Stocks
Chevron Poised to Gain from US-Venezuela Oil Deal
A deal between the US and Venezuela could benefit Chevron significantly.
The company has operations in Venezuela, unlike other American oil majors that left after the Bolivarian Revolution of 1999.
Chevron's operations account for about one-fourth of Venezuelan oil production, and the country has the largest proven crude oil reserves at 303 billion barrels.
The company recently reported net income of $12 billion for the second quarter, nearly 400% higher than the year-ago quarter, with refining profit soaring from $737 million to $4.9 billion.
Chevron's CEO Mike Wirth stated that the company can process an additional 100,000 barrels per day of Venezuelan crude at its Pascagoula, Mississippi, refinery.