Chevron $CVX has been fluctuating between the 120-160 range for four years, and it looks like a breakout is on the horizon. Buffett's investments in the oil sector are finally about to pay off. Here’s a recap of Buffett’s investments in the oil sector: - In 2019, spent $10 billion to acquire Occidental Petroleum preferred shares. - In Q4 2020, bought the dip in Chevron, building a position with nearly 48.5 million shares. - In Q1 2022, increased Chevron holdings by 120 million shares; throughout the year, “swept up” 190 million shares of Occidental Petroleum, raising his stake from 0 to 21.59%. - In Q4 2023, continued to add nearly 16 million shares of Chevron. By 2025, Chevron and Occidental Petroleum have firmly secured their spots as Berkshire Hathaway’s fifth and sixth largest holdings, with 120 million and 260 million shares, respectively. As the only U.S. oil giant allowed to maintain limited operations in Venezuela during sanctions, Chevron holds an unparalleled first-mover advantage. Its joint ventures (like Petropiar) have relatively intact infrastructure, and technical staff remain in place. During the chaotic early stages of the takeover, Chevron was the only company capable of responding immediately and scaling up production. Buffett previously talked about his reasons for heavily investing in oil stocks: concerns over oil reserves and future uncertainties. Looking deeper, it’s still about the security of the resource supply chain.