CVX · 10-Q · 2026Q3 · Full report

Venezuela Investment Conditions

CHEVRON CORP · 2026-11-05 · Importance 40 · Surprise 42 · In source text

Chevron conducts its Venezuela activities through the Petroboscan, Petropiar and Petroindependencia joint ventures, subject to U.S. government authorizations and sanctions. Effective September 1, 2026, it began applying the equity method to these investments, reflecting enhanced fiscal, commercial and legal terms intended to support durable, competitive long-term investments. Chevron said the change would not significantly affect the amount or timing of earnings recognition, while future earnings and cash flows will depend on commodity prices, operating performance, distributions and other risks. Separately, the filing reported improved commercial terms and expanded acreage, supporting potential production growth of more than double over the next five years.

Key facts

• Chevron improved Venezuela commercial terms and expanded acreage, supporting future investments and the potential to more than double production over the next five years. source
• Chevron’s future Venezuela earnings and cash flows will be affected by commodity prices, operating performance, distributions and other disclosed risk factors. source
• Chevron’s Venezuela operations are conducted through the Petroboscan, Petropiar and Petroindependencia joint ventures, subject to U.S. government authorizations and sanctions. source
• Effective September 1, 2026, Chevron began equity-method accounting for its Venezuela investments, recognizing its share of affiliate earnings, production and reserves; the change is not expected to significantly affect the amount or timing of earnings recognition. source

Impact estimates