New York, Feb 12, 2026, 14:40 EST — Regular session
Chevron Corporation shares fell about 1.4% to $183.25 in afternoon trading on Thursday. The stock ranged between $182.11 and $186.18.
Brent crude fell $2 to $67.40 a barrel and U.S. West Texas Intermediate slid 3% to $62.69, after the International Energy Agency flagged softer demand and a looming supply cushion. “The fact that President Trump continues to negotiate with Iran would lead to a reduction of geopolitical risk,” said Andrew Lipow, president of Lipow Oil Associates. U.S. crude inventories rose by 8.5 million barrels last week, and Lipow said the market was anticipating higher supply from Venezuela. (Reuters)
For Chevron, the timing matters. The stock has leaned on oil’s year-to-date climb and a steady bid for big integrated producers, and that support can wobble fast when crude turns.
Exxon Mobil shares were down about 2.9% and BP’s U.S.-listed shares fell roughly 3.6%, as the sector moved with crude.
Oil-linked funds also retreated, with the United States Oil Fund down about 3.4% and the Brent-focused BNO off about 3.3%.
Investors also weighed a report that Venezuela plans to grant more exploration and production blocks to Chevron and Spain’s Repsol as soon as this week, Bloomberg News reported, citing people familiar with the matter. Chevron and Repsol did not immediately respond to requests for comment, Reuters reported. (Reuters)
In a separate development, Chevron said it was designated the winning bidder for onshore Contract Area 106 in Libya’s Sirte Basin as part of the country’s 2025 bid round. The award is subject to a production-sharing agreement — a contract that sets how output and proceeds are shared with the state. “Chevron is excited to enter Libya with the award of onshore Contract Area 106,” said Kevin McLachlan, the company’s vice president of exploration, while Frank Mount, president of corporate business development, called the award and a related MoU “important milestones.” (Business Wire)
Libya announced the results of its first licensing round since 2007 on Wednesday, awarding blocks to foreign firms including Chevron, Eni, QatarEnergy and Repsol, even as political risks keep many projects slow to start. Chevron secured the Sirte S4 exploration license, Reuters reported. (Reuters)
The bigger macro swing is still oil itself. The IEA said global supply would exceed demand by 3.73 million barrels per day in 2026 and cut its 2026 demand-growth outlook to 850,000 barrels per day, as higher prices and “economic uncertainties” weigh on consumption. (Reuters)
OPEC’s latest data pointed to a small second-quarter surplus ahead of a March 1 meeting of eight OPEC+ members, who are expected to decide whether to resume output increases in April. OPEC+ groups the Organization of the Petroleum Exporting Countries with allies including Russia. (Reuters)
There are ways this can break the other way. A rebound in crude — or clearer terms and timelines for Venezuela and Libya activity — could put the focus back on reserve growth. But both places carry policy and execution risk, and the market is quick to price that in when oil is already sliding.
Chevron is set to trade ex-dividend on Feb. 17 for its $1.78 quarterly payout, with the payment due on March 10. (Fidelity)
