Chevron (CVX) is catching a bid as oil prices push higher again. The company entered this latest energy spike with a stronger operating base, a growing dividend and a handful of fresh corporate developments that give investors more to work with than the usual “oil up, majors up” setup. Oil moved back above $95 this week as supply fears tied to the Iran conflict returned to the market, putting the large integrated names back in focus.
Chevron’s case looks a little cleaner than some peers because the company already had momentum before crude took off.
In late January, it reported fourth-quarter 2025 earnings of $2.8 billion, adjusted earnings of $3.0 billion and cash flow from operations of $10.8 billion. It also raised its quarterly dividend 4% to $1.78 per share and said worldwide production rose 12% in 2025 to a record 3.7 million barrels of oil equivalent per day.
Chevron’s stock enjoys catalysts
On Feb. 11, Chevron said it entered Libya with a new block award in the Sirte Basin and signed an agreement to evaluate development and exploration potential there. Five days later, it signed lease agreements for four offshore exploration blocks in Greece, where it holds a 70% operating interest.
Those projects are not near-term earnings drivers, but they do reinforce the idea that Chevron is still building out its portfolio even after the Hess acquisition.
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The Venezuela angle is also back in play. This week, Mike Wirth said the country has made progress in reshaping its hydrocarbons framework, though he also made clear that additional changes around fiscal incentives and arbitration rights are still needed before larger investment becomes more attractive.
This matters because Chevron already has meaningful exposure there, so any further improvement in policy could become another upside lever the market starts paying for.
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Taken together, that gives Chevron a better story than just higher crude. Investors have a company with stronger production, more exploration optionality and direct exposure to some of the most active geopolitical oil themes in the market right now.
Chevron by the numbers
- Fourth-quarter 2025 earnings: $2.8 billion
- Fourth-quarter 2025 adjusted earnings: $3.0 billion
- Fourth-quarter 2025 cash flow from operations: $10.8 billion
- 2025 worldwide production: 3.7 million barrels of oil equivalent per day, up 12% to a record
- Quarterly dividend: raised 4% to $1.78 per share
- 2025 common dividends paid: $12.8 billion
- Total debt at Dec. 31, 2025: $40.8 billion, up from $24.5 billion a year earlier
What Chevron’s price chart says now
The technical setup still looks strong. On the daily chart, Chevron is trading well above both key trend markers. The 20-day EMA sits at 196.94, and the 200-day EMA sits at 165.65, with both moving higher. That tells you the short-term and longer-term trends are aligned in the same direction.
An important area to watch in the future is a level underneath the stock. A former resistance zone between roughly 158 and 169 could turn into a possible support zone.
Chevron spent months fighting through that range, and once it cleared it, the move accelerated. If this oil rally cools off, that old ceiling is the first place traders will likely look for buyers to step back in.
That leaves Chevron in a clean spot. The fundamentals are good, the macro backdrop is helping, and the chart remains constructive. The next real test is whether the stock can keep acting well once the latest oil spike stops doing all the work.
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