New York, Feb 4, 2026, 11:56 (EST) — Regular session
- Chevron shares climbed roughly 1.6% in late-morning trading, following Tuesday’s close of $178.04
- Company inked its first offshore exploration deal in Syria and reaffirmed commitment to a West Africa gas project
- Traders are eyeing U.S. policy shifts on Venezuela and Friday’s U.S.-Iran talks as potential triggers for the next oil-price swing
Chevron Corp shares climbed 1.6% to $180.95 in late-morning trading Wednesday, surpassing Tuesday’s close of $178.04 and hitting a peak of $181.32. The U.S. oil giant’s gains echoed a broader rally among major energy stocks.
Chevron matters now because it’s caught in the middle of a rapidly shifting policy and geopolitical landscape that can shift crude supply forecasts in a matter of days, not quarters. That’s pushed its stock to react more sharply to headlines than the usual slow churn you see with integrated producers.
Investors are sorting through near-term noise versus longer-term plays. The fresh exploration wave in the eastern Mediterranean and a rebooted West African gas project come off as optional bets. Venezuela, on the other hand, looks like a mix of potential upside and complications.
Chevron announced Wednesday it has inked a memorandum of understanding with the Syrian Petroleum Company and Qatar’s UCC Holding to explore offshore oil and gas prospects. The move marks an initial step toward potential projects in the area. Chevron currently runs Israel’s Leviathan gas field, one of the largest in the region. (Reuters)
Chevron has recommitted to the Chevron-operated Yoyo-Yolanda gas project off the maritime border between Equatorial Guinea and Cameroon. This follows a new legal agreement merging the countries’ separate leases into one development unit. The fields are estimated to contain 2.5 trillion cubic feet of gas. Jim Swartz, a Chevron executive, described the project as “central” to the company’s LNG strategy—a key form of natural gas shipped internationally. (Reuters)
The U.S. government is preparing to issue a general licence as soon as this week that would enable companies to produce oil and gas in Venezuela, according to three sources familiar with the matter. This move would build on recent approvals that allow selling, storing, and refining Venezuelan oil. It follows a separate licence permitting sales of U.S. diluents—light liquids used to dilute heavy crude for processing and export, Reuters reported. (Reuters)
Barrels are already putting pressure on the system. U.S. Gulf Coast refiners face challenges absorbing a sharp rise in Venezuelan crude shipments, according to traders and shipping data, with exports climbing and discounts growing wider. Chevron boosted exports to 220,000 barrels per day (bpd) in January from 99,000 bpd in December, the report noted. Phillips 66 CEO Mark Lashier said the company could handle about 250,000 bpd of Venezuelan crude—if prices remain competitive. (Reuters)
The story isn’t straightforward. Increased Venezuelan output could boost Chevron’s volumes, but it also risks pushing down heavy-crude prices and brings added political and operational challenges. Meanwhile, Syria’s offshore deal remains in its infancy, in a nation still grappling with prolonged conflict.
Chevron’s board approved a 4% hike in its quarterly dividend, raising it to $1.78 per share. The payout is set for March 10, targeting shareholders on record as of the close of business February 17, the company disclosed in a filing. (Securities and Exchange Commission)
Oil prices held steady Wednesday after early gains faded, as traders balanced U.S.-Iran tensions with upcoming negotiations. Brent crude edged up 0.1% to $67.38 a barrel, while U.S. West Texas Intermediate slipped 2 cents to $63.19. The U.S. and Iran are set to meet for talks in Oman this Friday, according to a regional official. (Reuters)
