeared that Berkshire was a net seller of stocks.
Technically, that was true. But if we exclude sales of some Apple (NASDAQ: AAPL) and Bank of America (NYSE: BAC), which have been ongoing for some time, it turns out that Berkshire was a net buyer. In fact, Berkshire added shares to six existing positions and opened six new ones. Buffett and his team added to Chevron (NYSE: CVX), Constellation Brands (NYSE: STZ), Pool Corp. (NASDAQ: POOL), and more. And in addition to the new UnitedHealth (NYSE: UNH) investment that has been in the headlines, Berkshire also bought a roughly $850 million stake in Nucor (NYSE: NUE), opened positions in homebuilders Lennar (NYSE: LEN) and D.R. Horton (NYSE: DHI), and bought a (relatively) small position in billboard leader Lamar Advertising (NASDAQ: LAMR).
The bottom line on Berkshire Hathaway
In a nutshell, Berkshire Hathaway's operating businesses are doing quite well, and although Berkshire hasn't bought back any of its own stock, management is finding more attractive opportunities to put money to work than in the preceding few quarters. With $344 billion in the bank and a new CEO set to take the helm at the end of the year, it will be interesting to watch the massive conglomerate evolve in the post-Buffett era.
Should you invest $1,000 in Berkshire Hathaway right now?
Before you buy stock in Berkshire Hathaway, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Berkshire Hathaway wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $654,781!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,076,588!*
Now, it’s worth noting Stock Advisor’s total average return is 1,055% — a market-crushing outperformance compared to 183% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of August 18, 2025
Bank of America is an advertising partner of Motley Fool Money. Matt Frankel has positions in Bank of America and Berkshire Hathaway. The Motley Fool has positions in and recommends Apple, Berkshire Hathaway, Chevron, D.R. Horton, and Lennar. The Motley Fool recommends Constellation Brands and UnitedHealth Group. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Highlights From Berkshire Hathaway Earnings: 3 Key Trends Investors Should Track

Key Points
Chevron has a long history of rewarding shareholders, and it's unlikely to stop anytime soon.
Coca-Cola’s dividend is as reliable as it gets.
An ETF with an unusual strategy has an excellent track record of monthly distributions to investors.
The S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) are hovering around all-time highs and are up 106.6% and 68%, respectively, from the start of 2023 through Aug. 15. But investors who feel the broader indexes are running hot don't have to overhaul their portfolios based on emotion.
Companies that pay dividends are a great way to book a return without needing the market to go up or having to sell stock. Here's why Chevron (NYSE: CVX), Coca-Cola (NYSE: KO), and the exchange-traded fund (ETF) Global X Nasdaq 100 Covered Call ETF (NASDAQ: QYLD) are great buys in August.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »
A dividend all-star that could fortify your passive income stream
Scott Levine (Chevron): From rising inflation to concerns about how President Donald Trump's tariff policy will affect the economy, many are concerned that a market downturn is imminent. Whether a pullback in the stock market will occur is unclear, but the idea of buttressing your portfolio with a reliable dividend stock is a great strategy. Oil giant Chevron is an ideal candidate for the job, currently providing a 4.4% forward dividend yield.
With the price of the oil benchmark West Texas Intermediate dropping almost 16% over the past year, some investors may be skeptical of energy stocks right now, but that conclusion would be short-sighted. Chevron is generating strong results from its Tengizchevroil (TCO) project, which has ramped up to full production in Kazakhstan, and management expects the project to produce free cash flow of approximately $5 billion in 2025 and $6 billion in 2026.
And it's not only TCO that's benefiting the company. In the second quarter of 2025, Chevron completed its acquisition of Hess -- an acquisition that management believes will provide ample free cash flow and production growth extending into the 2030s. By the end of 2025, it expects to recognize $1 billion in annual run-rate cost synergies.
For nearly four decades, Chevron has provided annual dividend hikes. That's no small feat, and experienced investors know that there have certainly been some market downturns during that time. This demonstrates the resilience of Chevron's operations, as it balances returning capital to shareholders with growing the company during times of economic challenges.
