New York, January 20, 2026, 20:39 EST — Market closed.
- Chevron shares slipped 0.6%, ending the day at $165.30.
- The Chevron-led Tengiz project in Kazakhstan might remain offline for 7 to 10 days, leading to cancellations of certain export shipments.
- Traders will eye oil inventory data due Thursday alongside Chevron’s earnings call on Jan. 30.
Chevron Corp shares slipped 0.6% to close at $165.30 on Tuesday after Reuters reported that output at Kazakhstan’s massive Tengiz oilfield might stay offline for another 7-10 days. The delay follows a power outage caused by a fire at the field’s GTES-4 power station. Sources told Reuters that five cargoes of CPC Blend crude, transported via the Caspian Pipeline Consortium route to the Black Sea, were canceled. Chevron confirmed production at both the Tengiz and Korolev oilfields was temporarily halted as a safety measure. The Tengizchevroil joint venture is split among Chevron (50%), Exxon Mobil (25%), Kazakhstan’s KazMunayGas (20%), and Russia’s Lukoil (5%). 1
Tengiz ranks among the world’s largest oilfields, meaning even a brief halt can shake confidence in volumes and cash flow. Timing is crucial here: the market is gearing up for Chevron’s upcoming quarterly report, and traders dislike uncertainty around operations dragging on.
Crude remains close to the $60-a-barrel range, a threshold that keeps investors on edge over supply disruptions and demand worries. In this climate, any company news tends to resonate more than usual.
Oil edged higher Tuesday, with Brent finishing up 1.53% at $64.92 and the front-month U.S. WTI March contract jumping 1.72% to $60.36, Reuters reported. The gains came after a halt at Kazakhstan’s Tengiz field and stronger-than-expected economic data from China. “Tengiz is amongst the largest fields in the world and so the outage is certainly disruptive for crude flows,” said Ajay Parmar, director of energy and refining at ICIS. But WTI pulled back to around $59.57 in early Asian trading, as IG analyst Tony Sycamore highlighted geopolitical concerns and anticipations of rising U.S. crude inventories ahead of government stockpile figures due Thursday. 2
Separately, Turkey’s state oil firm is negotiating with Chevron on a joint oil and gas exploration venture, involving seismic surveys and drilling, Bloomberg News reported via Reuters. The report didn’t provide a timeline or specify the locations for the work. 3
Chevron confirmed it is “constantly reviewing new opportunities” following reports that U.S. firms, including itself, showed interest after Shell announced plans to exit the al-Omar oilfield in Syria, Reuters reported. A Chevron spokesperson added, “Chevron does not comment on commercial matters.” 4
Chevron’s drop stood out against Exxon Mobil, which gained roughly 0.5%, while ConocoPhillips slipped around 2.7%. This divergence highlights how fast company-specific news can trump the typical “oil up, energy up” equation.
Implied volatility on Chevron’s options jumped to roughly 24.5, pointing to an anticipated daily price swing near $2.6, according to TheFly. This measure reflects how much movement traders are betting on for the stock. 5
The Kazakhstan outage might slip under the radar—provided power comes back fast and the restart goes smoothly. The bigger risk? If the shutdown stretches into February, it not only prolongs supply concerns but also casts doubt on Chevron’s production levels.
Traders are keenly awaiting updates on restart timing and CPC export schedules during Wednesday’s session, along with fresh details from the Turkey talks. On Thursday, eyes turn to U.S. inventory data, a key battleground for oil bulls and bears alike.
Chevron plans to host its fourth-quarter earnings call on Jan. 30 at 11:00 a.m. ET, the company announced in an advisory. CEO Mike Wirth and CFO Eimear Bonner will lead the discussion. Investors are eager for any operational details that could clarify the unfolding situation in Kazakhstan. 6
Until then, CVX’s stock will probably track crude’s next shift and hinge on whether the Tengiz shutdown proves temporary or more prolonged. The next key event to watch is the earnings report and call on Jan. 30.
