New York, January 20, 2026, 13:56 (ET) — Regular session
Chevron shares barely moved Tuesday afternoon following a report that Turkey’s state oil firm is negotiating with the U.S. giant on joint oil and gas exploration. The stock edged up 0.04% to $166.32, fluctuating between $164.44 and $167.45 earlier. Exxon Mobil gained 0.4%, while the SPDR S&P 500 ETF slipped about 1.8%. 1
Chevron investors are focused on cutting through the noise to pinpoint where the next barrels will come from. New drilling concepts offer potential upside, but only if they translate into real acreage, rigs, and output.
Unplanned outages and geopolitical events can quickly shift crude prices, and that continues to shape the outlook for major oil stocks. When oil prices rise, revenues get a boost; when volumes fall short, it hurts earnings.
Kazakhstan is shaping up as a near-term wildcard. Production at the massive Tengiz oilfield could remain offline for another 7-10 days after the operator stopped output on Sunday due to power supply issues, according to three industry sources speaking to Reuters. One source even suggested the shutdown might drag on into February. Chevron, Tengizchevroil’s largest shareholder, confirmed it had temporarily shut in production—shutting wells as a precaution—but declined to discuss operational or financial specifics. 2
Oil prices climbed on supply concerns from Kazakhstan and stronger demand cues. Brent crude jumped 1.5% to $64.92 a barrel, while U.S. West Texas Intermediate gained 1.9%, hitting $60.55 by midday, according to Reuters. Ajay Parmar, ICIS director of energy and refining, noted, “Tengiz is amongst the largest fields in the world,” emphasizing the outage’s impact on crude flows. 3
Bloomberg reported that Turkish Petroleum plans to team up with Chevron for seismic studies and drilling in Turkey. Seismic surveys, which use sound waves to map underground rock formations, help companies decide whether to proceed with drilling.
Chevron’s market response has been subdued for now. Traders are balancing two key factors: a supply disruption that’s propping up crude prices, and the possibility that the outage drags on long enough to dent quarterly volumes.
Downside risks are evident. An extended shutdown at Tengiz would dent exports and output in the project, where Chevron holds the largest stake. On top of that, any ramp-up in tariff threats or trade tensions could weigh on the demand picture that’s been supporting oil prices.
Chevron plans to release its quarterly earnings on Friday, January 30, with a conference call at 11:00 a.m. ET. CEO Mike Wirth and CFO Eimear Bonner will lead the call. Investors are keen to hear about the timing for the Tengiz restart and any significant moves on overseas exploration. 4