While Chevron has consistently raised its dividend, management has a keen eye on the company's financial health. Over the past five years, it has averaged a 69.4% payout ratio.
If you're looking to prepare for a possible market downturn, Chevron stock is an excellent choice right now.
So much more than a soda giant
Daniel Foelber (Coca-Cola): Like Chevron, Coca-Cola is an ultrareliable high-yield dividend stock in the Dow Jones Industrial Average (DJINDICES: ^DJI). The Dow is a great place for investors looking for industry-leading companies. But being a Dow component isn't even Coke's highest accolade when it comes to reliability.
Coca-Cola's 63-year streak of raising its dividend earns it a spot on the list of Dividend Kings, companies that have paid and raised their dividends for at least 50 years. Its dividend track record, high current yield of 2.9%, and position in the fairly recession-resistant consumer staples sector make Coke arguably one of the most reliable dividend stocks on the market.
Despite the company's global exposure and diverse product lineup, the stock has produced a total return (dividends included) of 132.5% over the last decade -- heavily underperforming the monster 268% total return of the S&P 500 (largely thanks to megacap "Ten Titans" growth stocks). However, Coca-Cola's investment thesis has arguably gotten stronger in recent years.
The company's greatest competitive advantages are its highly efficient supply chain and its marketing. Coke's network of bottling and distribution partners makes it a relatively capital-light business for a beverage maker. But it still relies heavily on selling soda under its flagship brand, and soda is under pressure from changing consumer preferences, such as a shift toward wellness.
Coca-Cola's greatest opportunity is to diversify its beverage lineup by leveraging its competitive advantages and growing its market share in nonalcoholic categories outside of soda -- such as energy drinks, tea, coffee, sparkling water, and even dairy and dairy alternatives. That's precisely what Coke has been doing.
In its annual 10-K report, released in February, the company said that "Trademark Coca-Cola" accounted for 42% of U.S. unit case volume and 48% of non-U.S. unit case volume. What's more, 39% of U.S. unit case volume was outside of sparkling soft drinks -- illustrating shifts in consumer preferences.
Coke has done a masterful job growing brands like Topo Chico and Fairlife -- which it acquired for what were, in hindsight, bargain-bin valuations. These brands offer footholds it can use to further evolve into a total beverage company, rather than a majority soft drink company.
Add it all up, and there are plenty of reasons why Coca-Cola remains a dividend stock that you can be confident buying and holding for years to come.
An ETF with a 13.8% distribution
Lee Samaha (Global X NASDAQ 100 Covered Call ETF): If you're looking for an investment that will give you a reliable source of monthly income, even in a market downturn, then consider this ETF. Its trailing-12-month distribution yield is a whopping 13.8%. For a demonstration of its track record of distributions, consider that it paid $2.19 in 2022 (a year when the Nasdaq 100 declined by about 33%), compared to the recent price of the ETF of $16.92.
The ETF's strategy is to buy stocks in the Nasdaq 100 index and then cover them by writing (selling) a rolling series of one-month out-of-the-money covered call options. A call option is simply the right to buy the index at a specified price, known as the strike price. In this "out of the money" case, the strike price is above the current index price. Bulls usually buy call options, and they are usually written (sold) by bears.
However, in this case, the ETF is selling the call options to pick a premium that it can distribute to investors. This balanced approach means the ETF is highly likely to underperform when the Nasdaq 100 soars (because it has to pay out on the options, but its Nasdaq equities will do well), but the downside is limited because the ETF continues to pick up premiums when the Nasdaq 100 falls.
The result is a lower-volatility strategy that will generate reliable monthly income, and that might suit the circumstances of many passive income-seeking investors.
Should you invest $1,000 in Chevron right now?
