New York, Jan 6, 2026, 17:08 EST — After-hours
- Chevron shares were down 4.4% after the bell, after a wide intraday swing.
- Venezuela loaded crude only for Chevron as PDVSA’s China-bound loadings stayed on hold, shipping data showed.
- Oil prices fell on oversupply forecasts, keeping pressure on energy shares.
Chevron Corp shares were down 4.4% at $156.54 in after-hours trading on Tuesday, after touching $165.94 earlier in the session and sliding to a low of $156.12.
Chevron has become a focal point for investors betting on how quickly U.S. policy shifts might change oil flows from Venezuela, where it is the only U.S. major still operating. “This type of crude aligns well with the configuration of U.S. Gulf Coast refineries,” said Ahmad Assiri, a research strategist at Pepperstone, referring to Venezuela’s heavy sour crude — thicker oil with higher sulfur. 1
That trade ran into fresh uncertainty on Tuesday. Venezuela loaded crude only for Chevron while state-run PDVSA’s loadings for its main customers in China remained on hold for a fifth day, shipping data showed, raising the risk of deeper production curbs as storage filled. 2
The White House plans to meet U.S. oil executives later this week to discuss boosting Venezuelan output, a source familiar with the matter said. The three biggest U.S. oil companies — Exxon Mobil, ConocoPhillips and Chevron — have not had any conversations with the administration about the operation in Venezuela, four industry executives told Reuters; White House spokesperson Taylor Rogers said U.S. oil companies were ready “to make big investments.” 3
Crude prices moved the other way. Brent settled down 1.7% at $60.70 a barrel and U.S. West Texas Intermediate fell 2% to $57.13 as traders focused on forecasts for ample supply in 2026, even with uncertainty around Venezuela, an OPEC producer — a group of major oil-exporting countries. “Oil supply will be sufficient in 2026, with or without an increase in production from the OPEC member,” said Tamas Varga, an analyst at PVM Oil. 4
But any upside for Chevron from a broader Venezuelan restart looks slow and politically fraught, while extra barrels could also weigh on prices. “If sanctions are lifted in the short term, the Gulf Coast can absorb a substantial portion of that 1 million (barrels a day),” said Rommel Oates, founder of refining software company Refinery Calculator, highlighting how quickly flows could redirect toward U.S. refiners such as Valero, PBF Energy and Phillips 66. 5
Separately, Chevron confirmed a deal for Shell to buy a 35% stake in two undeveloped ultra-deepwater offshore blocks in Angola through a farm-in — a transaction where a partner buys into a license — with financial terms not disclosed and regulatory approvals still pending. 6
Investors now turn to Chevron’s next results for clearer signals on cash returns and any read-through on its Venezuela exposure; the company is expected to report on Jan. 30 before the market opens, according to Nasdaq. 7
