Chevron said on Friday that it sees strong long‑term potential in Venezuela, noting that its production in the country could rise by as much as 50% from the current 250,000 b/d within the next 18 to 24 months — provided the Trump administration grants further approvals.
The U.S. oil major fell short of Wall Street’s revenue target in the fourth quarter of 2025, reporting $46.87bn against expectations of $47.15bn. Even so, output received a significant lift thanks to the integration of Hess and operational ramp‑ups in the Permian Basin and the Gulf of America.
Profits declined year‑on‑year during the quarter, though they still came in ahead of analyst estimates, as Chevron grappled with lower oil prices and sharpened its focus on cutting operating costs. Globally, the company’s oil production grew by 12% in 2025, reaching 3.72m boe/d. A further increase of between 7% and 10% is expected in 2026, with much of that growth anticipated from Guyana and the Eastern Mediterranean.
Chevron remains uniquely positioned among U.S. oil companies to benefit from Washington’s intervention in Venezuela. It has operated there for more than 100 years and is currently the only American oil major active in the country under a special licence issued by the U.S. Treasury Department.
The Venezuelan government expects oil production to grow by 18% to 1.2m b/d in 2026, while also aiming for $1.4bn in fresh investments. But industry analysts suggest getting there won’t be a smooth walk.
Ayomide Anifowose, energy business intelligence executive at Inter-Atlas Synergy Limited said: “Moving from 900k to 1.1-1.2mbpd is possible but still sticky in my opinion. The ethos is that unlocking the investment is a very important element and we are not seeing majors commit to the level where that low-hanging fruit can be plucked.”
“So I don’t know if we can see reasonable gains in Venezuela as people expect because everything is hinged on attracting real FDI over a period of time to return them back to 2.5-3mbpd.”