New York, February 9, 2026, 13:54 EST — Regular session
- Chevron shares picked up roughly 0.7% in afternoon trading, moving alongside stronger crude.
- Chevron’s Tengiz field output is reportedly back up to about 60%, with full production eyed by Feb. 23.
- Oil climbed over 1% following a U.S. advisory to ships operating near Iran.
Chevron shares ticked higher Monday, buoyed by rising oil prices and indications that production is picking back up at a key Kazakhstan field it runs.
This is significant for Chevron, whose cash flow in the short run remains highly sensitive to swings in crude prices. Traders haven’t hesitated to mark up or down energy shares when new risks to supply surface. That “risk premium” in oil—the markup traders tack on to account for possible disruption—has started creeping back in.
Physical flows could pick up in the next few weeks if the massive Tengiz oilfield comes back online, though right now, the price moves have more to do with geopolitics than with any barrels from Kazakhstan.
Chevron traded 0.7% higher at $182.19. Exxon Mobil picked up around 0.7% as well. Shell’s U.S.-listed shares climbed close to 3%.
Production at Kazakhstan’s Chevron-operated Tengiz field is back up to about 60% of its peak, according to two people in the industry, following last month’s fires that hit power infrastructure. As of Feb. 8, the sources estimated output near 550,000 barrels a day. The goal: restore the flow to approximately 950,000 bpd by Feb. 23. 1
Crude jumped over 1% after the U.S. Department of Transportation told U.S.-flagged ships to steer well clear of Iranian waters when passing through the Strait of Hormuz and Gulf of Oman. Brent gained 1.3%, trading near $68.94 a barrel. U.S. WTI matched that move, up 1.3% to approximately $64.38. About 20% of the world’s oil runs through the Hormuz chokepoint. “The Iranian risk premium cannot be fully defused,” SEB’s Bjarne Schieldrop said. UBS analyst Giovanni Staunovo called the setup “extremely difficult to judge,” with traders focused on when fresh talks might take place. 2
Chevron’s Tengiz operation shows how even with crude propping up the stock, a snag on the ground can dent volumes. The consortium runs the field, and the market usually folds fresh headlines into the larger supply narrative.
Still, those tailwinds aren’t guaranteed to last. A de-escalation in the Gulf or renewed attention on expanding supply — especially if Tengiz ramps up sooner than forecast — could knock oil lower and drag energy stocks alongside.
Investors are eyeing any fresh news on shipping and diplomatic moves involving Iran. Attention also stays fixed on whether Tengiz sticks to its Feb. 23 target for restoring full output.
