Chevron (NYSE:CVX) stock has soared to all-time highs in 2026, driven by rising oil prices following the United States’ attack on Iran. While higher oil prices could be bad news for consumers, they could help provide a lift to the Berkshire Hathaway Inc (NYSE:BRK)(NYSE:BRK) investment portfolio.

Warren Buffett Bets on Oil

Chevron stock has been a top holding for Berkshire Hathaway for many years, a pick from legendary investors and former Berkshire CEO Warren Buffett.

The oil stock ended the year as the fifth-largest holding in the Berkshire Hathaway investment portfolio, with oil company Occidental Petroleum (NYSE:OXY) also ending the year as a top-10 holding.

In the fourth quarter, Buffett increased the investment portfolio's position in Chevron stock. The conglomerate added 8,091,570 CVX shares in the fourth quarter, increasing the position by 7%.

At the end of the year, Berkshire Hathaway owned 130,156,362 CVX shares. Those shares were worth $19,837,131,132.40 at the end of 2025.

With Chevron’s value rising in 2026, the Berkshire stake has also increased.

As of the time of writing, the 130,156,362 CVX shares are now worth $27,425,247.037 based on a $210.71 share price for Chevron stock.

This is a gain of $7,588,115,904.60 in value in the first three months of 2026.

The extra 8,091,570 shares that were added in the fourth quarter have risen $471,738,531 in value, representing a great win for Buffett and team.

What's Next for Berkshire Hathaway

Buffett stepped down as CEO of Berkshire Hathaway at the end of 2025, turning over the key decisions to Greg Abel.

While Buffett is still the company’s Chairman, he has said he will not get in the way of his successor’s investment decisions.

Abel has singled out several stocks as key holdings, but did not mention either oil stock as a core holding going forward. In fact, Abel highlighted Occidental Petroleum’s prior underperformance.

While oil prices may not hold at highs in 2026, the sector has proven to be a winner in many years and Chevron is one of the key leaders in the field.

Chevron stock also comes with a dividend yield of around 3.4%. With a current quarterly payment of $1.78, Berkshire Hathaway collects $231,678,324.36 in dividends from Chevron stock each quarter, good for $926.7 million in payments annually.

A top 10 holding for Berkshire Hathaway for many quarters, Chevron stock is paying off handsomely for the conglomerate in 2026. With a strong year-to-date gain and a high dividend yield, it may seem best for Abel to keep the position.

Image via Shutterstock