CVX · News · 20260921N
Venezuela Upstream Expansion
CHEVRON CORP · 2026-09-21 · Importance 89 · Surprise 82 · In source text
U.S. oil imports from Venezuela reached 782,000 barrels per day in the week ending September 11, a nine-year high and a 237% increase over the prior six months. Chevron plans to invest $7 billion over five years to more than double Venezuelan production to 600,000 barrels per day, with reported production costs below $20 per barrel. Chevron’s U.S. refineries are described as well-suited to process Venezuela’s heavy crude, potentially strengthening its position as Venezuelan supply returns to the U.S. market.
Key facts
- Chevron plans to invest $7 billion over five years to more than double its Venezuelan production to 600,000 barrels per day. source
- Chevron expects Venezuelan production at costs below $20 per barrel as part of its plan in Venezuela. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | probable | -1.1% | Chevron plans to invest $7 billion over five years to more than double its Venezuelan production to 600,000 barrels per day. |
| assets | positive | probable | +1.1% | Chevron plans to invest $7 billion over five years to more than double its Venezuelan production to 600,000 barrels per day. |
| revenue | positive | probable | — | Chevron plans to invest $7 billion over five years to more than double its Venezuelan production to 600,000 barrels per day. |