New York, January 7, 2026, 18:01 EST — After-hours
Chevron Corp shares slipped in after-hours trade on Wednesday after a report said the oil major could team up with private equity group Quantum Energy Partners to bid for Lukoil’s international assets, valued by the Russian producer at $22 billion. The stock was down 0.8% at $155.20. A Chevron spokesperson said the company “continues to assess potential opportunities,” but declined to comment on commercial matters. 1
The possible deal lands as oil prices retreat and investors brace for a looser supply picture. Brent settled down 1.2% at $59.96 a barrel and U.S. crude fell 2% to $55.99 after President Donald Trump said Venezuela would turn over 30 million to 50 million barrels of “sanctioned oil” to the United States. “Crude futures continuing on the defensive,” Dennis Kissler, senior vice president of trading at BOK Financial, said, while Morgan Stanley analysts put a potential surplus at as much as 3 million barrels per day — a measure of daily supply — in the first half of 2026. 2
Chevron also sits in the middle of the Venezuela trade, which has become a fast-moving driver for the sector. Washington and Caracas reached a deal to export up to $2 billion worth of Venezuelan crude to the United States, Reuters reported, and the flow is currently controlled by Chevron under a U.S. authorization; the company has been exporting about 100,000 to 150,000 barrels per day (bpd). U.S. Interior Secretary Doug Burgum said a higher flow of Venezuelan heavy crude — thicker, higher-sulfur oil that needs more processing — would be “great news” for Gulf Coast refiners and U.S. gasoline prices. 3
That policy shift sparked a sharp move earlier in the week. Chevron ended 5% higher on Monday on optimism about potential access to Venezuela’s reserves, while Exxon Mobil and ConocoPhillips added more than 2% each, Reuters reported. “This type of crude aligns well with the configuration of U.S. Gulf Coast refineries,” Ahmad Assiri, a research strategist at Pepperstone, said. 4
Not everyone is buying the rally. Freedom Capital analyst Sergey Pigarev downgraded Chevron to “Sell” from “Hold” on Tuesday with a $165 price target, arguing the sector’s Venezuela-driven “euphoria” is “unjustified” and calling the rise in oil equities amid softer crude “a dangerous game for investors,” according to a note summary published by TheFly. 5
Peers are starting to flag what lower crude can do to earnings. Exxon said lower oil prices could cut fourth-quarter upstream earnings — its oil and gas production business — by about $800 million to $1.2 billion, in a regulatory filing. Exxon is scheduled to report results on Jan. 30. 6
Still, the near-term picture is messy. A Lukoil asset deal could run into sanctions and political scrutiny, and it may not materialize at all. On Venezuela, more barrels can lift volumes for some players while pressuring benchmark prices — the part the market has not finished arguing over.
Investors now watch for clearer signals from Washington on Venezuela policy, including a White House meeting with oil executives that Reuters reported is likely on Friday, Jan. 9. Chevron’s next hard catalyst is its fourth-quarter 2025 earnings conference call on Friday, Jan. 30 at 11:00 a.m. EST. 7
