New York, Jan 30, 2026, 18:00 EST — After-hours
- CVX rose roughly 3.3% in after-hours trading following a quarterly profit that topped estimates
- Chevron points to potential gains in Venezuela but cautions about short-term production setbacks
- Energy stocks draw attention as oil prices hover near multi-month peaks
Chevron shares climbed roughly 3.3% to $176.90 in after-hours trading Friday, following better-than-expected profits and a renewed focus on Venezuela. The oil giant signaled it would intensify its efforts in the South American country.
This matters now as investors have been viewing Big Oil primarily as a cash-return play amid sluggish crude prices. Chevron’s update delivered a bit of both: stronger-than-expected earnings and increased geopolitical optionality, alongside added short-term operational noise.
Venezuela remains the key variable. Washington has eased some sanctions, leaving Chevron as the sole U.S. oil producer active there, so its forecasts are unusually tied to shifts in policy. (Reuters)
Chevron reported adjusted earnings of $1.52 per share for the fourth quarter ending Dec. 31, topping the LSEG consensus forecast of $1.45 despite a drop in profits compared to last year. CEO Mike Wirth noted that Chevron “stand[s] ready to help” Venezuela rebuild while focusing on “strengthening U.S. energy and regional security.” (Reuters)
Chevron’s chief financial officer, Eimear Bonner, said the company currently pumps around 250,000 barrels of oil equivalent per day in Venezuela — a metric that converts gas production into oil terms. She added that with more U.S. approvals, output could rise by 50% over the next 18 to 24 months.
Chevron also warned about the upcoming quarter. First-quarter output is set to drop by 185,000 to 225,000 boepd due to scheduled maintenance at Kazakhstan’s Tengiz field, disruptions from an attack on the Caspian Pipeline Consortium route, and weather problems in the Permian Basin, the company said.
RBC Capital Markets analyst Biraj Borkhataria highlighted the results as a sign of resilience, noting strong performances in refining and international upstream operations.
Chevron reported paying $12.8 billion in dividends during 2025 and buying back $12.1 billion of its own shares, landing at the lower edge of its $10 billion to $20 billion buyback target.
Oil prices got a boost Friday. Brent closed at $70.69 a barrel, while U.S. WTI finished at $65.21. Traders stayed alert to U.S.-Iran tensions and potential supply disruptions. (Reuters)
The Venezuela route isn’t straightforward. A drag on U.S. approvals, changes in sanctions, or hiccups on the ground there could limit gains investors expect, even if crude prices hold firm.
Investors are eyeing OPEC+’s meeting on Sunday, Feb. 1, for clues on supply decisions in March and whether geopolitical tensions will keep oil prices close to recent peaks. (Reuters)