Before you buy stock in Chevron, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Chevron wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $654,781!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,076,588!*
Now, it’s worth noting Stock Advisor’s total average return is 1,055% — a market-crushing outperformance compared to 183% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of August 18, 2025
Daniel Foelber has no position in any of the stocks mentioned. Lee Samaha has no position in any of the stocks mentioned. Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chevron. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Worried About a Stock Market Sell-Off in August? Consider These 2 Reliable Dividend Stocks and 1 ETF

Artificial intelligence (AI) is poised to reshape the energy landscape over the next decade, fueling a dramatic rise in electricity demand, particularly from data centers worldwide. A major April 2025 report from the International Energy Agency (“IEA”) has highlighted this trend, projecting significant growth in power needs to support AI infrastructure. Since natural gas generates roughly a quarter of the world’s electricity, this surge in demand could present a major opportunity for GE Vernova Inc.’s (GEV) Gas Power business, potentially accelerating sales of its gas turbines.
Notably, GE Vernova’s turbines serve as primary power sources, backup systems, or hybrid solutions, helping data centers meet high availability and cost-efficiency targets. In particular, GEV’s aeroderivative turbines, like the LM2500XPRESS, offer quick installation and scalable output, adapting easily to growing power needs. They also take up less space and produce fewer emissions and noise than traditional engines. On the other hand, for larger-scale operations, GE Vernova’s heavy-duty gas turbines deliver reliable, high-output performance with strong lifecycle economics, making them ideal for sustained, large-capacity needs.
A notable example of these gas turbines’ growing demand is GE Vernova’s July 2025 order to supply 29 LM2500XPRESS units to Crusoe AI data centers, underscoring the critical role these turbines play in powering AI-driven facilities.
Such orders should further bolster the company’s gas turbine sales, which improved a solid 213.3% and 11.8% in the second and first quarters of 2025, respectively. As AI continues to drive electricity demand, GE Vernova appears well-positioned to capitalize on this growth, further strengthening its market presence in the gas power sector.
Other Stocks Warranting a Look
GEV apart, stocks like Siemens Energy (SMNEY) and Chevron (CVX) are also expanding their footprint amid growing power demand backed by data center growth, through significant collaborations as mentioned below.
Siemens Energy’s portfolio includes a range of cutting-edge technologies, including gas turbines that are capable of providing an uninterrupted power supply for the efficient operation of data centers. In June 2025, the company joined forces with Eaton to enable the simultaneous construction of data centers and associated on-site power generation with grid connection. The associated power plants will be deployed with Siemens Energy’s highly efficient SGT-800 gas turbines.
Chevron, in April 2025, entered into a partnership with GE Vernova to focus on delivering 4 gigawatts of power by 2027. Per the terms of this deal, GE Vernova will provide seven 7HA gas turbines, while Chevron will help ensure a stable and abundant natural gas supply. Earlier in January, CVX joined forces with Engine No. 1 and GEV to develop scalable, reliable power solutions for U.S.-based data centers running on natural gas.
The Zacks Rundown for GEV
Shares of GE Vernova have surged a solid 239.7% in the past year, outperforming the industry’s 61.2% gain.
Image Source: Zacks Investment Research
From a valuation standpoint, GEV is currently trading at a forward 12-month price-to-earnings (P/E) of 55.15X, representing a premium compared to the industry average of 20.81X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for GEV’s near-term bottom-line estimate has moved north over the past 60 days.
Image Source: Zacks Investment Research
GEV currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
See our %%CTA_TEXT%% report – free today!
7 Best Stocks for the Next 30 Days
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Data Center & AI Power Boom: A Tailwind for GE Vernova's Gas Turbines?

Chevron Corporation CVX has dispatched Venezuela’s two oil shipments to the United States after Washington restored its license to operate in the sanctioned nation. The Mediterranean Voyager and Canopus Voyager left Venezuela’s waters carrying Hamaca and Boscan heavy crudes, bound for the U.S. West Coast and Port Arthur, TX.
Balancing Energy Needs and Sanctions
This move highlights how U.S. energy security concerns can temper hardline sanction policies. With Mexico cutting exports and Canadian flows constrained, Chevron’s return provides much-needed supply relief.
