New York, Jan 28, 2026, 9:13 PM EST — Market closed.
- Chevron shares finished higher as traders digested a Reuters report on increased Venezuela shipments.
- Oil prices settled up more than 1%, helping lift the energy sector.
- Investors now turn to Chevron’s earnings and outlook on Friday.
Chevron shares closed up 0.5% at $169.91 on Wednesday. The stock firmed as investors weighed a Reuters report that the oil major plans to boost exports of Venezuelan crude to the United States to about 300,000 barrels per day (bpd) in March.
The move matters because Chevron’s Venezuela barrels have become a live variable for Gulf Coast refiners and for U.S. policy-sensitive supply. It also lands two sessions before the company reports quarterly results, when management’s view on sanctions, logistics and incremental spending often sets the tone.
In regular trading, Chevron ranged between $168.20 and $170.42 and traded about 6.8 million shares, according to Yahoo Finance historical data.
The Reuters report said Chevron has chartered about a dozen tankers to drain inventories that piled up after a U.S. blockade hit Venezuela’s exports in December. Chevron’s four joint ventures with PDVSA are producing roughly 240,000 to 250,000 bpd of heavy crude, the report added.
Chevron said it remains “committed to its present as well as its future, while strengthening U.S. energy and regional security,” according to Reuters. It did not detail shipment targets.
In a meeting earlier this month with U.S. President Donald Trump, Chevron Vice Chairman Mark Nelson said the company could increase crude loading in Venezuela immediately and lift production over time, Reuters reported. “It’s a little bit of a mix, but today it’s mostly us taking the equipment up today,” Nelson said, describing work to bring facilities up to Chevron standards. Reuters
Energy stocks also had a tailwind from crude. Brent futures settled up 1.23% at $68.40 a barrel, and U.S. WTI settled up 1.31% at $63.21, Reuters reported, citing Iran-related tensions and a weaker dollar among supports.
The S&P 500’s energy sector rose 0.7% to lead the day’s sector gains as the broader index ended little changed after the Federal Reserve held rates steady, Reuters reported.
Chevron has other moving parts in play. Reuters reported on Tuesday that the company is pushing Iraq to improve returns at the giant West Qurna 2 oil field as a condition for buying the project from Russia’s Lukoil, with talks continuing and a Feb. 28 deadline for Lukoil to sell assets under U.S. sanctions.
Still, the Venezuela and Iraq tracks are policy-heavy and can turn fast. A shift in U.S. licensing or enforcement, delays to Venezuelan legal reforms, or tougher Iraqi contract terms could blunt the near-term upside investors are penciling in.
What traders watch next is Friday’s quarterly report and the 11 a.m. EST earnings conference call, for any update on Venezuela liftings, capex and cash returns, and whether management sees the Iraq talks moving toward a deal.
