NEW YORK, January 14, 2026, 17:58 EST — After-hours
Chevron Corp shares climbed 2.1% to $167.24 in after-hours trading Wednesday following a Reuters report that the U.S. is set to broaden the oil giant’s Venezuela license this week. The expanded waiver could allow Chevron to boost production and exports from its joint ventures, which now stand at roughly 240,000 barrels per day, and might also enable trading some crude from state-owned PDVSA, according to three sources in the oil industry.
Timing is key. Venezuelan barrels have been in limbo for months due to U.S. sanctions, with Chevron standing out as one of the few American companies still operational there. Expanding the license would allow Chevron greater control over the destination of those barrels and speed up cash flow through the refining chain.
Oil boosted the energy sector earlier, with U.S. crude closing 1.4% higher at $62.02 a barrel. It later slipped from its peak after President Donald Trump downplayed the risk of disruption in Iran, a major oil producer. “The market now thinks that maybe there is not going to be an attack on Iran,” said Phil Flynn, senior analyst at Price Futures Group. Reuters
The broader market took a hit. The S&P 500 dropped 0.53%, while the Nasdaq slid 1%, weighed down by banks and tech stocks. Energy stood out as one of the rare areas showing resilience.
Chevron is weighing fresh deal options after the U.S. Treasury extended a license through Feb. 28 allowing companies to negotiate with Russia’s Lukoil over its foreign assets. Reuters reports those assets are valued at roughly $22 billion. Among the interested bidders is a group featuring Chevron and Quantum Capital Group. Any sale, however, remains subject to Treasury approval under existing sanctions.
Not all the headlines are clean. On Tuesday, drones targeted two oil tankers in the Black Sea, one of them chartered by Chevron, as they headed toward a Russian terminal that handles Kazakh oil exports. According to Reuters, the attacks have pushed war-risk insurance costs for vessels in the area to nearly double. Chevron confirmed, “All crew are safe, and the vessel remains stable.” Reuters
The upside case for Venezuela still depends heavily on the details. Usually, the U.S. hands out these waivers via its sanctions office, and restrictions on buyers, cargo swaps, or payment conditions can be just as crucial as the main announcement. Any change in policy — or operational hiccups within Venezuela — would quickly drag volumes down.
Analyst talk tilted bullish as Jefferies’ Lloyd Byrne bumped Chevron’s price target to $189 from $174, maintaining a “buy” rating, per TipRanks data. TipRanks
Chevron’s Q4 earnings call is set for Jan. 30, and investors are keenly awaiting it. Traders will be focused on any news about Venezuelan production and exports, plus how the company plans to balance major investments with cash returns.
