TLDR
- Chevron stock is trading around $201, close to its all-time high of $210
- President Trump announced a 25-year deal for US companies to develop Venezuelan oil
- American companies are expected to invest over $100 billion in Venezuela
- Chevron is expected to be the main beneficiary, possibly announcing an expansion deal this week
- Morgan Stanley raised its Chevron price target from $210 to $218
Chevron stock is sitting close to its all-time high of $210, trading at around $201. Investor attention has turned to a major new oil deal in Venezuela that could reshape the company’s future.
President Trump announced a 25-year agreement allowing US companies to develop Venezuelan oil resources. The goal is to boost Venezuela’s crude output to 1.5 million barrels per day.
American companies are expected to invest more than $100 billion in the country. The Venezuelan government would receive over $209 billion in taxes from the arrangement.
Chevron is the only large US company currently active in Venezuela. It already holds three joint ventures with state oil company PdVSA, making it the natural frontrunner to expand under the new deal.
According to the New York Times, Chevron could announce a deal to expand into two additional heavy-oil fields this week. Halliburton may also benefit from increased oilfield services work in the country.
Challenges Remain
The deal is not without problems. Venezuelan politicians across party lines have criticized the arrangement.
Developing the new fields will also require billions in additional spending. There is a risk that oil prices could fall by the time new production comes online.
Oil prices are currently elevated. Brent crude is at $88 per barrel and West Texas Intermediate is at $83, which is helping Chevron’s bottom line right now.
Strong Earnings Back the Bullish Case
Chevron’s recent earnings showed total profits of $12 billion in the second quarter, up from $2.4 billion in the same period last year. Year-to-date earnings rose to $14.2 billion from $5.9 billion.
Revenue also jumped to $67 billion so far this year. The strong numbers have given analysts more reason to raise their price targets.
Morgan Stanley’s Devin McDermott raised his target from $210 to $218. TD Cowen’s Jason Gabelman moved his target from $200 to $205, and Bernstein’s Bob Brackett set a new target of $209.
Bank of America, Jefferies, and Royal Bank of Canada are also bullish on the stock.
The main risk for Chevron remains oil prices. If tensions between the US and Iran ease, crude prices could come under pressure, which would weigh on revenue.
For now, the Venezuela deal keeps Chevron in the spotlight as one of the most-watched energy stocks heading into the final months of 2026.
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