New York, Jan 7, 2026, 11:28 EST — Regular session
- Chevron shares were up 0.1% after a report tied the company to a potential bid for Lukoil’s overseas assets
- Oil prices slipped as traders weighed a U.S.-Venezuela deal that could redirect crude flows to the United States
- Investors are also looking to Chevron’s Jan. 30 earnings for clues on buybacks, spending and deal appetite
Chevron Corp shares inched up on Wednesday as investors digested a report that private equity group Quantum Energy Partners is working on a bid that could involve Chevron for the international assets of Russia’s Lukoil, even as weaker oil prices kept a lid on energy stocks more broadly. The stock was up 0.1% at $156.68 by late morning in New York, after trading between $155.19 and $159.60; Exxon Mobil was down about 1.2%, ConocoPhillips fell 1.3% and Occidental Petroleum slid 1.5%. 1
The timing matters. A possible transaction for sanctioned-era Russian-linked assets would test big oil’s deal playbook just as the crude market is wrestling with fresh policy shocks and surplus fears, and as Chevron heads into earnings season with investors pressing for discipline.
Oil prices were lower after President Donald Trump said the United States had reached a deal to import up to $2 billion worth of Venezuelan crude, and said Venezuela would “turning over” 30 million to 50 million barrels of “sanctioned oil” to the U.S. “The volumes are quite small in a larger context,” SEB commodities analyst Ole Hvalbye said, while Morgan Stanley analysts estimated the oil market could swing to a surplus of as much as 3 million barrels per day in the first half of 2026. Chevron controls current Venezuelan crude flows to the U.S. under a U.S. authorization and has been exporting about 100,000 to 150,000 barrels per day, Reuters reported. 2
On the Lukoil angle, a source familiar with the matter said Quantum is planning the move through its newly formed upstream acquisition unit Artemis Energy. The Financial Times reported the assets were valued at $22 billion by Lukoil, and that Chevron and Quantum would split them if a deal is reached; Chevron did not comment on commercial matters, but a spokesperson told Reuters the company “continues to assess potential opportunities.” 1
Chevron also has smaller, quieter portfolio moves in motion. Shell said it agreed to buy a 35% interest in two undeveloped offshore blocks in Angola (Blocks 49 and 50) from Chevron’s Cabinda Gulf Oil Company, in what the industry calls a farm-in deal — buying into acreage in exchange for funding or other consideration — with final approvals still pending. 3
Venezuela remains the bigger day-to-day swing factor. Trump is expected to meet oil executives at the White House late this week — likely Friday — to discuss ways to revive Venezuela’s oil sector, sources told Reuters, and the debate inside the industry is over how quickly production can rise given the country’s degraded infrastructure. “It’s hard to imagine increases beyond 300,000 to 400,000 barrels a day in the next year,” Goldman Sachs commodities researcher Daan Struyven said, and separate Reuters reporting showed Venezuela was loading crude only for Chevron while PDVSA’s loadings for Chinese buyers stayed largely on hold. 4
There are risks on both fronts. A Lukoil-asset bid could bog down in sanctions and regulatory scrutiny, and even an early-stage tie-up can spook investors who want capital returned, not recycled into complex M&A. On Venezuela, more barrels into an already well-supplied market could pressure crude prices — and with them, cash flow that underpins dividends and buybacks.
Next up is Chevron’s fourth-quarter earnings conference call on Jan. 30. Investors will be listening for any reset on spending, buybacks and guidance — and for how management frames Venezuela exposure and deal appetite after a week of fast-moving headlines. 5
