New York, January 31, 2026, 11:13 EST — The market has closed.
- Chevron shares climbed 3.3% on Friday, closing at $176.90, defying the broader market’s downturn.
- The company raised its quarterly dividend to $1.78 per share and posted $2.8 billion in fourth-quarter earnings.
- Traders are focusing on Sunday’s OPEC+ meeting and any new clues on Venezuela policy.
Chevron shares jumped 3.3% on Friday, closing at $176.90. The oil giant topped a few estimates with its quarterly results, boosted its dividend, and signaled plans to process more Venezuelan crude at its U.S. refineries.
U.S. markets are closed for the weekend, yet Chevron remains under the spotlight after Friday’s surge. Energy investors are sizing up whether oil’s geopolitical premium can hold and what that implies for cash returns ahead of Monday’s open.
This story matters for two key reasons: Chevron wants to prove it can boost output and maintain payments despite oil prices lagging behind last year’s. Meanwhile, Washington’s changing approach to Venezuela might alter the flow of heavy crude to Gulf Coast refineries.
Adding to that, five OPEC+ delegates told Reuters the group plans to maintain its current hold on output hikes for March when it meets Sunday—a move likely to influence crude prices at the start of February.
Chevron posted Q4 2025 earnings of $2.8 billion, or $1.39 per share, down from $3.2 billion a year ago, according to an SEC filing. Adjusted earnings, excluding some one-time items, came in at $3.0 billion, or $1.52 per share.
The company reported $10.8 billion in cash flow from operations for the quarter. It also declared a 4% bump in its quarterly dividend, raising it to $1.78 per share. The payout is scheduled for March 10, to shareholders on record as of Feb. 17.
Chevron CEO Mike Wirth told analysts the company can handle an extra 100,000 barrels per day of Venezuelan crude at its U.S. refineries, beyond the roughly 50,000 bpd currently processed at Pascagoula, Mississippi. “So I think you should expect to see us … running more Venezuelan crude,” he said, but noted that decision hinges on whether those barrels “compete against alternatives.” Reuters
He added that Chevron currently pumps around 250,000 bpd in Venezuela and could boost that by roughly 50% within 18 to 24 months if it secures more U.S. government approvals. Still, he emphasized that any significant, sustained increase hinges on fiscal and political stability.
Crude prices near multi-month peaks gave energy stocks a boost. Brent closed at $70.69 a barrel, while U.S. WTI finished at $65.21. Traders remain cautious amid ongoing tensions involving Iran, Reuters noted. “It’s really all about Iran right now,” said John Kilduff, partner with Again Capital. Reuters
Chevron edged ahead of several major rivals on Friday. ConocoPhillips climbed 1.39%, Exxon Mobil added 0.63%, even as the S&P 500 fell 0.43%, MarketWatch data show.
The setup isn’t exactly straightforward. Chevron’s earnings slipped compared to last year, dragged down by the familiar culprit: weaker crude prices. The company’s quarterly report revealed an average Brent spot price of $64 a barrel—a drop from $75 during the same period a year ago.
Investors are watching closely to see how fast Venezuela-related barrels hit the market and if new export approvals hold up. More broadly, the question is whether geopolitical tensions ease quickly enough to drag oil prices back down toward the low-$60s, where many analysts still expect them to land this year.
Chevron’s key events to watch include Sunday’s OPEC+ announcement, any new U.S. actions affecting Venezuela’s oil industry, and the timeline for its increased dividend. The record date on February 17 looms, setting the stage for the March 10 payout.
