New York, Jan 29, 2026, 19:42 EST — After-hours
- After the U.S. market closed, Chevron shares rose roughly 0.7%, riding the wave of gains across the energy sector.
- Kazakhstan announced that the Tengiz oilfield is gradually coming back online, aiming to reach full production within a week
- With Venezuela policy and 2026 guidance under scrutiny, investors are bracing for Friday’s results
Chevron shares climbed roughly 0.7% to $171.19 in late U.S. trading Thursday, having hit an intraday peak of $174.88 earlier. Exxon Mobil jumped around 2.1%.
With the regular session wrapped, all eyes shift to Chevron’s quarterly report on Friday. Key questions: Can production stay steady in Kazakhstan? And just how much can Venezuela’s reopening boost output? This week, for Big Oil, politics are drowning out the numbers.
Crude prices led the move higher. Brent futures climbed 3.4%, closing at $70.71 a barrel, while U.S. West Texas Intermediate jumped 3.5% to $65.42. The gains come amid concerns that a potential U.S. strike on Iran—one of OPEC’s top producers—could disrupt supply. (Reuters)
Kazakhstan said Chevron has promised to implement measures to guarantee reliable and safe operations at the vast Tengiz oilfield, following three unexplained electrical fires earlier this month that cost the country 7.2 million barrels. The government added that Tengiz is being brought back online in stages, with full production expected within a week. Tengizchevroil, the operator, is owned 50% by Chevron, 25% by Exxon, 20% by KazMunayGas, and 5% by Lukoil. (Reuters)
Venezuela remains a key factor here. Insiders say Chevron plans to raise Venezuelan crude exports to the U.S. to around 300,000 barrels per day in March, up from 100,000 bpd in December and about 230,000 bpd so far this month. The company is chartering tankers to clear stockpiles after a U.S. blockade disrupted shipments. Chevron’s vice chairman, Mark Nelson, reportedly told President Donald Trump the firm could “increase crude loading… by 100% immediately” and lift production by 50% within two years, according to the report. (Reuters)
Analysts are gearing up for weaker headline profits as Chevron prepares to report results. Wall Street anticipates adjusted earnings per share of $1.46 — a figure that excludes one-time items — marking a 29% drop from last year, according to a Reuters report. Brent crude averaged $63.08 a barrel in Q4. Stephanie Link of Hightower Advisors noted, “I don’t expect any changes to dividend or buyback plans for 2026, but their guidance around these areas will be important.” (Reuters)
Traders are also watching for clues on Venezuela’s cash impact. TD Cowen analyst Jason Gabelman estimates Venezuela makes up 1%-2% of Chevron’s operating cash flow, with potential to boost that by another 1%-2% if production increases.
The range of outcomes remains broad. Venezuela’s export boost hinges on policy decisions and safeguards that have yet to be defined. Meanwhile, Tengiz has faced multiple setbacks, and Kazakhstan’s exports took a hit from drone strikes targeting the Caspian Pipeline Consortium route.
Chevron’s quarterly report arrives Friday, and investors will be zeroing in on any clear guidance for 2026 production and shareholder returns. They’ll also be looking for specifics on Venezuela volumes and how quickly Tengiz is coming back online.
