Chevron Eyes 50% Venezuelan Output Growth by 2028 Amid Middle East Conflict

Chevron's Venezuelan output has been steadily increasing, reaching a gross joint-venture production of approximately 280,000 barrels per day (b/d) in the first half of 2026. This represents a 15% increase over the preceding six-month period and encompasses output from all three of Chevron's active partnerships with PDVSA.

However, investors should note that Chevron's direct financial exposure and earnings contribution is governed by its equity share, which is estimated to be around 50,000-90,000 b/d. The company's CEO-level commentary suggests that output has approximately doubled from the recovery baseline of 2022.

Chevron participates in three distinct joint ventures with PDVSA across approximately 74,000 oil and gas acres in Venezuela. This acreage concentration gives Chevron a structurally unique upstream footprint in one of the world's most geopolitically sensitive basins.