Energy markets were materially disrupted throughout late May 2026 by events centred on the Strait of Hormuz, through which a substantial share of global energy flows pass. Bloomberg reported that US and Israeli jets struck Iranian vessels in the strait on 26 May, while physical oil shipments through the strait fell to approximately 5% of normal levels at the disruption's peak [Brief - 2026-05-24]. Brent crude traded between $87.11 and $97 per barrel across the five sessions ending 29 May, before declining sharply following weekend reports indicating the United States and Iran were close to a deal to reopen the chokepoint [Brief - 2026-05-25]. These developments constituted the dominant macro backdrop for Chevron and the broader energy sector during the period [Brief - 2026-05-29].
Chevron's trailing twelve-month revenue to 31 March 2026 stood at $185.9 billion, representing year-over-year growth of 3.2%. Net income on the same basis was $11.0 billion, producing a net margin of 5.9%. Earnings per share declined 44.5% year-over-year, and the company carried $6.3 billion in cash against total debt of $31.5 billion. The P/E ratio based on current market pricing stood at 31.79 [SEC 10-Q - CVX - 2026-03-31].
Insider activity over the past 30 days comprised 22 transactions with a net selling direction, totalling approximately $109.4 million in net disposals [SEC Form 4 - CVX - 2026-06]. Institutional ownership data from the most recent 13F disclosures showed divergent positioning among prominent filers. Berkshire Hathaway reduced its CVX position by 35%, while Citadel added 38%, Millennium added 13%, and AQR Capital added 19% to their respective holdings. Bridgewater opened a new position in CVX during the reporting period [SEC 13F - Berkshire Hathaway - Q1 2026; SEC 13F - Citadel - Q1 2026; SEC 13F - Millennium - Q1 2026; SEC 13F - AQR Capital - Q1 2026; SEC 13F - Bridgewater - Q1 2026].
The prevailing macro environment as of 1 June 2026 reflected a normal yield curve configuration, with the 10-year US Treasury yield at 4.45% and the 2-year at 3.99% [FRED DGS10; FRED DGS2]. This report was generated in response to material institutional position changes across multiple prominent filers disclosing CVX holdings in their most recent quarterly 13F submissions.