Chevron Stock Rises on Plans for Expanded Operations in Venezuela

Chevron's stock is up 2% on September 1 after reports emerged that the company plans to expand its operations in Venezuela. Chevron executives and U.S. Energy Secretary Chris Wright are set to visit Venezuela on September 2, where they will formally announce new investments and an expansion of Chevron's presence in the country.

Chevron is under pressure from the Trump administration to grow its operations in Venezuela, which holds the world's largest proven oil reserves at 303 billion barrels. The company already operates three oil fields in Venezuela and may add two more, according to speculation.

The expansion of Chevron's operations in Venezuela comes as the U.S. has reached a deal to gain access to 65 billion barrels of oil from the country. Trump has urged U.S. oil companies to help revitalize Venezuela's energy industry after capturing and displacing President Nicolás Maduro earlier this year.

Chevron's stock has a consensus Strong Buy recommendation among Wall Street analysts, with an average price target of $216.50 implying 3% upside from current levels.