Chevron Corp. will finance the expansion of its Venezuelan oil operations using cash generated from local sales. The company will not inject new capital into the country.
CFO Eimear Bonner aims to increase Venezuelan production by 50% over the next two years. This plan requires further authorizations from the U.S. Treasury. The self-funding model safeguards cash and manages operational risks.
This strategy capitalizes on Chevron’s unique position as the only major U.S. oil company operating in Venezuela. Avoiding new capital mitigates risks tied to Venezuela's history of nationalizing oil assets.
This strategic update follows the recent fourth-quarter earnings report. That report highlighted record production levels and a positive growth outlook.