Chevron Funds Venezuela Investment With Existing Operations Cash

Chevron's planned $7 billion investment in Venezuela will be funded entirely by cash generated from its existing operations, not new external capital. According to CEO Mike Wirth, the US oil major will 'live entirely within the means' of its current joint ventures in the country. This approach allows Chevron to avoid seeking outside funding for the significant investment.

The move is significant as it underscores the company's confidence in its existing operations in Venezuela. By relying on internal cash flow, Chevron can maintain control over its investments and ensure that they align with its overall strategy. Wirth made the comments at a University of Texas at Austin energy conference.