Chevron (CVX) to Invest $7B in Venezuela Over 5 Years

Chevron (CVX) plans to invest $7 billion in Venezuela over five years, targeting production of more than 600,000 barrels per day at costs below $20 per barrel. U.S. imports of Venezuelan crude have surged 237% over the past six months to 782,000 barrels per day, the highest weekly total since 2017. This increase reflects a recovering Venezuelan oil industry and creates direct opportunities for Chevron. With total revenue of $70 billion in Q2, up 56% year-over-year, and earnings of $12 billion, Chevron's strong financial position supports this expansion.

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