CHEVRON CORP. $94 (New York symbol CVX; Conservative Growth Portfolio, Resources sector; Shares outstanding: 2.1 billion; Market cap: $197.4 billion; WSSF Rating: Above average) has gained just 24% since January 2008. Oil is up 40% since then.
In general, oil stocks have lagged because oil prices rise or fall in response to short-term changes in oil supply or demand, which can reverse overnight. Despite the recent gains, a slowing U.S. economy could spur a large drop in oil prices.
We recommend conservative investors stick to industry leaders like Chevron. Its wide sources of revenue (production, refining and retail gas stations) helps shield it from volatile oil prices.
New investments in natural gas facilities will also increase natural gas to 40% of Chevron’s total net production by 2020, up from 30% now. A better balance between oil and natural gas cuts its risk by reducing its dependence on a single commodity.
Chevron’s steady cash flow also helps it fund increasingly expensive exploration projects, such as deep-water offshore platforms. It now expects its reserves to grow by 5% in the next two years, as major projects in the Gulf of Mexico, Kazakhstan and Nigeria begin commercial production.
Chevron is a buy.
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