Quick Verdict
Chevron (CVX) is generally considered HALAL under mainstream Islamic screening. Like ExxonMobil, Chevron's core business of oil and gas production is a permissible commercial activity, and its financial ratios pass the standard Sharia screens.
Chevron's Business Overview
Chevron operates across the full energy value chain:
- Upstream: Exploration and production of oil and natural gas globally
- Downstream: Refining, marketing, and distributing petroleum products
- Chemicals: Petrochemical manufacturing through the CPChem joint venture
- New Energies: Growing investments in renewable fuels and hydrogen
Financial Screening
- Debt / Market Cap: ~12% ✅ (within acceptable range)
- Interest Income / Total Revenue: Under 1% ✅
- Haram Revenue / Total Revenue: Near zero ✅
Chevron vs ExxonMobil for Muslim Investors
Both companies are nearly identical from an Islamic screening standpoint. Both pass. The choice between them for a halal portfolio comes down to financial performance, dividend yield, and personal preference rather than Islamic compliance.
Chevron tends to carry slightly less debt than Exxon and has historically been considered a slightly more conservative energy play.
Screening Agencies' Verdict
- Zoya App — Compliant ✅
- MSCI Islamic Index — Included ✅
- Many halal ETFs — Held ✅
Bottom Line
Chevron is a straightforward halal investment from a Sharia perspective. Energy production is permissible, and Chevron's financial ratios are well within Islamic finance thresholds. The company's growing investment in renewable energy also aligns with long-term halal investment philosophy around environmental stewardship.
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