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An international, integrated energy company organized into six operating segments: Exploration and Production, Midstream, Refining and Marketing, LUKOIL Investment, Chemicals and Emerging Businesses.
I am a current long-term holder of CVX and a long-term bull on oil refiners and distributors. Despite cleaner fuels, natural gas, and alternative fuel sources, oil is still "king" for the vast majority of the world's growth. Granted prices have fluctuated from prior higher oil prices and near-term oil looks to be in a narrow range due to weak growth in the emerging and developed markets and higher supply levels muting excessive non-seasonal price spikes. Despite this, demand longer-term will continue to support oil prices. "The end of cheap oil" has been argued here by other Fools and in other publications, so I won't belabor the issue except to say that throughput costs and the decreasing availability of easily extracted oil has a direct effect on spot oil prices (excluding speculation). I have just recently begun following COP and despite having underperformed the S&P recently, it is in good company with the rest of the industry which has had a weak showing 1-year EPS growth. COP though is paying over a 4% dividend while you wait for the markets to recover.
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