New York, January 16, 2026, 20:04 EST — The market has closed.
Shares of Chevron Corporation ticked up 0.1% to $166.26 at Friday’s close after U.S. Energy Secretary Chris Wright announced that Washington is pushing “as fast as it can” to broaden Chevron’s license to operate in Venezuela. Under the new terms, Chevron would be allowed to pay the Venezuelan government in cash rather than crude, turning it into “another marketer of crude,” Wright said. Reuters
Venezuela is back in investors’ sights as Chevron remains the only U.S. oil major still producing crude there, pumping roughly 240,000 barrels per day through joint ventures with state-owned PDVSA, according to oil industry sources this week. Those sources also revealed that refiners and traders like Marathon Petroleum, Valero Energy, Mercuria, and Glencore have held talks with Washington about obtaining permissions related to Venezuelan crude.
Chevron and its partners have given the green light to expand Israel’s Leviathan gas field, approving a final investment decision to fund and build the project. This $2.36 billion expansion aims to boost regional gas supplies through the end of the decade. Deliveries are expected to climb by 9 billion cubic metres annually, reaching around 21 bcm, with operations slated to begin in 2029. The gas will serve nearby markets like Egypt and Jordan, with some volumes exported as liquefied natural gas.
Chevron’s action unfolded during a session where U.S. stocks barely budged as investors held back ahead of the long weekend. The Dow dropped 0.17%, the S&P 500 lost 0.06%, and the Nasdaq dipped 0.06%. U.S. markets will be closed on Monday for the Martin Luther King Jr. holiday.
In the energy sector, Chevron posted a modest increase but trailed Exxon Mobil, which climbed 0.59% on Friday. Refiner Valero Energy slipped 0.61%, according to MarketWatch data.
Crude wrapped up the week with a slight lift. Brent closed at $64.13 a barrel, gaining 0.58%, while U.S. West Texas Intermediate ended at $59.44, up 0.42%. John Kilduff, partner at Again Capital, noted that most of Friday’s rise came from buyers stocking up ahead of the long weekend. On the other hand, Phil Flynn, senior analyst at Price Futures Group, highlighted that potential additional supply from Venezuela could be limiting price gains.
A separate Form 4 filing revealed Chevron controller Alana K. Knowles sold 3,200 shares at $168 each on Jan. 14 following option exercises. The filing noted the trades occurred under a Rule 10b5-1 plan, a pre-arranged strategy that can dampen the market impact of insider sales.
Still, the Venezuela story is a double-edged sword. A broader license might boost Chevron’s marketing options and volumes, but that hinges on swift U.S. policy moves and the nitty-gritty of sanctions compliance. Plus, any political shift can reshape the entire deal.
Tuesday’s open will offer the first clear signal on how investors are digesting the latest Venezuela and Eastern Mediterranean developments, with oil prices still jittery over geopolitical tensions. Chevron’s spotlight moment comes with its quarterly earnings report, set for Jan. 30 before markets open. That’s when shareholders usually zero in on production levels, cash returns, and the company’s risk from volatile oil supplies.
