Energy markets experienced significant disruption in late May 2026, centred on the Strait of Hormuz. Bloomberg reported that US and Israeli jets struck Iranian vessels in the strait on 26 May 2026, with physical oil shipments through the waterway falling to approximately 5% of normal levels at the height of the disruption [Brief - 2026-05-24]. Brent crude traded between $87.11 and $97 per barrel across a single five-session period as military escalation alternated with diplomatic progress [Brief - 2026-05-29]. Reports of US-Iran negotiations aimed at reopening the strait produced sharp intraday declines in crude prices on 25 May [Brief - 2026-05-25]. As a major integrated energy producer, Chevron operates within a market directly affected by these supply-side developments.
Chevron's trailing twelve-month revenue as of 31 March 2026 stood at $185.9 billion, representing year-over-year revenue growth of 3.16%. Net income over the same period was $11.01 billion, yielding a net margin of 5.92%. EPS declined 44.5% year-over-year, and the reported P/E ratio stood at 32.97. Cash on hand was $6.32 billion against total debt of $31.50 billion [SEC 10-Q - CVX - 2026-03-31].
Insider activity over the past 30 days recorded 18 transactions with a net selling direction, totalling approximately $73.4 million in net disposals [SEC Form 4 - CVX - 2026-06]. Institutional ownership changes were mixed. Berkshire Hathaway reduced its position by 35%, while Citadel added 38%, Millennium added 13%, and AQR Capital added 19% to their respective positions. Bridgewater opened a new position in the period [SEC 13F - Berkshire - Q1 2026; SEC 13F - Citadel - Q1 2026; SEC 13F - Millennium - Q1 2026; SEC 13F - AQR Capital - Q1 2026; SEC 13F - Bridgewater - Q1 2026].
The US 10-year Treasury yield stood at 4.55% and the 2-year at 4.17%, producing a normal yield curve spread of 38 basis points [FRED DGS10; FRED DGS2]. This report was generated in response to material institutional position changes across multiple major filers in the most recent 13F reporting period.