Chevron Bets Big on Venezuela, Invests Over $7 Billion in Crude Oil Expansion

Chevron's stock price has surged after the company announced plans to invest over $7 billion in Venezuela, with the goal of increasing crude oil production to around 600,000 barrels per day within five years.

The investment will be spread across Chevron's three joint ventures in Venezuela, which have already seen a 15% increase in output this year. The company aims to maintain costs below $20 per barrel, a key factor in determining the profitability of its operations.

Chevron has been producing around 290,000 barrels per day in Venezuela since 1923 and is now looking to expand its presence in the country's oil-rich Orinoco Belt. The company reported adjusted earnings per share (EPS) of $6.06 for the second quarter of 2026, a significant improvement from the same period last year.

The stock price has reached a fresh 52-week high, with Chevron trading at around $211.05 on September 1, 2026, giving it a market capitalization of over $416 billion.