Chevron Invests $7B in Venezuelan Joint Venture

Chevron Corporation has announced an expansion of its Venezuelan joint venture, which could potentially more than double oil production in the country.

The company plans to invest over $7 billion over the next five years in the project, aiming for a sub-$20 per barrel cost.

In its Q2 results, Chevron reported robust financials, with non-GAAP EPS of $6.06 and revenue of $70 billion, up 56% year-over-year.

The company's technicals and valuation remain attractive, according to the analyst who reiterated a buy rating on CVX and raised their price target while maintaining a tighter margin of safety.