Rob Herrmann ‘23 pitched Chevron Corporation (NYSE: CVX) on November 7th, 2022. Chevron Corporation and its subsidiaries operate as one of the largest integrated energy and chemicals operations worldwide. Chevron is headquartered in San Ramon, California, and employs around 42,000 people in over 180 countries. Founded on September 10th, 1879 as Pacific Coast Oil Co, Chevron has provided energy solutions throughout the world for over a century. Chevron operates in two segments, upstream and downstream. Chevron’s upstream segment explores for, develops, and produces crude oil and natural gas. The downstream segment focuses on refining crude oil into various petroleum products as well as the sale and marketing of other liquid and renewable fuels. Rob’s investment thesis was focused on the long-term global demand for liquid fuels, supported through various trends including but not limited to GDP growth, population growth, the energy transition, and energy security. Chevron has also remained committed to shareholder returns, growing their dividend for the past 35 years, which displays financial fortitude and discipline through strong and weak times. With this current commodity cycle potentially just beginning, it is important to own an integrated oil company to capture all aspects of potential upside, while receiving strong shareholder returns. Due to a significant increase in share price after deciding to pitch, Rob elected to use a put onboarding strategy. SMIF voted to sell 3 contracts of the January 20th, $175 put, funded by buying back our SLB calls and selling those respective shares.