Chevron, Halliburton, Other Energy Shares Gain on Venezuela Windfall Hopes

Oil majors: Chevron (CVX): The one U.S. player still active in Venezuela was recently up more than 2.5%. The U.S blockade has halted virtually all oil movements out of the country, except for shipments made for Chevron, according to Kpler.

ConocoPhillips (COP) gained more than 1%. It was awarded billions of dollars in arbitration after the nationalization of its Venezuelan assets, and investors may now expect it to get some of that award, analysts at Citi said.

Oilfield-services companies: SLB (SLB) and Halliburton (HAL) gained more than 7%, with Baker Hughes (BKR) up more than 4%. They could benefit from investment in Venezuela’s energy infrastructure.

U.S. refiners: Venezuela produces heavy crude—the kind needed by U.S. refiners, which could be helped by a potential supply increase. Valero (VLO) gained more than 9%, with Phillips 66 (PSX) and Marathon Petroleum (MPC) also higher.

Eni (IT:ENI) and Repsol (ES:REP), European companies working in Venezuela, saw more muted gains.