CVX
Chevron Corp. (CVX)
212.76
+1.99% (+4.16)
Market read
Chevron is committing new capital to sharply expand Venezuelan output rather than holding steady. This signals confidence in sustaining Venezuela operations through 2031, with production reportedly profitable even below $20 per barrel.
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Chevron will invest more than $7 billion in Venezuela over five years to more than double its oil production there to about 600,000 barrels per day, up from 290,000 bpd, Reuters reported.
Chevron is committing new capital to sharply expand Venezuelan output rather than holding steady. This signals confidence in sustaining Venezuela operations through 2031, with production reportedly profitable even below $20 per barrel.
OilPrice·09/03, 01:31 AM
Low impactChevron will invest more than $7 billion in Venezuela over five years to more than double its oil production there to about 600,000 barrels per day, Reuters reported.
Bloomberg·09/02, 05:16 PM
Low impactChevron reached a deal for two fields in Venezuela's Orinoco Belt, with the Chevron Venezuela joint venture set to invest over $7 billion over five years.
FirstSquawk·09/01, 11:39 PM
Low impactA U.S. official said Chevron will announce expanded operations in Venezuela.
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