Chevron's Patience Pays Off with Venezuela Deal

Chevron's decision to remain in Venezuela for over 20 years has proven to be a major competitive advantage. While ExxonMobil and ConocoPhillips left the country in 2007 after their assets were nationalized, Chevron stayed put.

CEO Mike Wirth attributed this patience to his long-term strategy: 'You have to hang in there until all the conditions come together: the technology, the economics, the markets, the politics.'

This persistence has paid off with a new deal that will significantly expand Chevron's operations in Venezuela. The agreement, which positions the oil giant to double its output over the next five years, includes enhanced fiscal, commercial, and legal terms that support durable, competitive long-term investments.

Chevron will receive more acreage in the Orinoco Belt and its joint ventures will be granted additional resources. This will enable the company to increase production by 50% by the end of 2028, from its recent rate of 280,000 barrels per day.