New York, Feb 1, 2026, 11:24 EST — Market closed.
Chevron (CVX) shares climbed 3.3% on Friday, closing at $176.90. The stock wrapped up the week on a strong note ahead of the U.S. market weekend break.
That leaves the stock poised for a fresh reaction to crude prices. Brent closed Friday at $70.69 a barrel, while U.S. West Texas Intermediate (WTI), the primary U.S. crude benchmark, ended at $65.21.
Chevron reported adjusted earnings of $1.52 per share for the quarter, beating the LSEG consensus of $1.45, despite a year-on-year drop in profits. The company warned of a 185,000 to 225,000 barrels-of-oil-equivalent-per-day hit to first-quarter production due to maintenance and downtime, including work at Kazakhstan’s Tengiz field. It also projected 7% to 10% production growth in 2026, excluding any asset sales.
Venezuela remains the key issue investors keep returning to. Chevron CEO Mike Wirth said the company can handle an extra 100,000 barrels per day of Venezuelan crude at its U.S. refineries. They’re already processing about 50,000 bpd at the Pascagoula, Mississippi facility. Wirth emphasized the need for “confidence in the fiscal regime.” Reuters
Chevron now finds itself in the thick of a debate its rivals are grappling with. Exxon Mobil CEO Darren Woods and Wirth both stressed the need for solid legal frameworks and political stability before backing long-term ventures in Venezuela. Woods also highlighted possible ripple effects for Guyana, where Exxon and Chevron team up on the Stabroek block.
Oil’s macro backdrop tightened once more on Sunday. OPEC+ decided to hold output steady for March. Jorge Leon of Rystad Energy noted that with no guidance beyond March, “all options [are] firmly on the table.” The group’s eight members are set to reconvene on March 1. Reuters
Downside risks remain, despite crude hovering near recent highs. A Reuters poll projects Brent will average $62.02 a barrel in 2026, with WTI at $58.72. Julius Baer’s Norbert Ruecker added: “The oil market appears to be in a lasting surplus.” Reuters
Traders will be closely watching if oil maintains its geopolitical premium in the next session, along with any further clarification from Chevron on its plans — and limits — in Venezuela. Evidence that first-quarter disruptions are lasting beyond expectations could hit the stock hard and fast.
Chevron is giving income-focused investors something to watch sooner rather than later. It boosted its quarterly dividend by 4% to $1.78 per share, payable March 10 to holders on record as of Feb. 17. The company also revealed it plans to return $27.1 billion to shareholders in 2025 through dividends and buybacks.
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