Cullen Dumps 521K Chevron (CVX) Shares Worth $73.7 Million

Key Points

• Cullen sold 521,323 shares of Chevron, an estimated $73.71 million based on average pricing for Q2 2025

• The transaction represents 0.8% of Cullen’s 13F reportable assets under management as of Q2 2025

• After the sale, Cullen holds 904,996 shares valued at $129.59 million as of June 30, 2025

• Chevron now accounts for 1.48% of the fund’s 13F AUM as of June 30, 2025, which places it outside the fund’s top five holdings

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On September 30, 2025, Cullen Capital Management, LLC disclosed the sale of 521,323 shares of Chevron(NYSE:CVX) in its SEC Form 13F filing for the period ended June 30, 2025. This was an estimated $73.71 million trade based on average pricing for Q2 2025.

What happened

Cullen Capital Management, LLC filed its quarterly Form 13F with the United States Securities and Exchange Commission (SEC) on September 30, 2025, reporting a reduction of 521,323 shares in its Chevron (NYSE:CVX) position as of June 30, 2025. The estimated value of the shares sold was $73.71 million. As of June 30, 2025, the fund’s remaining stake was 904,996 shares. SEC filing

What else to know

This sale reduced the Chevron stake to 1.48% of Cullen’s 13F reportable AUM as of June 30, 2025

Top holdings after the filing:

• JPM: $303.61 million (3.46% of AUM as of 2025-06-30)
• CSCO: $279.99 million (3.19% of AUM as of 2025-06-30)
• BAC: $260.61 million (2.97% of AUM as of 2025-06-30)
• NVS: $253.74 million (2.89% of AUM as of 2025-06-30)
• DUK: $241.85 million (2.75% of AUM as of 2025-06-30)

As of September 29, 2025, Chevron shares were priced at $156.10, up 3.5% over the one-year period ending September 29, 2025, underperforming the S&P 500 by 12.79 percentage points

Company Overview

Company Snapshot

Chevron provides integrated energy and chemical products, including crude oil, natural gas, refined petroleum products, lubricants, renewable fuels, and petrochemicals.

The company operates through upstream (exploration, production, and transportation of oil and gas) and downstream (refining, marketing, and distribution) segments to generate revenue across the energy value chain.

Chevron serves a global customer base, including industrial clients, commercial entities, and end consumers in the energy and chemicals markets.

Chevron Corporation is one of the world's largest integrated energy companies, with a diversified portfolio spanning upstream and downstream operations. Chevron's strategic focus on both traditional and renewable energy positions it competitively for evolving market demands.

Foolish take

Chevron has long been a sturdy stock with a healthy dividend payout, but recent acquisitions have made it less of a sure thing for the shorter term. Its purchase of Hess, especially, has added significant debt to the balance sheet, even though that purchase opened up Guyana and its vast oil production potential to the company.

Lower commodity prices are also a short-term risk for Chevron, though it is expanding into lithium and adding to its renewable diesel business as an offset to any future decrease in oil or petroleum demand. Oil prices have long been volatile assets and that is no different now. This creates stress for that part of Chevron’s business, even though winter is almost upon us in the northern hemisphere, which means higher gas demand.

The company is more or less as sound as it has ever been, but the increased debt load is certainly something to watch. It’s a blue chip energy giant and pays a solid dividend. The current debt it's experiencing, and which may be causing reductions in holdings for funds, is only a short term problem and will turn around as the company’s recent moves start to pay off.

Long term investors should not be afraid to hold or even buy this stock, and even Wall Street gives it 10 Hold recommends for October and 14 Buy recommends.

Glossary

Form 13F: A quarterly report filed by institutional investment managers disclosing their equity holdings to the SEC.
Assets Under Management (AUM): The total market value of investments managed by a fund or firm on behalf of clients.
Reportable Assets: Investments that must be disclosed in regulatory filings, such as those listed in a Form 13F.
Upstream: The segment of the energy industry focused on exploration, extraction, and production of oil and natural gas.
Downstream: The segment of the energy industry involved in refining, marketing, and distributing oil, gas, and related products.
Integrated Energy Company: A firm operating across multiple stages of the energy value chain, including both upstream and downstream activities.
Dividend Yield: Annual dividends per share divided by the share price, expressed as a percentage.
TTM: The 12-month period ending with the most recent quarterly report.
Value Chain: The full range of activities involved in producing and delivering a product or service to the market.
Stake: The ownership interest or shareholding a person or entity has in a company.
Petrochemicals: Chemical products derived from petroleum or natural gas, used in manufacturing and industry.
Filing Period: The specific time frame covered by a regulatory or financial report.

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JPMorgan Chase is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Kristi Waterworth has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chevron, Cisco Systems, and JPMorgan Chase. The Motley Fool recommends Duke Energy. The Motley Fool has a disclosure policy.