Chevron’s long stay in Venezuela could give it an edge if access opens

Chevron may be well positioned to benefit from recent shifts in Venezuela after President Trump reversed course over the summer and, the Times said, U.S. forces captured President Nicolás Maduro over the weekend in Caracas and increased pressure for the country to welcome U.S. energy investment.

The company was the last major U.S. oil firm still producing in Venezuela, operating for years under short-term exemptions from U.S. sanctions even after peers like Exxon Mobil and ConocoPhillips left. Chevron is the only U.S. oil company with federal authorization to export oil from Venezuela and its decision to accept an equity stake under a 2006 contract—rather than walk away—has set it apart, current and former executives told The Times.

Investors reacted positively: Chevron shares rose more than 5 percent on Monday while service companies such as SLB and Weatherford jumped about 9 percent, the article said. Chevron has said it continued to operate "in full compliance with all relevant laws and regulations," and declined to make CEO Mike Wirth available for comment on Monday.

Any meaningful increase in Venezuelan oil output would likely take years and tens of billions of dollars, the Times noted. U.S.

Key Topics

Business, Chevron, Venezuela, Mike Wirth, Nicolás Maduro, Us Sanctions