Chevron CEO says Venezuela taking positive steps to protect oil investment
Strip Venezuela’s private oil companies have taken positive steps to protect their investments since the Trump administration captured former President Nicolás Maduro, CEO Mike Wirth said Friday.
Venezuela passed on Thursday reforms in hydrocarbon law This eases state control over the oil industry and gives greater autonomy to private producers.
Chevron is still reviewing the legislation, Wirth said. Security of contracts, trade stability and regulatory predictability are key to attracting investment to Venezuela, the CEO said.
“We’re seeing Venezuela taking steps in a positive direction to address these issues that will encourage investment, not just from a company like us, but also from other companies that I think are taking advantage of the opportunities there,” Wirth told CNBC’s “Squawk on the Street” in an interview.
Chevron is the only U.S. oil giant operating in Venezuela with a special license issued by the Treasury Department. It currently produces about 250,000 barrels of oil per day through joint ventures with the state oil company Petróleos de Venezuela, or PDVSA.
Wirth said Friday that Chevron could increase production in Venezuela by up to 50% in the next 18 to 24 months if it gets permission from the U.S. government.
Wall Street largely sees Chevron as the US oil company positioned to best benefit from US military intervention in Venezuela due to its presence in the country and its relationship with PDVSA.
“We stayed when there were no others left,” Wirth said. “We are repaying some of our debts and this gives us a significant advantage. Moreover, the country has tremendous long-term potential.”
The security situation is mostly stable where Chevron operates, although there are less secure areas of Venezuela, the CEO said.
“We have good, strong security protocols and security protocols in the country,” Wirth said. “And our operations continued uninterrupted throughout this entire period.”
Chevron on Friday reported fourth-quarter earnings that beat estimates. The oil giant increased its production by 12% worldwide and 16% in the USA in 2025, reaching record levels.
While Chevron is ready to increase production, rival ExxonMobil He is hesitant to return to Venezuela because his assets have been confiscated twice in the past. Exxon CEO Darren Woods called the country uninvestable. He told CNBC on Friday that the country must transition to democracy for the investment to be meaningful.
President Donald Trump is pressuring the oil industry to invest at least $100 billion to rebuild Venezuela’s energy sector.
Chevron shares traded up 1.4% after the results were announced. The stock has increased by approximately 14% since the beginning of the year, outperforming the overall market.
