NEW YORK, Jan 15, 2026, 21:51 (EST) — Market closed
- Shares of Chevron ended the day roughly 0.6% lower, settling at $166.16.
- Traders balanced a steep fall in crude prices with renewed attention on Venezuela policy.
- Coming up: Chevron’s quarterly earnings report and conference call set for Jan. 30.
Chevron Corp (CVX) shares slipped roughly 0.6% to $166.16 Thursday as oil prices dropped about 4%, easing concerns over a potential Iran supply disruption. Phil Flynn, senior analyst at Price Futures Group, noted the shift from a “high likelihood … to a low likelihood,” citing how geopolitical tensions quickly cooled following President Donald Trump’s recent comments. (Reuters)
The stock also saw movement amid renewed focus on Venezuela. Chevron is poised to receive an expanded U.S. license to operate there as soon as this week, according to three oil industry sources who spoke to Reuters. This move could boost both production and exports. A Chevron spokesperson emphasized the company’s commitment to operating “in compliance with all laws, regulations and sanctions frameworks.” Other players like Valero, Marathon, and trading firms Mercuria and Glencore are reportedly pursuing similar approvals, the report added. (Reuters)
Oil prices have been volatile, reacting sharply to headlines and inventory reports, which in turn impacts major energy players like Chevron. IG analyst Tony Sycamore noted the market quickly shed the so-called ‘Iran premium’ — the extra cost factored in for supply concerns — after recent U.S. inventory data and easing fears over Iran pushed prices lower. (Reuters)
Chevron investors face a complicated picture when it comes to Venezuela. While more sanctioned barrels flowing through approved routes can boost heavy-crude refinery throughput and lift volumes, an influx of extra supply risks weighing on crude prices and squeezing upstream profits if it persists.
Geopolitical tensions aren’t limited to the Middle East. This week, drones targeted two oil tankers in the Black Sea, one of which was chartered by Chevron, Reuters columnist Ron Bousso reported. The vessels were nearing a Russian coastal terminal, a key hub for Kazakhstan’s crude exports. The attackers remain unidentified. (Reuters)
Chevron wasn’t the only one slipping. Exxon Mobil and ConocoPhillips also dropped, with Valero sliding too, despite the broader U.S. market closing up. It’s a clear sign crude prices still hold sway over these stocks. (MarketWatch)
Two clear risks loom. Washington might either stall or scale back Venezuela authorization, cutting the amount of extra oil hitting the market. At the same time, fresh Iran tensions or shipping hiccups could push the risk premium back into crude just as fast as it disappeared.
U.S. markets remain closed until Friday’s open, leaving traders focused on whether crude can steady following Thursday’s drop. They’re also waiting for any new cues from U.S. officials on Venezuela licensing and oil flows. Next week, a wave of earnings reports across the sector could shift views on spending and cash returns.
Chevron is set to report its fourth-quarter 2025 earnings on Jan. 30. Investors will be watching closely for updates on production levels, profit margins, and any effects stemming from Venezuela on volumes and marketing. (Chevron)
