Chevron, Exxon and Other Oil Stocks Jump as Two Huge Energy Stories Collide

Quick Read

• Resumed U.S.-Iran strikes sent oil up 3%, lifting CVX and XOM roughly 1.5% each at Monday’s open as Middle East risk premiums returned.

• OXY fully offset Middle East production losses via Permian volumes, while PCG collapsed 19% after California lawmakers blocked wildfire liability reform.

• Trump’s Venezuela deal covers 65 billion barrels, but degraded infrastructure means years of investment separate the reserves announcement from actual new supply.

• Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Exxon Mobil didn’t make the cut. Grab the names FREE today.

Energy stocks led the market higher Monday morning as two major oil catalysts hit at once. CNBC’s Dominic Chu framed the setup on the network’s opening segment on Monday: “Oil prices did jump by about 3% on the resumption of those attacks, and that sent energy stocks higher.”

He added that “Chevron, Exxon Mobil, Halliburton, and Occidental Petroleum all in the green this morning after getting another boost on Friday, when President Trump said the U.S. had a deal with Venezuela to control more than 65 billion barrels of its oil reserves.” The Venezuela announcement won’t impact today’s supply, but it adds a long-horizon reserves story.

The U.S. and Iran traded strikes over the weekend, the first time in more than a month, which adds a supply-risk premium to energy prices.

Iran Strikes Send Oil Prices Up 3%

Chevron (NYSE:CVX) opened higher, trading at $208.18 Tuesday morning, up 1.00% on the session and 36.13% year-to-date. On the Q2 call, CEO Mike Wirth flagged the region directly, saying “the impact from the Middle East conflict remained isolated to the partition zone representing about 1% of second quarter total production.” Chevron still delivered $12.1 billion in earnings, or $6.11 per share, and cut debt by more than $8 billion in the quarter.

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Exxon Mobil (NYSE:XOM) trades at $162.91 on Tuesday, up 1.20% intraday. Exxon’s Q1 report disclosed $706 million in losses tied to Middle East supply disruptions, and CEO Darren Woods said: “Events in the Middle East tested that strength with the safety of our people remaining our top priority.”

Halliburton (NYSE:HAL) added 1.53% to $36.74, extending a 16% one-month rally. Middle East and Asia revenue was down 2% sequentially in Q2 on activity disruptions in Kuwait, Iraq, and Qatar.

Occidental Petroleum (NYSE:OXY) rose 0.76% to $59.55. CEO Richard Jackson said on the Q2 call that Occidental “fully offset the disruptions of our production in the Middle East” through Permian and Gulf of America volumes.

Trump’s 65 Billion-Barrel Venezuela Deal Is a Very Different Catalyst

President Trump announced Friday that the U.S. had a deal with Venezuela to control more than 65 billion barrels of its oil reserves. Chevron is the most direct beneficiary given its three producing joint ventures with PDVSA.

Chevron CEO Mike Wirth told analysts Chevron has grown production from those three JVs “from 40,000 to 250,000” barrels per day and that “we’re in negotiations right now to try to improve the fiscal terms and enable more investment in Venezuela.” CFO Eimear Bonner said on debt recovery, “we expect that by early 2027, that will be fully recovered.”

The reserves headline is a long-horizon story: Venezuelan infrastructure has been degraded by years of sanctions and disinvestment, and heavy and extra-heavy crude requires specialized handling that takes time to rebuild. Retail investors have zeroed in on that gap. Reddit’s most-discussed Chevron thread over the weekend was titled “Trump announced a deal for 65 billion barrels of Venezuelan oil. How much of that is actually investable?” with sentiment scores clustering in a neutral 49 to 58 range.

Key Takeaways

Iran and Venezuela are giving energy investors two very different catalysts. Renewed Middle East fighting can move oil prices immediately, while Venezuela’s 65 billion barrels could take years to translate into meaningful production.

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