Rising Oil Prices and Solid Earnings Drive Chevron Corporation’s (CVX) Surge in Q1

Rising Oil Prices and Solid Earnings Drive Chevron Corporation’s (CVX) Surge in Q1 Soumya Eswaran Mon, June 29, 2026 at 8:12 PM GMT+7 3 min read CVX CL=F ^GSPC CBOE Meridian Funds, managed by Arrow Mark Partners, released its first-quarter 2026 investor letter for "Meridian Hedged Equity Fund". A copy of the letter can be downloaded here. The Fund invests in high-quality growth companies and mitigates risk by writing call options. Following the late-February strike on Iran, oil prices surged, leading to a risk-off sentiment, boosting energy sector performance. Large-cap technology stocks declined as investors rotated towards smaller companies and more defensive value investments. Market conditions are becoming challenging due to reduced expectations for a Federal Reserve rate cut and increasing geopolitical uncertainty. The Fund returned 0.08% (net) for the quarter, outperforming the S&P 500 Index, which fell 4.33%, and the CBOE S&P 500 BuyWrite Index, which declined 0.92%. At the end of the period, 43% of the portfolio was unhedged, while the remainder was invested in companies with covered call options. In addition, please check the Fund's top five holdings to know its best picks in 2026.

In its first-quarter 2026 investor letter, Meridian Hedged Equity Fund highlighted Chevron Corporation (NYSE:CVX) as a leading contributor. Chevron Corporation (NYSE:CVX) is a leading integrated energy company that operates through Upstream, Downstream, and All Other segments. On June 26, 2026, Chevron Corporation (NYSE:CVX) closed at $171.06 per share, reflecting a market capitalization of $340.68 billion. Chevron Corporation (NYSE:CVX) posted one-month return of -7.95%, while its shares gained 19.46% over the past 52 weeks.

Meridian Hedged Equity Fund stated the following regarding Chevron Corporation (NYSE:CVX) in its Q1 2026 investor letter: