New York, January 13, 2026, 19:08 EST — After-hours
Chevron Corp (CVX) shares climbed 0.9% to $163.87 in after-hours trading Tuesday, as sources revealed the oil giant plans to process Venezuelan crude at its Pasadena, Texas, and Pascagoula, Mississippi refineries. The timing for the crude shipments remains unclear, according to the insiders. During the session, CVX shares fluctuated between $162.53 and $166.13.
The report arrives as shifts in U.S. policy toward Venezuela are already pushing crude prices and widening the gap between benchmarks. U.S. crude futures traded at a $4.76-per-barrel discount to Brent — the largest spread since April — with traders bracing for Venezuelan shipments to begin loading for the U.S. this week. Kpler’s lead oil analyst Matt Smith noted that increased Venezuelan flows could boost U.S. crude exports by up to 100,000 barrels per day in Q1.
Venezuela’s state-run oil company PDVSA has started rolling back production cuts imposed during a tight U.S. oil embargo, according to three sources close to the matter who spoke to Reuters. Exports are picking up again under U.S. oversight. Throughout the embargo, only Chevron was allowed to export crude from its joint ventures with PDVSA under a U.S. license, the sources added. Venezuelan crude output dropped to around 880,000 barrels per day last week, down from 1.16 million bpd in late November, based on data tracked by consultancies.
Oil prices surged over 2% Tuesday as concerns about Iranian supply disruptions eclipsed expectations of increased Venezuelan output. Brent crude closed at $65.47 a barrel, while U.S. WTI ended at $61.15. “The oil market is building in some price protection against geopolitical drivers,” said John Evans, an analyst at PVM Oil Associates. Barclays analysts put the unrest in Iran at adding roughly $3 to $4 a barrel as a “geopolitical risk premium.” reuters.com
Despite the green light for increased barrels, U.S. majors have tread carefully on early Venezuela deals. Trading firms Vitol and Trafigura landed the first export contracts, Reuters reported, while U.S. majors mulled over legal, credit, and physical risks. Exxon CEO Darren Woods labeled Venezuela “uninvestable” without security guarantees and changes to the hydrocarbon law. reuters.com
Chevron is also linked to another sanctions-related story behind the scenes. Sources say a partnership between Chevron and Quantum Capital Group is among those vying for Russia’s Lukoil global assets, with a U.S. deadline to sell looming this week; the portfolio is estimated at around $22 billion. Any buyer will require approval from the Treasury’s Office of Foreign Assets Control, which has already blocked two deal attempts, the report noted.
Chevron’s surge came as energy stocks showed strength. Exxon Mobil climbed roughly 2.0% in after-hours trading, ConocoPhillips added around 1.0%, and BP jumped approximately 2.8%.
The Venezuela trade remains a policy issue, with timelines prone to delays. Increased Venezuelan crude arriving at U.S. ports might deepen the WTI discount and squeeze prices for producers, yet benefit refiners equipped for heavier grades. Any progress on a Lukoil deal depends on sanctions clearance and could swiftly trigger headline risk.
Investors are closely watching for a clear timeline on Venezuelan feedstock deliveries to Chevron’s refineries and updates on crude spreads ahead of the next session. Chevron has set its fourth-quarter earnings call for Jan. 30 at 11:00 a.m. ET, featuring CEO Mike Wirth and CFO Eimear Bonner.
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