New York, Jan 29, 2026, 14:29 EST — Regular session underway.
- Chevron shares climbed roughly 1.5% amid a spike in crude prices, with energy stocks outperforming the wider market.
- Chevron’s quarterly results are due Friday, as investors zero in on recent moves in Venezuela and Kazakhstan.
- Traders are focused on oil’s geopolitical premium and scrutinizing what management reveals about cash returns and risks to output.
Chevron (CVX) climbed 1.5% to $172.56 Thursday afternoon, defying a broader Wall Street pullback. The energy sector got a boost from rising crude prices. (Reuters)
This shift is significant as Chevron prepares to release its quarterly earnings on Friday. The market has returned to reacting almost in real-time to geopolitical developments and supply news, closely tracking oil prices. That can boost the stock during rallies like today’s, but it also sets a higher standard for the company’s forward-looking statements.
Chevron’s earnings call is set to cover more than just the latest quarter. Investors will want clarity on the company’s actual operations in Venezuela and whether the fallout from Kazakhstan continues into February. Wall Street forecasts adjusted EPS around $1.46, down 29% from a year ago. Bank of America Global Research’s Jean Ann Salisbury noted on Venezuela’s long-term potential, “we would require far more visibility to ascribe value.” (Reuters)
Crude took the lead Thursday. Brent jumped roughly 4% to near $70.90 a barrel, while U.S. West Texas Intermediate edged up to about $65.56. Traders factored in heightened risks of supply disruptions amid escalating U.S.-Iran tensions. (Reuters)
Investors are also grappling with another issue at Chevron: the Tengiz field in Kazakhstan. The Kazakh government said Chevron promised to maintain “reliable and safe” operations as the country phases output back in following several electrical fires. Officials aim to hit full production within a week. (Reuters)
Chevron is set to boost crude exports from Venezuela to the U.S. to around 300,000 barrels per day in March, sources familiar with the matter told Reuters. That’s up from roughly 230,000 bpd so far this month, and just 100,000 bpd back in December. The company has chartered about a dozen tankers to handle the increase. Vice Chairman Mark Nelson informed President Donald Trump that Chevron could ramp up crude loading quickly, explaining, “today it’s mostly us taking the equipment up… getting it to the standards we are accustomed to.” (Reuters)
The wider picture remains unsettled. The drop in Big Tech dragged the major U.S. indexes down, even as oil-related stocks moved more in response to the day’s news than their earnings reports.
Chevron’s earnings call will draw attention to production levels and potential outage risks. Investors will also watch closely for clues on spending trends and whether shareholder payouts can be sustained. Adjusted results exclude what companies label one-time or non-recurring items, making that number a key focus for traders when making comparisons.
That said, the situation works both ways. Should tensions with Iran ease and crude prices shed their geopolitical premium, energy shares could tumble fast. A prolonged outage at Tengiz or a Venezuela production boost falling short would also weigh on the story as February approaches.
Chevron is set to host its quarterly earnings call on Friday at 11:00 a.m. ET. CEO Mike Wirth and CFO Eimear Bonner will be among the speakers, the company said in an advisory. Investors will be watching closely for any updates on Venezuela and Kazakhstan, which could move the stock. (Business Wire)
