Chevron Texaco (CVX)

Great large, US super-major with both downstream and upstream integration. Unique in that it's one of the few international companies to operate in Venezuela, where it's difficult to operate. Is that a risk or an opportunity? His team says geopolitical risk. Owns XOM instead.

Chevron's production was up 20% last quarter. Prefers it to Exxon slightly.

A disciplined capital allocator. Have a fortress balance sheet, are growing and the dividend keeps rising.

A lot of oil companies have fallen since the highs of March/April. Likes this name.

They beat on nearly metric recently. Trades at 11x EBITDA. She may trim. Free cash flow is double-digits, enormous, and they just raised the dividend.

Has more room to run. Pays a 3.8% dividend yield.

It reports Friday. It pays a 4% dividend yield and buys back a lot of shares. Likes it because it is so consistent. It could benefit from Venezuela where they are doing business.

Wouldn't own now. Had a good rally, and has been outperforming off the Venezuela noise. They patronize Trump the most, and so they got preferential status, while Exxon calls the country "uninvestable". Has modest operations in Venezuela of 2% of its volumes and cashflow.

Huge rally on Trump guaranteeing security, which he's backpedaled on. Too much euphoria in the hype. Trades at a premium. He'd invest in CVE instead.

Oil stocks rallied hard today on news that Columbian president Maduro has been captured, but stocks like this opened too high. So, you must expect losses. The oil story where US oil stocks will benefit from Venezuela's reserves will take YEARS to play out, not days. Nobody will buy these stocks as soon as tomorrow. Also, the oil price has been going down.

Not a fan of oil, but pays a 4.5% dividend. Buy partially and more if oil falls below $60 a barrel.

Doesn't believe in the energy stocks; they lack growth. He just sold his last energy stock.

She sold late last year for profits but she still likes it for its profitability. There will be some volatility with the energy cycles. Trades at 11 times 2026 free cash flow and pays a dividend of 4%. She sees only 7% upside but has it on her watch list and could trade it.

It reports Friday. It fresh off its legal victory over Exxon concerning Hess, so he expects Chevron to raise its numbers. Also, Trump has allowed CVS to resume pumping oil in Venezuela.