Shares of Chevron (NYSE: CVX) declined by 12.3% during the first half of 2023, according to data provided by S&P Global Market Intelligence. That significantly underperformed the S 500, which rallied 15.9%. 

Lower oil prices are the primary issue weighing on the oil stock this year. That offset what has been a solid start to the year for Chevron. 

Oil prices continued to cool off this year. Brent crude oil, the global benchmark price, declined by more than 10% during the first half of the year, including 6.1% in the second quarter. That marked four straight quarterly declines for oil prices since peaking in the triple digits last summer. Brent ended the first half below $75 per barrel. 

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Source Fool.com