NEW YORK, Jan 5, 2026, 04:26 ET — Premarket
- Chevron up about 2.3% in premarket; Exxon and ConocoPhillips also higher
- Venezuela’s Maduro capture and Trump’s remarks revive focus on U.S. sanctions and operating licenses
- Traders are watching for policy updates ahead of the U.S. open and Chevron’s late-January earnings
Chevron shares rose 2.3% to $155.90 in premarket trading on Monday, as investors tracked fast-moving headlines out of Venezuela and what they could mean for the U.S. oil major’s long-standing presence there. Exxon was up 1.9% and ConocoPhillips gained 3.3%, while refiner Valero added 1.5%.
The move followed the U.S. capture of Venezuelan President Nicolás Maduro over the weekend after President Donald Trump said Washington would take control of the country while keeping a U.S. embargo on Venezuelan oil in place, Reuters reported. Oil prices slipped as traders pointed to ample supply, with Brent down 0.8% at $60.26 a barrel and U.S. West Texas Intermediate down 0.9% to $56.79; OPEC+ — OPEC and allies including Russia — opted to keep output steady on Sunday.
Chevron is the only U.S. oil major still operating in Venezuela and exports about 150,000 barrels per day (bpd) — barrels produced each day — from the country to the U.S. Gulf Coast under a restricted U.S. authorization, Reuters reported. Trump scrapped a broader license in February, then granted a tighter authorization in July that allows limited operations and oil swaps, which avoid cash payments, provided no money goes to the Maduro administration; Chief Executive Mike Wirth said in December he had spoken with both the Biden and Trump administrations about maintaining a U.S. presence. “It will take tens of billions of dollars to turn that industry around,” Peter McNally, global head of sector analysts at Third Bridge, said; Chevron said it is focused on employee safety and operating in full compliance with U.S. rules. Reuters
Outside the majors, investors are also tracking signs of a scramble for Venezuelan assets if U.S. policy shifts. Ali Moshiri, a retired Chevron executive, is raising $2 billion for Venezuelan oil projects after the Maduro capture, the Financial Times reported, and said he has fielded a dozen investor calls in the past 24 hours.
For Chevron shareholders, the immediate question is whether Washington rewrites the operating rulebook. A broader license or a softer sanctions posture would likely matter more for the company than the day-to-day swing in crude, because it would change how much Venezuelan oil can move and under what terms.
The early price action suggested traders are treating Venezuela as a company-specific optionality story rather than a straight bet on higher oil. With crude lower, the stock’s pop pointed to expectations that Chevron may be better positioned than peers if U.S. policy opens doors — or at least clarifies the path — for American firms in the country.
But the Venezuela trade has sharp edges. Political uncertainty can freeze investment decisions, and any meaningful rebuilding effort takes time and capital, limiting what markets can reasonably pull forward into near-term earnings and cash flow.
On the chart, traders are also watching Chevron’s longer-term range: the stock has traded between $132.04 and $168.96 over the past 52 weeks, according to MarketWatch data.
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