Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.0 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.7 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2024 stood at 9.8 billion barrels of oil equivalent, including 5.1 billion barrels of liquids and 28.4 trillion cubic feet of natural gas.

Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.0 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.7 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2024 stood at 9.8 billion barrels of oil equivalent, including 5.1 billion barrels of liquids and 28.4 trillion cubic feet of natural gas.

Of the four years in a presidential term, the second year -- the mid-term election year -- has been the worst for investors. Consider that since 1980, returns in the second year of a presidential term have averaged 3.3%, compared to average returns of 15.6% and 16.5%, respectively, in the first and third years. Even the fourth year, with all the drama of the election itself, outperforms the second year, with an average gain of 7.2%. What is more, the "batting average" of positive second years for the S&P 500 is only 55%, compared with 80%-plus averages for the other three years. Why is this? The reason is uncertainty, and the likelihood of change. Investors favor predictability and continuity, and a mid-term election year offers a real opportunity for a significant shift in direction -- whether it is in fiscal policy, antitrust philosophy, or a certain regulatory focus. We note that incumbent parties typically lose seats in mid-term elections, and even the loss of a few Republican seats in the House could tip the chamber Democratic and then lead to gridlock in Washington D.C.

Chevron is the third largest of the world's five 'super majors.' The company is the result of the 2001 merger of Chevron and Texaco. The company's operations range from energy exploration and production to refining and retail marketing. Australia, Southeast Asia, and West Africa are significant international production centers for the company. Chevron stock is a component of the S&P 500 index and currently employs approximately 40,000 people.