NEW YORK, Jan 3, 2026, 18:21 ET — Market closed
- Chevron shares last traded up 2.3% on Friday, ahead of a weekend U.S. military strike in Venezuela.
- CVX is the only U.S. oil major still operating in Venezuela, exporting heavy crude via PDVSA joint ventures under a restricted U.S. license.
- Investors will watch Monday’s open for the first full trading reaction, plus signals on sanctions, exports and OPEC+ supply policy.
Chevron (NYSE: CVX) was in focus on Saturday after President Donald Trump said U.S. forces struck Venezuela and captured President Nicolas Maduro. The stock last traded at $155.90, up 2.3% from the previous close, after ranging from $151.25 to $155.96 in Friday’s session. Reuters
Chevron said it was focused on employee safety and the integrity of its assets in Venezuela, where it is the only U.S. oil major still operating and exports around 150,000 barrels per day (bpd) of heavy crude from joint ventures with state oil company PDVSA. In February, Trump revoked a license issued under former President Joe Biden, then issued a new restricted U.S. Treasury authorization in July that lets Chevron run limited operations and swap oil — bartering cargoes rather than paying cash — as long as no oil proceeds reach Maduro’s government. Trump said U.S. oil companies would spend billions to repair Venezuela’s oil infrastructure, and “Chevron is immediately positioned to benefit the most,” said Francisco Monaldi, director of the Latin America Energy Program at Rice University’s Baker Institute. Reuters
The new escalation also sharpened near-term operational risk. Venezuela’s crude exports are paralyzed and could hit ships chartered by Chevron, as port captains have not authorized loaded tankers to sail, sources close to operations told Reuters. Storage tanks and even vessels used for floating storage have filled rapidly, raising the risk that PDVSA will have to curb output if cargoes remain stuck, the sources said. Reuters
PDVSA’s production and refining were operating normally and suffered no damage from the U.S. strike, two people familiar with the operations said. The U.S. measures announced last month — including a blockade on oil tankers — had already pushed many vessel owners away from Venezuelan waters and swollen inventories, Reuters reported. Reuters
With the operation unfolding outside U.S. equity trading hours, investors will get the first full price signal when markets reopen on Monday. The immediate earnings impact still hinges on the scope of Chevron’s U.S. authorization and whether barrels can physically move out of the country.
Chevron’s peers were higher into the weekend: Exxon Mobil was last up 1.9% and ConocoPhillips gained 3.3% in late Friday trading, while oilfield services provider SLB rose 4.8%. Oil prices ended the first session of 2026 lower despite geopolitical risk, with U.S. crude settling at $57.32 a barrel and Brent at $60.75, Reuters reported. Reuters
Venezuela’s oil sector has been starved of capital for years, even though the country holds about 303 billion barrels of reserves, around 17% of the global total. Production averaged about 1.1 million bpd last year, with most reserves in the heavy-oil Orinoco region, Reuters said. Reuters
For Chevron investors, the story splits in two: disruption risk now versus longer-term optionality if sanctions ease and contract terms stabilize. Peter McNally, global head of sector analysts at Third Bridge, said rebuilding Venezuela’s oil industry would take tens of billions of dollars and at least a decade of sustained commitment.
Chevron has kept a presence in Venezuela for more than a century, the company said, but it has had to navigate shifting U.S. policy over sanctions and licensing. Exxon and ConocoPhillips left after projects were nationalized nearly two decades ago, and any return would depend on the political settlement and legal framework that emerges.
Before the next session, investors will focus on whether Washington signals any change to Treasury authorizations that govern Chevron’s Venezuela operations, and whether PDVSA restarts port clearances for crude cargoes. Any update from Chevron on staffing, security or shipments would be a key catalyst for CVX at Monday’s open.
Oil traders also have an OPEC+ meeting on Sunday, a gathering of OPEC members and allies that coordinates supply. Economists and investors said the oil market may show the clearest reaction first, with broader markets potentially taking a more muted view until policy details emerge. Reuters
In the stock, traders will be watching whether CVX can hold above Friday’s $151.25 low or test the $156 area again when regular trading resumes. A break either way could amplify headline-driven swings.
Chevron’s next scheduled earnings update is another catalyst, with earnings calendars estimating a fourth-quarter report around Jan. 30, though the company can update that date. Investors will look for comments on international production, refining margins and capital returns as Venezuela-related uncertainty rises. Nasdaq
