New York, January 24, 2026, 14:14 EST — Market closed.
Chevron Corp’s stock will attract attention once U.S. markets reopen after Bloomberg News, citing senior U.S. officials, reported that Washington is negotiating with Chevron and oilfield service companies on fast repairs to boost Venezuela’s crude output. Reuters has not independently confirmed this report, and neither the White House nor the companies involved immediately replied to requests for comment. On Friday, Chevron shares closed up just 0.04%, at $166.72. 1
The Venezuela story is key because Chevron stands as the lone U.S. oil major pumping crude there, churning out roughly 240,000 barrels per day through joint ventures with state-owned PDVSA, Reuters reported. SLB’s CEO Olivier Le Peuch noted, “We are already receiving a lot of inquiries from our customers,” but warned that any production boost hinges on licensing, safety, and compliance. 2
Oil prices pushed higher Friday, hitting their strongest level in over a week. The move came after Washington sanctioned ships and companies involved in shipping Iranian oil, coupled with President Donald Trump’s comment about a naval “armada” en route to Iran. Brent crude gained 2.8%, closing at $65.88 a barrel, while U.S. WTI jumped 2.9% to $61.07. Both benchmarks notched weekly gains above 2.5%. 3
Chevron faces ongoing operational trouble in Kazakhstan this week. Production at the massive Tengiz oil field remains halted after a power unit fire forced a shutdown earlier in the week. A Chevron spokesperson confirmed output is “temporarily shut in production” at both the Tengiz and Korolev fields. JPMorgan warned Tengiz could be offline through January, citing export bottlenecks linked to repairs at the CPC terminal. Repairs on a critical loading buoy are expected to wrap up by January 26. 4
Chevron’s modest climb on Friday trailed larger gains in the sector. Exxon Mobil advanced 1.0%, while ConocoPhillips jumped 1.52%, according to MarketWatch data. The S&P 500 inched up 0.03%, but the Dow slipped 0.58%. 5
Analysts remain busy adjusting their forecasts. Morgan Stanley dropped its Chevron price target to $174 from $180, though it kept an Overweight rating intact. The firm anticipates “fairly clean” Q4 operational results but expects cash flow to take a hit from lower price realizations. This follows their revision of the 2026-27 oil price assumptions to match the futures “strip,” the curve indicated by oil futures prices. 6
Investors face a tangle of forces: potential policy shifts in Venezuela, a supply disruption in Kazakhstan, and crude prices jittering over Middle East news. Chevron’s stock often moves like a macro play when these factors collide.
Still, a swift output boost in Venezuela faces hurdles like licensing and payment logistics, and the political landscape there can shift rapidly. Meanwhile, a quicker-than-anticipated restart at Tengiz or easing tensions in the Middle East could weigh on crude prices. That would leave Chevron grappling with the familiar dilemma: how much cash flow can it generate if oil prices retreat?
Chevron’s earnings, set for January 30, will be the next major event to watch. Investors are expected to dig into Venezuela risk, the Tengiz project schedule, and the implications for cash returns. 7
