Stocks
Chevron Self-Funds Venezuelan Oil Expansion
Chevron Corp.'s $7 billion expansion in Venezuela will be funded by profits from crude produced and sold, according to CEO Mike Wirth.
The oil giant plans to double production to over 600,000 barrels a day within five years, with the three Venezuelan joint ventures expected to cover costs without outside investment.
The announcement was made at the University of Texas' Energy Symposium in Austin on Friday. Chevron aims to nearly double its current production levels in Venezuela by 2031.