Chevron Taps Venezuela for $7 Billion Oil Boost

Chevron has committed $7 billion to Venezuela to double oil production in the country by nearly 600,000 barrels per day. This move comes just days after a historic oil deal between the Trump administration and Venezuela.

The investment will focus on the Orinoco Belt, which holds most of Venezuela's extra-heavy crude oil reserves. Chevron plans to extract oil at costs averaging $20 per barrel, allowing it to lock in healthy margins even in low-price environments.

This expansion strengthens a production portfolio already anchored by high-margin growth in the Permian Basin, offshore Guyana, and the Bakken. Chevron expects to grow earnings per share and adjusted free cash flows at compound annual growth rates above 10% each through 2030.