New York, Jan 27, 2026, 20:44 (EST) — Market closed.
- Chevron shares ended Tuesday 0.9% higher, closing at $169.05
- Chevron is pressing Iraq for improved terms on the West Qurna 2 oilfield, according to a report
- The company brought on former American Airlines chief Thomas Horton to its board just before Friday’s results.
Chevron shares closed Tuesday up 0.9% at $169.05, staying in the spotlight as investors digested a possible Iraq oilfield deal and recent board shifts ahead of this week’s earnings report.
Chevron is pushing Iraq for better contract terms before moving forward with the purchase of the massive West Qurna 2 oilfield from Russia’s Lukoil, Reuters reported. Lukoil faces a Feb. 28 deadline to offload the field due to U.S. sanctions. The oilfield makes up roughly 0.5% of the world’s supply and nearly 10% of Iraq’s production. Baghdad has been pivoting toward profit-sharing agreements—where companies earn a share of output—to lure investors. Iraq’s oil ministry said “the negotiations are still ongoing,” while a Chevron spokesperson noted the company “continues to assess potential opportunities.” 1
Crude prices shifted sentiment sharply. Brent climbed 3% to $67.57 a barrel, while U.S. West Texas Intermediate gained 2.9%, reaching $62.39. A winter storm knocked U.S. production offline and briefly halted Gulf Coast exports. “The cold weather in the U.S. will likely cause quite significant drawdowns in oil stocks over the next few weeks,” said Tamas Varga at broker PVM. 2
Chevron has named Thomas W. Horton, former American Airlines chairman and CEO, to its board as an independent director and member of the audit committee. “We are pleased to welcome Tom to the Board and look forward to the perspectives he will bring,” said Chairman and CEO Mike Wirth. 3
The appointment comes amid investor scrutiny of governance and succession plans at major U.S. oil firms. In December, Wirth told Reuters he was in talks with the board over the timing of his departure. 4
Chevron climbed as energy stocks strengthened. Exxon Mobil jumped 1.5%, ConocoPhillips gained 1.4%, and the Vanguard Energy ETF edged up roughly 1.1%.
Venezuela remains a wildcard. Reuters says U.S. officials are crafting a general license — a broad clearance — to ease some sanctions on the country’s energy sector, moving away from case-by-case exemptions. In recent weeks, partners and clients of state oil firm PDVSA, including Chevron, have sought those individual licenses, according to the report. 5
All eyes are on Chevron’s fourth-quarter earnings call Friday, Jan. 30, at 11:00 a.m. ET. CEO Wirth will be joined by CFO Eimear Bonner and investor relations chief Jake Spiering. Beyond the financials, traders want updates on Iraq and Venezuela, plus hints on how Chevron might handle cash returns if oil prices keep swinging. 6
Still, the Iraq route isn’t without its hurdles: new terms require greenlighting from the Iraqi cabinet, and negotiations could stall. Plus, oil prices often slide back once storm-related supply issues clear up, which can quickly undercut earnings forecasts.
Attention turns to Friday’s results and any timing updates from management on West Qurna 2. Investors also have Feb. 28 marked as Lukoil’s exit deadline for the asset, with an OPEC+ meeting on March output set for Feb. 1.
