New York, January 16, 2026, 13:47 EST — Regular session
- Chevron shares edged up in midday trading following the company’s announcement that it and its partners are supporting a major expansion of Israel’s Leviathan gas field.
- Traders tracked changes in U.S.-Venezuela oil policy, which might impact heavy-crude supplies and refining margins.
- Chevron’s quarterly update on Jan. 30 is the next key event, coming after U.S. markets close Monday for Martin Luther King Jr. Day.
Chevron shares edged up 0.4% to $166.88 around midday, underperforming Exxon Mobil, which climbed 0.6%. ConocoPhillips, meanwhile, dropped 1.2%.
Investors are balancing two factors: significant gas expansion beyond the U.S. and short-term doubts over Venezuela’s output, which could impact refining on the U.S. Gulf Coast.
Chevron and its partners gave the green light Friday to expand Israel’s Leviathan gas field, aiming to boost output by around 9 billion cubic metres annually, pushing total deliveries to about 21 bcm. NewMed Energy, a partner in the project, pegged the investment cost at $2.36 billion, with a planned start-up in 2029. (Reuters)
“Chevron is a leading energy player in the Eastern Mediterranean,” said Clay Neff, president of Chevron Upstream, in a statement. He described the investment as a strategic bet on growing regional demand. Jack Baker, managing director for Chevron’s Eastern Mediterranean region, added that the project will provide gas to “millions of people” across Israel, Egypt, and Jordan. (Business Wire)
Venezuela continues to grab attention. Reuters reported late Wednesday that Chevron is set to get an expanded U.S. license, potentially boosting production and exports from the country. Other refiners and traders are reportedly chasing similar approvals. A Chevron spokesperson emphasized that the company complies with all laws, regulations, and sanctions frameworks. (Reuters)
Oil executives and international producer lawyers are pushing Washington and Caracas to amend Venezuela’s hydrocarbons law. They want foreign partners to export their portion of output directly, bypassing PDVSA’s role in selling and remitting payments, Reuters reported on Friday. (Reuters)
Crude prices moved higher. Brent hit $64.48 a barrel, while U.S. WTI edged up to $59.78. Market jitters around Iranian supply cut into gains, but hopes for increased Venezuelan output pushed back, Reuters reported. Phil Flynn, senior analyst at Price Futures Group, noted, “Downward pressure is coming from Venezuela barrels coming on the market.” (Reuters)
Chevron investors face a tricky balancing act: increased Venezuelan crude supplies might limit oil prices, yet they also provide feedstock and margin opportunities for refiners handling similar grades. This dynamic is key as energy stocks react as much to policy news as to weekly inventory figures.
There is a downside risk. The Venezuela licensing process might hit delays or come with restrictions that curb near-term volumes. Legal shifts in Caracas could drag on and spark contract disputes. Meanwhile, Leviathan remains a long-term project in a region known for geopolitical volatility.
U.S. stock markets will be closed on Monday, January 19, for Martin Luther King Jr. Day. That means the next full trading session won’t start until Tuesday. (New York Stock Exchange)
Chevron said its next big event is the fourth-quarter earnings call on Friday, January 30. CEO Mike Wirth and CFO Eimear Bonner will be leading the discussion. (Business Wire)