Although the new sanctions waiver was not officially released, U.S. officials and analysts indicated that Chevron will avoid making cash payments to the Venezuelan state. Instead, both Chevron and Petróleos de Venezuela, S.A. (PDVSA) are expected to independently export their respective portions of crude output. Venezuela’s authorities, however, rejected the idea that Chevron would operate in the country without payments, but offered no additional clarification.
Modest but Strategic Flows
Chevron, currently carrying a Zacks Rank #3 (Hold), emphasized that volumes remain small, signaling a cautious start rather than a full revival of trade. Still, even limited exports could shift dynamics in the Gulf Coast heavy crude market, where refiners have faced sourcing challenges. For Venezuela, Chevron’s return offers operational stability in an oil sector struggling with sanctions and underinvestment.
Heavy Venezuelan crude remains valuable for U.S. refiners like Valero Energy Corporation VLO, which rely on such grades to run specialized coking units. Valero, which accounted for nearly half of U.S. imports of Venezuelan crude in 2024, is reportedly negotiating with Chevron to restart a supply deal.
The return of heavy crude supplies is anticipated to boost profit margins for Texas and Louisiana refiners, with companies like PBF Energy Inc. PBF and Phillips 66 PSX showing interest in resuming Venezuelan oil purchases from Chevron.
Chevron’s Revoked License
In March this year, President Trump revoked Chevron’s license to operate in Venezuela, rolling back a concession previously granted by the Biden administration, even as U.S. sanctions on the country’s oil sector remained in place. Chevron was instructed to wind down operations by the end of May. Venezuela managed to withstand the renewed sanctions by building reserves and rerouting crude exports to China.
However, last month the U.S. reversed course, allowing Chevron to restart operations under strict conditions — specifically, that no proceeds from Venezuelan crude sales go to the Maduro government.
Geopolitical Reset in Motion
The reinstated flows illustrate how global energy realities can reshape U.S. foreign policy. While far from restoring Venezuela’s pre-crisis export strength, Chevron’s shipments represent both an economic lifeline for the country’s struggling industry and a strategic play for U.S. refiners seeking feedstock security.
See our %%CTA_TEXT%% report – free today!
7 Best Stocks for the Next 30 Days
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Chevron Resumes Venezuela Oil Exports Amid Shifting U.S. Sanctions

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Evolv Technologies Holdings Inc (Symbol: EVLV), where a total volume of 14,992 contracts has been traded thus far today, a contract volume which is representative of approximately 1.5 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 51.2% of EVLV's average daily trading volume over the past month, of 2.9 million shares. Especially high volume was seen for the $10 strike call option expiring September 19, 2025, with 1,888 contracts trading so far today, representing approximately 188,800 underlying shares of EVLV. Below is a chart showing EVLV's trailing twelve month trading history, with the $10 strike highlighted in orange:
Twilio Inc (Symbol: TWLO) options are showing a volume of 20,695 contracts thus far today. That number of contracts represents approximately 2.1 million underlying shares, working out to a sizeable 51% of TWLO's average daily trading volume over the past month, of 4.1 million shares. Particularly high volume was seen for the $125 strike call option expiring October 17, 2025, with 1,746 contracts trading so far today, representing approximately 174,600 underlying shares of TWLO. Below is a chart showing TWLO's trailing twelve month trading history, with the $125 strike highlighted in orange:
And Chevron Corporation (Symbol: CVX) saw options trading volume of 59,739 contracts, representing approximately 6.0 million underlying shares or approximately 50.2% of CVX's average daily trading volume over the past month, of 11.9 million shares. Particularly high volume was seen for the $155 strike call option expiring August 15, 2025, with 6,622 contracts trading so far today, representing approximately 662,200 underlying shares of CVX. Below is a chart showing CVX's trailing twelve month trading history, with the $155 strike highlighted in orange:
For the various different available expirations for EVLV options, TWLO options, or CVX options, visit StockOptionsChannel.com.
