Chevron Corp. (NYSE:CVX) is in discussions with the Trump administration amid growing pressure from top Republican officials for the company to leave Venezuela. Secretary of State Marco Rubio and other foreign-policy advocates argue that Chevron’s operations are financially supporting President Nicolás Maduro’s regime, enabling it to maintain power and suppress civil rights. In 2024, Chevron produced approximately 20% of Venezuela’s oil, moving closer to Maduro’s goal of reaching 1 million barrels per day. Despite U.S. sanctions against the Maduro government, Chevron remains the only major oil company with a waiver to operate in Venezuela.
“We are in contact with the current administration,” Chevron CEO Mike Wirth said during an interview on Bloomberg Television. “We work closely with the government to understand their objectives and limitations.”
Chevron recently announced plans to grow its free cash flow by $6 billion to $8 billion by next year, alongside cutting costs by a couple of billion dollars. The company expects these improvements through the launch of new oil production projects in Kazakhstan and growth in U.S. shale and offshore Gulf of Mexico operations.
In the Gulf of Mexico, Chevron projects oil production will rise to 300,000 barrels per day by 2026, up from 200,000 last year. In August, Chevron began producing oil from a pioneering deepwater field in the U.S. Gulf, under extreme pressures. At its peak, the field is expected to produce 75,000 barrels per day, with two more offshore projects in development.
Meanwhile, Chevron is working to close the gap with Exxon Mobil Corp. (NYSE:XOM) through the acquisition of Hess Corp. (NYSE:HES). Hess CEO John Hess expressed confidence in the $53 billion sale, saying at the Goldman Sachs Global Energy, Clean Technologies & Utilities Conference, “We’re very confident that the merger is going to go through, and we’re getting prepared for that.”
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