Chevron Bolsters Reserves with Major Nigerian Oil Discovery

Chevron US1667641005

Energy giant Chevron has announced a substantial new oil find in Nigeria's Niger Delta, providing a significant boost to its resource base. This development comes as the company simultaneously ramps up crude exports from Venezuela, though operational challenges in its key U.S. basin present a near-term headwind.

A joint venture between Chevron and the Nigerian National Petroleum Company Ltd (NNPC) has concluded a highly successful drilling operation. The Awodi-07 well, drilled between late November and mid-December 2025, encountered approximately 675 feet (206 meters) of net hydrocarbon pay across multiple zones.

The discovery was formally confirmed on January 26, 2026. For Chevron, this find carries strategic weight, supporting its ongoing efforts to optimize its portfolio and maintain production levels against the natural decline of its existing fields.

Export Surge from Venezuela

In a parallel development, Chevron is substantially expanding its activities in Venezuela under a special U.S. license, increasing shipments of heavy crude to refineries along the Gulf Coast.

Recent export data highlights the scale of this expansion:

• A fleet of 11 tankers is currently deployed, marking the highest number active in any 12-month period.
• A volume of 1.68 million barrels was loaded in the first week of January 2026 alone, representing the fastest seven-month export pace.
• The current daily transport capacity stands at roughly 152,000 barrels, a notable increase from the 123,000 barrels recorded in December.

This Venezuelan crude is primarily destined for Gulf Coast refineries, including Chevron's own facility in Pascagoula and Phillips 66's Sweeny refinery.

Weather Disruption in Premier U.S. Shale Basin

While international operations advance, Chevron's production in the vital Permian Basin of Texas faced a temporary setback. A severe cold snap on January 26 and 27 disrupted infrastructure, with freezing valves causing operational issues at Chevron's Midland facilities.

Industry analysts anticipate that full production capacity will be restored by January 30. This timeline coincides with the scheduled release of the company's quarterly financial results.

Upcoming Earnings in the Spotlight

Chevron is set to report its fourth-quarter 2026 earnings on January 30. Market experts are forecasting earnings per share of $1.53, which would indicate a year-over-year decline of approximately 25%. Revenue is projected to reach $52.66 billion, slightly above the figure from the same period last year.

Investor focus will likely center on management's commentary regarding the strategic importance of the Nigerian discovery and the sustainability of the elevated Venezuelan export volumes. These two positive developments could significantly improve the outlook for 2026, provided the operational issues in Texas prove to be short-lived.

@ boerse-global.de | US1667641005 CHEVRON