New York, February 10, 2026, 12:31 EST — Regular session
- Chevron shares slipped 0.3%, trading at $182.04 by midday
- Chevron-led Kazakhstan’s Tengiz oilfield has recovered to roughly 60% of its peak production following January’s fires
- Subsea7 secured a Chevron contract worth between $150 million and $300 million for subsea installation in the Eastern Mediterranean
Chevron shares dipped 0.3% to $182.04 during midday trading in New York on Tuesday, as investors balanced the company’s progress in restoring output at the Tengiz oilfield in Kazakhstan with a stable oil market.
The Tengiz update is crucial now since crude prices hinge as much on supply news as on worries over demand. When a massive field in a major exporting nation shuts down—and then restarts—it can shift the short-term balance, often moving energy stocks in the process.
This comes as investors watch closely to see if big oil can maintain steady volumes and cash returns despite the ups and downs of oil prices driven by geopolitics and data.
According to a Reuters report on Monday, which cited two industry insiders, Tengiz has bounced back to roughly 60% of its peak production and is targeting a full restart by February 23. This oilfield delivers about 40% of Kazakhstan’s total output, and the downtime has hit exports via the Caspian Pipeline Consortium (CPC), its primary export route. (Reuters)
For Chevron, Tengiz isn’t just about daily barrel counts—it’s about steady, reliable production. Getting operations firmly back online would also lower the chance that Kazakhstan’s export cuts drag on beyond their intended timeline.
Offshore contractor Subsea7 revealed it secured a “substantial” contract from Chevron for subsea installation in the Eastern Mediterranean—a range Subsea7 defines as $150 million to $300 million. The job covers roughly 17 kilometres of subsea flowlines and umbilicals, with offshore operations slated to kick off in Q1 2028. “This award reinforces our long-term strategic partnership with Chevron,” said Subsea7 executive David Bertin. (subsea7 Corporate2018)
Oil prices barely budged on Tuesday, offering little relief to the sector. Brent crude, the global benchmark, inched up 0.4% to $69.31 a barrel. Meanwhile, U.S. West Texas Intermediate (WTI) gained 0.2%, settling at $64.48. Traders remain cautious amid U.S.-Iran tensions and ahead of U.S. oil inventory reports. “Unless there are concrete signs of supply disruptions, prices will likely start going lower,” said Tamas Varga, oil analyst at PVM. (Reuters)
Exxon Mobil dipped roughly 0.3% in early trading, while BP’s U.S.-listed shares dropped around 6%. BP announced it was halting its share buyback program to prioritize cutting debt. (Reuters)
Risks cut both ways. Tengiz must still ramp up from partial output to full capacity, and any hiccups could keep attention locked on Kazakhstan’s export volumes. On the broader front, energy stocks might shed gains fast if geopolitical tensions ease and crude oil loses its risk premium.
Investors should note Chevron’s next quarterly dividend goes ex-dividend on Feb. 17. Anyone purchasing shares after that won’t qualify for the upcoming payout. The dividend, set at $1.78 per share, is scheduled for payment on March 10. (Chevron)
Traders are now focused on whether Tengiz can hit its full production target by Feb. 23. They’ll also be keeping a close eye on U.S. inventory reports and economic data this week, looking for any changes in crude sentiment that could reshape demand forecasts.
