Chevron, Exxon report lowest annual profits as Chevron highlights Venezuela potential

Chevron and Exxon Mobil reported their lowest annual profits in years on Jan. 30, 2026, and Chevron’s finance chief praised Venezuela’s oil assets as the companies prepared conference calls to discuss their 2025 results later that morning. Chevron’s chief financial officer, Eimear Bonner, said in an interview that “the resource is very promising, and the fields do have a lot of room,” and reiterated a comment that Chevron was prepared to increase production in Venezuela by 50 percent in the next two years under the right conditions.

She said the company would need additional authorizations beyond those that exist today, which permit it to produce 250,000 barrels a day from the venture and get its debt repaid. The Trump administration has been urging U.S. oil companies to invest at least $100 billion in Venezuela after American forces removed the country’s president, Nicolás Maduro, in early January.

Venezuela’s National Assembly approved legislation that would give foreign oil companies more control over operations and potentially reduce what they owe in royalties and taxes; Ms. Bonner said she would review the details and called the move a potential sign the country was “stepping toward being more competitive.” Lower oil prices weighed on earnings: Exxon’s profit fell about 14 percent to $28.8 billion, its lowest since 2021, with fourth-quarter net income down about 15 percent to $6.5 billion.

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