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Chevron shares climbed Wednesday after reports surfaced that the U.S. oil giant is nearing a deal to sell refining and fuel distribution assets in Singapore, a transaction worth $1 billion or more. The stock gained $2.37, or 1.4%, hitting $167.67 by midday.

Chevron Corp shares slipped 0.6% to close at $165.30 on Tuesday after Reuters reported that output at Kazakhstan’s massive Tengiz oilfield might stay offline for another 7-10 days. The delay follows a power outage caused by a fire at the field’s GTES-4 power station. Sources told Reuters that five cargoes of CPC Blend crude, transported via the Caspian Pipeline Consortium route to the Black Sea, were canceled. Chevron confirmed production at both the Tengiz and Korolev oilfields was temporarily halted as a safety measure. The Tengizchevroil joint venture is split among Chevron, Exxon Mobil, Kazakhstan’s KazMunayGas, and Russia’s Lukoil.

Chevron Corp stock will draw attention when U.S. markets open Tuesday after the Chevron-led Tengizchevroil venture temporarily shut production at Kazakhstan’s Tengiz and Korolev oilfields. The move came after a power distribution system issue, described as a “precautionary measure.” The shutdown followed a fire at a Tengiz power station that was quickly extinguished; staff were evacuated with no injuries reported. Reuters estimates Tengiz’s output at roughly 860,000 barrels per day on average for 2025.