Chevron has begun processing its first shipment of heavy Venezuelan crude at the Pascagoula refinery, following recent political shifts in the region. Despite this operational milestone, shares fell 1.84% to $182.40 on February 12, tracking a broader decline in the energy sector.
- The refinery is currently processing 50,000 barrels per day, with the capacity to triple that volume across U.S. operations.
- CEO Mike Wirth projects a 50% production increase in Venezuela over the next two years as land grants expand.