New York, January 30, 2026, 12:18 (EST) — Regular session ongoing.
- Chevron shares climbed during midday trading following the release of its quarterly results and an announced dividend increase.
- Management flagged Venezuela as a key growth opportunity but cautioned about short-term production challenges.
- Oil prices stayed close to six-month highs as the OPEC+ meeting approaches this weekend.
Chevron shares climbed 1.8% to $174.27 by midday Friday, following the U.S. oil giant’s fourth-quarter results that refocused investor attention on cash returns and Venezuelan assets. Exxon Mobil, meanwhile, dipped roughly 0.8%.
Chevron reported fourth-quarter earnings of $2.8 billion, or $1.39 per share, down from the same period last year. The company raised its quarterly dividend 4% to $1.78 per share. Adjusted earnings, excluding certain one-time items, came to $1.52 per share. Cash flow from operations reached $10.8 billion. (SEC)
Adjusted earnings beat Wall Street’s $1.45 per share forecast, according to LSEG data cited by Reuters. Chevron is exploring further moves in Venezuela, where it currently pumps around 250,000 barrels of oil equivalent per day (boepd). CFO Eimear Bonner said production could jump 50% over the next 18 to 24 months if U.S. approvals come through, but emphasized the company will remain “disciplined around capital.” (Reuters)
Oil prices have been lending support to the sector. Brent hovered near $70.64 a barrel late morning in New York, while U.S. crude traded close to $65.39. Traders kept a close eye on rising U.S.-Iran tensions and new sanctions targeting Iran. According to PVM’s Tamas Varga, this week’s rally could prompt “some profit-taking” as the weekend approaches. (Reuters)
Supply policy is shaping up as the next major macro trigger. According to five delegates speaking to Reuters, OPEC+ is expected to maintain its hold on planned output hikes for March during its Sunday meeting, despite Brent crude trading above $70 a barrel. (Reuters)
Chevron’s update came alongside earnings from its rivals. Exxon topped Wall Street’s Q4 profit expectations and announced a $20 billion share buyback plan through 2026. The company also aims to boost production in the Permian Basin and Guyana. (Reuters)
Chevron’s results reflected the usual big oil balancing act: upstream earnings slipped amid lower crude prices, but stronger refining margins helped offset the shortfall. The company highlighted record production forecast for 2025 and confirmed it hit its $1 billion Hess integration synergy goal.
The Venezuela factor offers both upside and uncertainty. Increased output hinges on U.S. policy and local realities, and investors have faced setbacks from erratic investment flows in the past. Chevron is cautioning the market against expecting a smooth path forward.
Chevron signaled a first-quarter production dip due to maintenance work at Kazakhstan’s Tengiz field and various other disruptions. Still, it expects production to grow between 7% and 10% in 2026, excluding any asset sales.
Traders are focused on a few key things: Sunday’s OPEC+ decision, any new U.S.-Iran news affecting crude, and if Washington expands permissions around Venezuela. Chevron’s increased dividend will be paid March 10 to shareholders registered by Feb. 17.
