New York, Feb 6, 2026, 8:17 PM EST — Market closed.
- Chevron (CVX) ended Friday up roughly 0.9% at $180.86, sticking close to highs last seen in early February.
- Investors worked through a slate of top-level management shifts, plus a fresh cooperation deal linked to Turkey’s state oil company.
- Traders are watching oil for any reaction to U.S.-Iran headlines, with attention also turning to the Feb. 28 sanctions deadline tied to Lukoil assets.
Chevron shares climbed Friday, ending the session just below their high from early February. Oil prices strengthened, while investors digested another executive shakeup at the U.S. oil giant.
U.S. markets are quiet over the weekend, but Monday’s open is already looming, with crude oil still reacting to geopolitical developments. Chevron is juggling several issues: a reshuffling of executives in trading and strategy roles, plus ongoing speculation around deals involving Russian assets under sanctions. Investors, meanwhile, are pushing hard for tighter capital discipline right now.
Stocks soared Friday. The Dow broke through 50,000 for the first time ever, while the S&P 500 jumped almost 2%. Energy names powered higher as the S&P 500’s energy sector index touched a fresh record—giving oil giants a boost right up to the bell. 1
Chevron Corp (CVX) closed at $180.86, gaining 0.91% on the day. Shares moved within a range of $179.51 to $182.10, with volume reaching roughly 9.9 million. 2
Chevron shuffled its top ranks Thursday, naming new leaders for its strategy, supply and trading, and corporate business development teams. Molly Laegeler, currently chief strategy officer, will step in as president of supply and trading on March 1, succeeding Patricia Leigh. Kevin Lyon, who’s overseeing the Hess integration, is set to become chief strategy officer that same day. Frank Mount plans to retire in November, with Jake Spiering lined up to take over his role starting Aug. 1, according to the company. 3
Turkish Petroleum (TPAO) and Chevron have inked a memorandum of understanding for potential energy collaboration, Energy Minister Alparslan Bayraktar announced. On X, Bayraktar said the deal, signed in Istanbul, could pave the way for joint oil and gas exploration and production, both inside Turkey and abroad. 4
Deal watchers have their eyes on a sanctions-fueled auction. Reuters says Chevron remains in the running for Lukoil’s global assets, despite last week’s deal for Carlyle to buy them. “The winds could still change on this sale,” one source close to Lukoil said. The transaction still needs U.S. and other regulatory sign-offs. Lukoil faces a Feb. 28 deadline set by the U.S. Treasury to get the sale done. 5
Brent finished the session at $68.05 per barrel, while U.S. West Texas Intermediate closed out at $63.55. Attention stayed on U.S.-Iran talks and what they might mean for Gulf tensions. “We keep going back and forth on this Iran situation,” said John Kilduff, partner at Again Capital. 6
Kpler oil analyst Muyu Xu told Reuters Market Talk that Iran jitters should keep crude prices from falling below $65, even if the headlines settle down. 7
Chevron president Andrew Benjamin Walz unloaded 22,200 shares on Feb. 3 after exercising options, according to a Form 4. The shares went at a weighted average of $176.5338, with trades ranging from $176.44 up to $176.65, the filing said. 8
The stock remains tied to crude prices. If Washington and Tehran show any signs of cooling tensions this weekend, or if oversupply worries resurface, oil could slip and energy shares may follow. Political and regulatory hurdles still loom over the Lukoil process.
Chevron investors are back Monday, Feb. 9, watching for signals out of the U.S.-Iran talks and checking for fresh news on the Lukoil sale timeline before Feb. 28. The company’s first management handover comes right after, on March 1.
