NEW YORK, Jan 17, 2026, 11:45 (EST) — Market closed
Chevron shares ticked up 0.1% to $166.26 by Friday’s close. U.S. Energy Secretary Chris Wright told Reuters that Washington is accelerating efforts to broaden Chevron’s Venezuela license—a waiver under U.S. sanctions—allowing the company to pay the Venezuelan government in cash rather than crude and act as “another marketer of crude.” 1
This is crucial now since the license terms control how much oil Chevron can ship and sell, not merely produce. It arrives amid a market driven by geopolitics and supply news, with Venezuela reentering the equation.
Oil prices closed on a higher note Friday, with Brent crude hitting $64.13 a barrel and U.S. West Texas Intermediate at $59.44. Phil Flynn, senior analyst at Price Futures Group, noted the buying appeared driven by traders keen to avoid being short over the long weekend. Commerzbank highlighted concerns about a potential blockade of the Strait of Hormuz. 2
Chevron’s shares trailed behind some rivals on the day. Exxon Mobil climbed roughly 0.6%, boosted by a late-week rebound in crude prices. 3
The broader market held steady, limiting big swings in individual stocks. U.S. shares closed almost unchanged on Friday, with key indexes posting weekly losses as the fourth-quarter earnings season kicked off, Reuters reported. 4
Chevron backed a $2.36 billion expansion of Israel’s Leviathan gas field alongside its partners. The move targets an increase in deliveries by 9 billion cubic metres annually, pushing total output to around 21 bcm. The project is set to kick off in 2029. 5
Some of that gas is destined for Egypt and Jordan, with a portion potentially heading to Europe as LNG — liquefied natural gas cooled for transport. Leviathan’s recoverable reserves stand at roughly 635 bcm, Reuters reported, noting Chevron’s operating unit owns a 39.66% share. 5
Analysts remained cautious. On Friday, Scotiabank’s Paul Cheng maintained a hold rating but nudged his price target up to $168 from $165. Barclays’ Betty Jiang also stuck with a hold rating, setting her target at $158, per TipRanks. 6
U.S. markets will be closed Monday, Jan. 19, in observance of Martin Luther King Jr. Day. Trading resumes Tuesday, Jan. 20. Chevron investors are keeping an eye on weekend developments around Venezuela policy and tensions in the Middle East ahead of the open. 7
The downside risk is clear. The Venezuela license expansion isn’t set in stone and might include conditions that limit export growth. Plus, any reduction in geopolitical tensions or a surge in supply could send crude prices tumbling, weighing on oil stocks.
Chevron is set to release its 4Q 2025 earnings on Friday, Jan. 30, with a conference call at 11:00 a.m. ET. Investors will focus on any news about its Venezuela operations and spending plans for projects such as Leviathan. 8
