New York, Jan 27, 2026, 14:18 EST — Regular session.
- Chevron shares edged up 0.3% as investors reacted to ongoing Iraq oilfield discussions and stronger crude prices.
- The U.S. is working on a broader Venezuela license that could significantly alter export and investment patterns.
- Chevron is set to release its quarterly results on Friday, as oil supply shocks regain attention.
Chevron shares edged up Tuesday after reports surfaced that the U.S. oil giant is pushing Iraq for improved terms ahead of assuming control of a massive oilfield. Crude prices also climbed amid supply disruptions caused by severe weather.
The stock climbed 0.3% to $167.93 in afternoon trading, having fluctuated between $166.66 and $169.33. It started the day at $167.62.
The Iraq talks matter because they highlight a new possible growth driver for Chevron’s upstream segment — the division that handles oil and gas extraction — just as markets shift focus back to supply risks and geopolitical factors over demand.
They arrive just days ahead of Chevron’s quarterly earnings, as traders sift through every new update on barrels, contracts, and sanctions to gauge what “normal” cash flow might look like in 2026.
Reuters says Chevron is pressing Iraq to secure better returns at the West Qurna 2 oilfield before moving ahead with acquiring the project from Russia’s Lukoil. Lukoil faces a Feb. 28 deadline to offload assets to comply with U.S. sanctions. The West Qurna 2 field makes up roughly 0.5% of the world’s oil supply and close to 10% of Iraq’s production, according to Reuters. A Chevron spokesperson declined to comment on commercial details. Iraq’s oil ministry told Reuters the talks are ongoing, with “many details remaining under discussion.” 1
Chevron grabbed attention after a separate Reuters report revealed that U.S. officials are preparing a general license to ease some sanctions on Venezuela’s energy sector. This marks a shift from the slower, case-by-case exemptions. Reuters said partners and customers of PDVSA, including Chevron, have recently applied for individual licenses. 2
Oil prices climbed after a winter storm disrupted U.S. production and briefly halted Gulf Coast crude exports over the weekend, Reuters reported. “The cold weather in the U.S. will likely cause quite significant drawdowns in oil stocks,” said Tamas Varga, an oil analyst at brokerage PVM, according to Reuters. 3
Chevron’s gains trailed behind some rivals. Exxon Mobil shares climbed roughly 1.2% in afternoon trading, buoyed by steadier crude prices and a generally stronger energy sector.
Chevron plans to release its fourth-quarter earnings on Jan. 30, with the conference call set for 11 a.m. ET, per the company’s investor events calendar. 4
Investors usually zero in on production trends, refining margins, and capital returns — meaning cash handed back via buybacks and dividends — as well as any fresh updates on big projects and international stakes.
Two major wildcards remain: will Iraq’s terms improve enough to lure investment into West Qurna 2? And could a change in U.S. sanctions reshape supply flows from Venezuela and other sources? Either scenario would upend forecasts on volumes, costs, and political risk.
Traders are now turning their focus to Chevron’s earnings report due Friday, alongside the Federal Reserve’s policy announcement following its two-day meeting that started Tuesday. Markets are already reacting to headlines, setting the tone for risk this week. 5
