New York, Jan 22, 2026, 19:48 EST — After-hours
- Chevron ended the day at $166.66, slipping 0.04%; after-hours trading showed minimal movement
- Oil slipped to its lowest level in a week, dragging energy stocks down as Friday’s session got underway
- Venezuela supply updates and Chevron’s earnings call on Jan. 30 will be the next key events to watch
Chevron (CVX.N) shares closed Thursday marginally lower, slipping 0.04% to $166.66. After-hours trading showed little movement following the 4 p.m. close. (FinancialContent)
The stock has resumed tracking crude prices. Thursday’s decline in oil pared down the “risk premium”—the additional cost traders factor in amid geopolitical uncertainty—and that usually weighs on major integrated producers fast.
This is crucial now as investors weigh whether more barrels from sanctioned producers, particularly Venezuela, will enter global supply right as Chevron prepares to report its quarterly earnings.
Brent crude dropped $1.18, closing at $64.06 a barrel. U.S. West Texas Intermediate (WTI) fell $1.26 to $59.36. Ole Hansen, Saxo Bank’s chief commodity analyst, described the market as undergoing “a deflation of risk premium.” Meanwhile, IG’s Tony Sycamore said oil is holding “around $60 a barrel.” (Reuters)
U.S. Gulf Coast refiners Valero (VLO.N) and Phillips 66 (PSX.N) snapped up shipments of Venezuelan crude linked to Washington’s recent accord with Caracas, sources told Reuters. The purchases came through Chevron, PDVSA’s partner, with these deals representing some of the first U.S. buys from newly licensed trading houses now allowed to market Venezuelan oil, according to the report. (Reuters)
Thursday saw drafts obtained by Reuters revealing Caracas is pushing to revamp Venezuela’s hydrocarbons law. The plan would let companies run oilfields under a new contract system, sell output directly, and keep proceeds even as minority partners in PDVSA. National Assembly chief Jorge Rodriguez backed the move, stating, “Oil beneath the ground is useless.” He added the proposal could lower royalty rates to as little as 15% for certain projects. (Reuters)
For Chevron, these shifts aren’t theoretical. Changes in the marketing of Venezuelan crude could reroute supplies to U.S. refineries and, crucially, shift global supply expectations at the margins.
Chevron is set to take center stage next week. The energy giant will host its fourth-quarter earnings call on Friday, Jan. 30 at 11:00 a.m. ET, a Business Wire advisory confirms. CEO Mike Wirth and CFO Eimear Bonner are expected to lead the discussion. (Business Wire)
Chevron’s shares have climbed roughly 9.8% so far this year, maintaining their usual pattern of moving closely with oil prices on a daily basis. (Yahoo Finance)
The downside risk is right there in the headlines. If crude continues to fall amid easing geopolitical tensions or if more supply enters the market — from Venezuela or other sources — the sector’s support could evaporate quickly.
Chevron’s Jan. 30 earnings and conference call come next, with investors keen to hear about cash return plans and management’s outlook on crude-linked earnings through 2026.
