Chevron is reportedly discussing an expansion of its operating license in Venezuela with the U.S. government. The company aims to increase crude exports both to its own refineries and to third-party buyers.
This move follows a major U.S. military operation in Venezuela. Separately, President Trump announced that Venezuela will hand over up to 50 million barrels of oil to the United States. Chevron is the only major U.S. oil producer currently active in the country, positioning it uniquely to capitalize on the new geopolitical landscape.
The news follows a volatile week for Chevron’s stock. Shares initially surged on the prospect of increased access to Venezuelan oil. However, the stock declined as investors weighed the immense capital investment required to rebuild the country's dilapidated energy infrastructure.
U.S. oil executives, including representatives from Chevron, are expected to meet with the White House soon to discuss potential investments.