Chevron Aims for Doubling Venezuelan Production Amid Volatile Oil Prices
Chevron presented its growth plan at the Barclays energy-power conference, highlighting expansion in Venezuela and cost cuts. The company aims to double production in Venezuela to 600,000 barrels per day by 2031, backed by a $7 billion investment over five years.
The plan also includes structural cost reductions of $3 billion, achieved six months ahead of schedule, with about 70% coming from efficiency gains. Permian production has reached 1 million barrels per day, and capital intensity is expected to fall 25% in 2026 compared to 2025.
Chevron is prioritizing balance-sheet strength while oil prices remain volatile, keeping its dividend growth policy intact and using excess cash for balance sheet strengthening. The company's stock has delivered strong returns for investors, with a year-to-date gain of over 40%, but repurchases are paused due to recent price swings.