(As of December 12, 2025 | Post Q3 2025 earnings and recent insider transactions)
Current market capitalization: ≈ $304 billion (based on ~$150.72/share and 2.01 billion shares outstanding)
Introduction
Chevron Corporation (NYSE: CVX), founded in 1879 and headquartered in San Ramon, California, is a global integrated energy supermajor engaged in exploration, production, refining, and chemicals, with key assets in the Permian Basin, Kazakhstan's Tengiz field, and Gulf of Mexico. As a public company since 1920, it features a single-class share structure (one vote per share), promoting broad governance. Ownership is institutionally concentrated (~72%), insiders ~0.6% (executives and directors), and retail ~27%. The table below details the top 10 economic shareholders from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes $82.7M in insider sales (e.g., Director John Hess sold 550K shares on Nov 21) and $15B+ in YTD buybacks reducing shares by ~0.5% YoQ.
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($304B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 9.13% | $27.7 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~183.8M shares. Passive with ~$9.3T AUM; added ~17.9% in Q3 2025, core S&P 500 weighting (~6%). No direct control; focuses on upstream stability. |
| 2 | State Street Corporation | 7.58% | $23.0 billion | Owns ~152.6M shares via SPDRs (e.g., SPY); fully passive. Increased ~9.2% in Q3; votes proxies on exec comp and ESG. ~4% of energy holdings; supports $15B+ YTD buybacks. |
| 3 | BlackRock Inc. | 6.91% | $21.0 billion | Holds ~139.1M shares through iShares ETFs (e.g., IVV); passive/active mix. Added ~16.9% in Q3 2025; board observer on governance/ESG. Key in energy funds; CVX ~0.3% of portfolio. |
| 4 | Berkshire Hathaway Inc. (Warren Buffett) | 6.06% | $18.4 billion | ~122.1M shares; strategic value holder since 2020. Stable QoQ; Buffett's conviction in cash flow (37-year dividend streak); ~6% of Berkshire's portfolio. |
| 5 | Geode Capital Management, LLC | 2.16% | $6.6 billion | Fidelity affiliate with ~43.5M shares in index trackers; passive. Increased ~18% in Q3; tracks S&P 500; minimal voting power. |
| 6 | Morgan Stanley | 1.50% | $4.6 billion | ~30.2M shares via wealth/ETFs; index/active blend. Up ~1% in 2025; provides advisory for CVX's M&A (e.g., Hess integration). |
| 7 | Charles Schwab Investment Management Inc. | 1.20% | $3.6 billion | ~24.1M shares; passive via ETFs. Stable QoQ; focuses on dividend yield (4.52%). |
| 8 | Bank of America Corp /DE/ | 1.10% | $3.3 billion | ~22.1M shares; strategic peer holding. Increased ~0.5% QoQ; synergies in energy financing. |
| 9 | FMR LLC (Fidelity) | 1.00% | $3.0 billion | ~20.1M shares across funds (e.g., Contrafund); active with minor Q3 trim. Bullish on Permian (record 738K boe/d in Q3). |
| 10 | Michael K. Wirth (Chairman & CEO) | 0.10% | $0.3 billion | ~1.94M shares; largest active insider. Recent stability post-2024 sales; oversees strategy since 2018; net worth tied to performance. |
Total Top 10 = ~36.74% | Remaining: Other Institutions (~35%), Other Insiders (~0.5%, e.g., John Hess Director at ~0.4%), Retail (~27%) | Grand Total = 100%
Conclusion
As of December 2025, Chevron's ownership is institutionally anchored (~72% total) by passive giants like Vanguard and BlackRock, providing stability for its $49.7B Q3 2025 revenue (down 1.9% YoY) and $3.6B adjusted net income (down 20% YoY), with record production at 4.1M boe/d (up 21% YoY) amid Permian ramp-up. Insiders (~0.6% combined) reflect diversification sales amid expansions (e.g., Hess synergies at $1B annually), while retail's ~27% stake highlights energy demand resilience. With $304B market cap (up 18% YoY) and $15B+ YTD buybacks ($10-20B annual target through 2030), expect ~0.5% annual share reductions, minor institutional rebalancing in Q4 13Fs (due Feb 2026), and FY2025 revenue of ~$195B (flat YoY). This structure balances upstream growth with returns via $6.84 annual dividends (4.52% yield, 38th consecutive increase). For filings, visit SEC EDGAR or Chevron's investor relations.