CVX · 8-K · 20261030PR000196

Venezuela Upstream Expansion

CHEVRON CORP · 2026-10-30 · Importance 77 · Surprise 82 · In source text

Chevron’s Venezuela joint ventures plan to invest $7 billion over the next five years. The company said improved commercial terms and expanded acreage support potential production growth of more than double over that period. International Upstream earnings included higher liftings in Venezuela, and third-quarter results included one month of Venezuela production following a switch to equity accounting. The planned investment is a material multiyear capital commitment, although the release does not quantify Chevron’s share of the joint-venture spending.

Key facts

• Chevron’s joint ventures in Venezuela plan to invest $7 billion over the next five years, with the goal of unlocking low-cost, high-return, long-duration production growth. source
• Chevron expanded its acreage in Venezuela and improved commercial terms, supporting future investment and the potential to more than double production over the next five years. source
• Chevron’s international upstream earnings were higher than a year earlier partly because of higher realizations and higher liftings in Venezuela. source

Impact estimates