New York, January 6, 2026, 10:41 AM EST — Regular session
- Chevron shares fall about 2% in morning trade, retracing part of Monday’s surge.
- Investors weigh shifting Venezuela crude flows under a U.S. embargo and Washington’s planned talks with oil executives.
- Next catalyst: Chevron’s quarterly earnings call on Jan. 30.
Chevron shares fell nearly 2% on Tuesday, pulling back after a sharp Venezuela-driven rally to start the year. The stock was down $3.27 at $160.58 in morning trading, while Exxon Mobil and ConocoPhillips also slipped.
The move matters because Chevron is the only U.S. oil major still operating in Venezuela, putting it at the center of any policy shift after U.S. forces ousted Venezuelan President Nicolas Maduro. The Trump administration plans to meet oil executives later this week, and White House spokesperson Taylor Rogers said U.S. companies were “ready and willing” to invest in rebuilding Venezuela’s oil infrastructure. Reuters
Oil prices rose on Tuesday, but analysts said the market is still braced for ample supply this year, limiting the upside for energy shares after Monday’s jump. Brent crude was up 46 cents at $62.22 a barrel, and U.S. WTI gained 41 cents to $58.73; PVM’s Tamas Varga said supply looked sufficient in 2026 “with or without” higher Venezuelan output. Reuters
Fresh shipping data highlighted the uneven impact of the U.S. pressure campaign. Venezuela’s main oil ports went a fifth day without delivering crude for PDVSA customers in Asia, while Chevron’s exports to the United States resumed and the company emerged as the only firm “fluidly exporting” Venezuela’s crude, Reuters reported. Reuters
Chevron has been trying to keep operations steady on the ground. The company asked about 20 Venezuela-division employees who were abroad to return as flights restarted, and a Chevron-chartered tanker carrying roughly 300,000 barrels of heavy crude left Venezuelan waters for the U.S. Gulf Coast after a four-day pause, Reuters reported; Chevron said it continued to operate “in full compliance with all relevant laws and regulations.” Reuters
The stock had climbed on Monday on expectations that Chevron could be an early beneficiary if Washington loosens constraints on Venezuelan barrels that suit U.S. Gulf Coast plants. “This type of crude aligns well with the configuration of U.S. Gulf Coast refineries,” Pepperstone strategist Ahmad Assiri said, referring to Venezuela’s heavy sour crude, a thicker grade with higher sulfur. Reuters
Investors now have a second near-term focal point: Chevron’s quarterly results. The company will hold its earnings conference call on Friday, Jan. 30, at 11:00 a.m. ET, with CEO Mike Wirth and CFO Eimear Bonner slated to speak, a Business Wire advisory said.
Still, Venezuela is not a straightforward upside story. Reuters columnist Ron Bousso cited estimates that many Orinoco heavy grades require high prices to justify new investment, and Carlos Bellorin of Welligence Energy said “the opportunity must be compelling enough to offset the substantial political risk” that could persist for years. Reuters
Traders are watching whether Chevron can hold the $160 level after dipping to an intraday low of $159.62, and for any detail from the administration’s meetings with oil executives later this week on sanctions, waivers and the timeline for restoring Venezuelan output. The next date on the calendar is Chevron’s Jan. 30 earnings call.