DW Historical Stock Prices
Top Ten Hedge Funds Holding BSCZ
ETFs Holding EQR
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Friday Option Activity: EVLV, TWLO, CVX

Looking at the sectors faring best as of midday Friday, shares of Healthcare companies are outperforming other sectors, up 0.8%. Within the sector, Centene Corp (Symbol: CNC) and Moderna Inc (Symbol: MRNA) are two large stocks leading the way, showing a gain of 5.9% and 5.9%, respectively. Among healthcare ETFs, one ETF following the sector is the Health Care Select Sector SPDR ETF (Symbol: XLV), which is up 1.9% on the day, and up 0.05% year-to-date. Centene Corp, meanwhile, is down 52.94% year-to-date, and Moderna Inc, is down 32.01% year-to-date. Combined, CNC and MRNA make up approximately 0.5% of the underlying holdings of XLV.
The next best performing sector is the Energy sector, higher by 0.4%. Among large Energy stocks, Chevron Corporation (Symbol: CVX) and EQT Corp (Symbol: EQT) are the most notable, showing a gain of 1.6% and 1.6%, respectively. One ETF closely tracking Energy stocks is the Energy Select Sector SPDR ETF (XLE), which is up 0.7% in midday trading, and up 2.21% on a year-to-date basis. Chevron Corporation, meanwhile, is up 11.18% year-to-date, and EQT Corp is up 15.78% year-to-date. Combined, CVX and EQT make up approximately 21.0% of the underlying holdings of XLE.
Comparing these stocks and ETFs on a trailing twelve month basis, below is a relative stock price performance chart, with each of the symbols shown in a different color as labeled in the legend at the bottom:
Here's a snapshot of how the S&P 500 components within the various sectors are faring in afternoon trading on Friday. As you can see, five sectors are up on the day, while four sectors are down.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Friday Sector Leaders: Healthcare, Energy

Petroleo Brasileiro S.A., or Petrobras PBR, announced second-quarter earnings per ADS of 64 cents, missing the Zacks Consensus Estimate of 70 cents. The underperformance can be attributed to lower downstream production and a decline in realized oil prices.
However, the bottom line improved from the year-ago profit of 47 cents due to production growth.
Consolidated net income, which strips out one-time items, came in at $4,101 million compared with $5,394 million a year earlier. Petrobras’ adjusted EBITDA fell to $9,242 million from $9,627 million a year ago.
Brazil's state-run energy giant reported revenues of $21,037 million, which fell 10.4% from the year-earlier sales of $23,467 million and marginally missed the Zacks Consensus Estimate of $21,040 million.
Along with the second-quarter earnings announcement, PBR added that it plans to shell out RMB 8.7 billion in dividends and equity interests.
Petroleo Brasileiro S.A.- Petrobras Price, Consensus and EPS Surprise
Coming back to earnings, let's take a deeper look at the recent performances of PBR’s two main segments: Upstream (Exploration & Production) and Downstream (or Refining, Transportation and Marketing).
Upstream: The Rio de Janeiro-headquartered company’s average oil and gas production during the second quarter reached 2,909 thousand barrels of oil equivalent per day (MBOE/d) — 80% liquids — compared to 2,699 MBOE/d in the same period of 2024.
Brazilian oil and natural gas production — constituting approximately 99% of the total output — improved 8.1% to 2,879 MBOE/d. The growth reflects ramp-up of existing fields as well as the production start-up of FPSO Alexandre de Gusmao.
In the April to June period, the average sales price of oil (or the average Brent crude price) fell more than 20% year over year to $67.82 per barrel. The decrease in crude prices more than offset the rise in production, thereby having a negative effect on upstream unit sales. Overall, the segment’s revenues declined to $14,404 million in the quarter under review from $15,668 million in the year-ago period.
