New York, January 25, 2026, 11:33 EST — The market has closed.
Chevron Corp (CVX) shares are set to draw attention when U.S. markets open Monday following a Bloomberg News report that the U.S. is in discussions with Chevron and others about swift repairs to boost Venezuela’s crude output. The stock closed Friday up 0.04% at $166.72. According to the report, the plan could add several hundred thousand barrels per day with minimal new investment. Reuters could not immediately confirm the story, and neither the White House nor Chevron replied to requests for comment. (Reuters)
Oil prices surged Friday amid fresh concerns over Middle East supply, ahead of weekend headlines from Venezuela. Brent crude climbed $1.82, or 2.8%, closing at $65.88 a barrel. U.S. West Texas Intermediate advanced $1.71, or 2.9%, to $61.07. The gains followed Washington’s sanctions on vessels shipping Iranian oil and President Trump’s remarks about a naval armada heading toward Iran, Reuters reported. (Reuters)
Chevron holds the only U.S. oil major spot producing in Venezuela, pumping around 240,000 barrels per day through joint ventures with PDVSA, Reuters reported. SLB CEO Olivier Le Peuch noted after earnings, “We are already receiving a lot of inquiries from our customers,” but stressed that any increase hinges on licensing and payment conditions. Stifel analyst Stephen Gengaro pointed out that SLB and Halliburton stand out as top candidates to gain if fresh investments pour into Venezuela. (Reuters)
For CVX, it’s not simply about whether Venezuela can boost production. The real question is if Washington will shift its policies quickly enough to affect barrels, cash flow, and trading lanes—and if the political landscape remains stable long enough to have an impact.
Chevron is still grappling with a separate supply issue: oil production at Kazakhstan’s massive Tengiz field remains halted following a fire at a power unit. The operator has temporarily shut down output at both the Tengiz and Korolev fields. JP Morgan flagged that Tengiz might stay offline through January, with Kazakhstan’s crude production potentially dropping to 1 million to 1.1 million barrels per day—well below the usual 1.8 million. The Caspian Pipeline Consortium, responsible for about 80% of Kazakhstan’s exports, is working to restore critical loading capacity. JP Morgan expects the restart to come sometime in early to mid-February. (Reuters)
Markets shut Sunday, so Monday’s open is the first test: will CVX move in step with crude, or will investors price in operational risks and hold back? Either way, the market has swiftly adjusted energy prices to the latest headlines.
But the risk is clear. Venezuela’s timeline remains uncertain, dependent on licensing and conditions on the ground. Meanwhile, the Kazakhstan outage has dragged on well beyond a single day.
There’s a downside too: if Venezuelan output hits the market quicker than anticipated, it could drag oil prices down. For integrated majors, boosting volumes doesn’t necessarily push their share prices higher when crude slips.
Chevron’s next major test comes with its fourth-quarter earnings and conference call scheduled for Friday, Jan. 30 at 11:00 a.m. EST. Investors will be focused on unplanned downtime and any updates regarding its stance on Venezuela. (Chevron)
