CVX shares have risen for five straight sessions, keeping them ahead of ExxonMobil and ConocoPhillips in early 2026 gains.
- Currently, Chevron is the only major oil company producing in the region, as ExxonMobil and ConocoPhillips quit the country many years ago.
- The expanded license for Chevron could allow for increased production and exports from Venezuela.
- Trump said that he spoke to the Interim President of Venezuela, Delcy Rodríguez, and that they were “making tremendous progress.”
Chevron Corp’s stock has been one of the top performers among Big Oil names in early 2026, outpacing peers ExxonMobil and ConocoPhillips amid geopolitical developments that have boosted sentiment in the energy sector. And it may end up clinging onto the lead for now.
Traders have reacted to U.S. President Donald Trump’s unexpected capture of Venezuelan leader Nicolás Maduro and the administration’s renewed push to revive Venezuela’s oil industry, which has lifted hopes of expanded operations and exports for U.S. producers.
Chevron, the only major U.S. oil company currently operating in Venezuela under a U.S. government-approved license, is reportedly set to receive an expanded Venezuela license this week, potentially allowing higher production and exports from the country’s heavy crude reserves.
Shares have climbed for the last five sessions and could extend the winning streak to six on Thursday on the latest news, keeping Chevron ahead of ExxonMobil’s roughly 10% year-to-date gain and ConocoPhillips’ 5% rise.
Chevron – The Winner In Venezuela?
Currently, Chevron is the only major oil company producing in the region, as ExxonMobil and ConocoPhillips quit the country several years ago following the nationalisation of their assets by former President Hugo Chavez.
Reuters reported on Wednesday that the expanded license could allow for increased production and exports from Venezuela. The report added that the company could even trade a portion of state oil company PDVSA's own crude production if authorized.
Chevron produces about 240,000 barrels per day (bpd) in joint ventures with PDVSA, according to Reuters. Since July, the company has been operating in the South American region and exporting oil to the U.S. under a restricted U.S. authorization that exempts it from sanctions on the country.
Trump's Venezuela Plans
In a Truth Social post on Wednesday, Trump said that he spoke to the Interim President of Venezuela, Delcy Rodríguez. “We are making tremendous progress, as we help Venezuela stabilize and recover,”
He added that several topics were such as oil, minerals, trade and national security. “This partnership between the United States of America and Venezuela will be a spectacular one FOR ALL. Venezuela will soon be great and prosperous again, perhaps more so than ever before!"
Last week, Trump said that the U.S. oil industry can get the Venezuela operations running in fewer than 18 months and possibly even less, but will have to shell out several dollars.
What Is Retail Thinking?
Retail sentiment on Chevron dipped to 'neutral’ territory from ‘bullish’ a day ago, with message volumes at ‘normal’ levels, according to data from Stocktwits. On ExxonMobil, sentiment was in the ‘bearish’ territory compared to ‘neutral’ a day ago, while on ConocoPhillips, sentiment remained unchanged in the ‘bearish’ territory.
Shares of ExxonMobil have gained over 17% in the last 12 months, while Chevron's stock has jumped 5% and ConocoPhillips' stock has fallen 5%.
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