New York, Jan 12, 2026, 19:30 EST — After-hours
Chevron Corp shares nudged up 0.2% in after-hours Monday, closing at $162.34. The stock held firm after Reuters reported that Chevron, paired with private-equity firm Quantum Capital Group, is among the top contenders to acquire Lukoil’s $22 billion overseas portfolio. This includes oil fields in Iraq, Azerbaijan, Kazakhstan, plus refineries and fuel stations across Europe and the U.S., all ahead of a Jan. 17 U.S. deadline. Also bidding are private equity heavyweight Carlyle and Abu Dhabi’s International Holding Company. Any deal would require approval from the U.S. Treasury’s Office of Foreign Assets Control (OFAC), which has already blocked two previous attempts, according to the report. (Reuters)
Why it matters now: the deadline squeezes a sprawling, complicated sale into just days instead of weeks, thrusting Washington’s sanctions watchdogs into the heart of a $22 billion deal. For Chevron investors, that’s the crux — even routine M&A can become a high-stakes gamble once sanctions come into play.
The backdrop isn’t exactly stable. Crude surged on supply concerns, yet the market is grappling with predictions of increased output and weaker prices heading into 2026. This push and pull hits Big Oil stocks hard and fast.
Brent closed 0.8% higher Monday, hitting $63.87 a barrel. U.S. West Texas Intermediate finished at $59.50. Concerns over Iran’s exports pushed prices up, though anticipated increases in Venezuelan supply capped the rally, Reuters reported. (Reuters)
Goldman Sachs advised clients that Brent is still expected to average $56 a barrel and WTI $52 in 2026. The firm warned of a 2.3 million barrels-per-day surplus that could push prices down as the market seeks balance. It described the risks to its forecast as “modestly” tilted to the downside and recommended oil producers hedge their 2026 price exposure. (Reuters)
Chevron is caught up in another major sanctions story: Venezuela. Traders Vitol and Trafigura have scored preliminary licenses to negotiate and export Venezuelan crude, Reuters reported, as Washington pushes to resume shipments. Chevron — the sole U.S. oil major operating there under a U.S. license — vied for those supply deals. Meanwhile, Exxon CEO Darren Woods branded Venezuela “uninvestable” without serious security and legal reforms. (Reuters)
Chevron Vice Chairman Mark Nelson told Trump the company could boost its Venezuela output by 50% within two years, starting from roughly 240,000 barrels per day (bpd), by upgrading existing equipment, according to a Reuters analysis. (Reuters)
Energy stocks showed mixed moves after hours. Exxon dipped 0.5%, BP gained roughly 0.4%, and ConocoPhillips dropped around 2.1%.
Chevron’s modest step on Monday came off more like a shrug than a wager. Traders are waiting to see how price and structure hold up, plus whether any deal can pass OFAC scrutiny — all before debates kick off over the true value of a sanctioned portfolio amid softer oil prices.
Chevron plans to release its fourth-quarter earnings on Jan. 30, with a conference call scheduled for 11 a.m. ET, per the company’s events calendar. (Chevron)
But the Lukoil plan might still fall apart: OFAC could deny a licence or impose conditions that undercut the economics. Sanctioned assets carry real headaches—from banking hurdles to shipping complications. If crude prices dip later this year, cash flows across the sector will tighten, making it tougher to justify any major acquisition to shareholders.
Traders eye Tuesday for any follow-through on the Lukoil auction, while crude looks to maintain its recent gains. Chevron’s next big event is its earnings call set for Jan. 30.
