Chevron Stock Surges as Venezuela Production Plans Unfold
Chevron Corporation's stock has hit a 52-week high as the company continues to make progress on various fronts. Chief Financial Officer Eimear Bonner spoke at the Barclays 40th Annual Energy-Power Conference, highlighting the company's growth prospects.
One of the key areas of focus for Chevron is Venezuela, where it aims to increase production from 280,000 barrels per day to 600,000 barrels per day by around 2031. The expansion comes as the Trump administration opens up opportunities for US participation in developing Venezuela's oil resources. Chevron plans to invest $7 billion over five years and expects to more than double its rig count.
Bonner noted that the assets in Venezuela have total costs of less than $20 per barrel, making them an attractive proposition. She also mentioned that the company does not expect major infrastructure projects to support the planned production increase.
Chevron is also shifting its focus from growth to cash flow in the Permian Basin after reaching 1 million barrels per day in production. Bonner said the company is drilling twice as fast as it did two years ago and has guided a 25% reduction in capital expenditure intensity in 2026 compared to 2025.