As far as the bottom line is concerned, it was further dented by an uptick in pre-salt lifting costs (which rose 6.1% from the year-ago period to $6.64 per barrel). Consequently, the upstream unit recorded a net income of $3,974 million, down 24.1% from second-quarter 2024 earnings of $5,237 million.
Downstream (or Refining, Transportation and Marketing): Revenues from the segment totaled $19,795 million, 10.3% lower than the year-ago figure of $22,061 million, due to lower production volumes. Petrobras' downstream unit recorded a profit of $217 million, which fell sharply from earnings of $279 million in the second quarter of 2024. Apart from a decline in production volume, the unit’s income was affected by higher operating costs.
During the period, Petrobras’ sales, general and administrative expenses were $1,750 million, 3.7% lower than the year-ago quarter. But selling expenses rose from $1,268 million a year ago to $1,286 million. Overall, a significant reduction in “other taxes” led to a 7.2% decrease in total operating expenses.
The decline in costs was more than offset by lower revenues, leading to a drop in PBR’s operating income to $5,349 million in the second quarter of 2025 compared with $6,705 million a year ago.
Financial Position
During the three months ended June 30, 2025, Petrobras’ capital investments and expenditures totaled $4,431 million compared with $3,393 million in the prior-year quarter.
Importantly, the company generated a positive free cash flow for the 41st consecutive quarter, with the metric coming in at $3,445 million. However, it fell from $6,148 million recorded in last year’s corresponding period.
At the end of the second quarter, Petrobras had a net debt of $58,563 million, up from $46,160 million a year ago and $56,034 million as of March 31, 2025. The company ended the quarter with cash and cash equivalents of $6,996 million.
Petrobras’ net debt to trailing 12-month EBITDA ratio deteriorated to 1.53 from 0.95 in the previous year. It was 1.45 at the end of the previous quarter.
Some Key Energy Earnings
While we have discussed PBR’s second-quarter results in detail, let’s see how some other energy companies have fared this earnings season.
Oil supermajor Chevron CVX reported adjusted EPS of $1.77, beating the Zacks Consensus Estimate of $1.70. The outperformance stemmed from higher-than-expected production in the company’s key upstream segment. The company’s output of 3,396 MBOE/d — a record — came in above the consensus mark of 3,326 MBOE/d. Healthy gain in natural gas realizations and stronger refined product sales margins also played their part.
Chevron recorded $8.6 billion in cash flow from operations compared to $6.3 billion in the year-ago period due to the absence of prior-year working capital outflows and higher cash distributions from Kazakhstan. Chevron’s free cash flow for the quarter was $4.9 billion.
Motor fuel retailer Murphy USA MUSA announced second-quarter 2025 earnings per share of $7.36, which beat the Zacks Consensus Estimate of $6.82 and compared favorably with the year-ago profit of $6.92. The outperformance was primarily on the back of higher fuel margins. Murphy USA’s operating revenues of $5 billion fell 8.2% year over year and missed the consensus mark by $468 million due to lower-than-expected petroleum product sales.
As of June 30, Murphy USA — which opened six new retail locations in the quarter and closed one outlet to take its store count to 1,766 — had cash and cash equivalents of $54.1 million and long-term debt (including lease obligations) of $2.1 billion, with a debt-to-capitalization of 76.2%. During the quarter, MUSA bought back shares worth $211.9 million.
U.S. energy operator APA Corporation APA reported adjusted earnings of 87 cents per share, beating the Zacks Consensus Estimate of 45 cents. The outperformance primarily reflects higher-than-expected production and lower costs. However, APA’s bottom line fell from the year-ago adjusted profit of $1.17 due to lower oil realizations.
APA’s second-quarter lease operating expenses totaled $367 million, down 20.2% from $460 million in the year-ago period. Moreover, a 10.1% drop in the cost of oil/gas equipment and lower depreciation outgo meant that total operating expenses decreased 15% from the corresponding period of 2024 to $1.6 billion.
See our %%CTA_TEXT%% report – free today!
7 Best Stocks for the Next 30 Days
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.