Chevron's Operations in Venezuela

By Georgina McCartney

HOUSTON (Reuters) – Chevron (NYSE:CVX), the only U.S. oil producer now operating in Venezuela, has not discussed its operations with President-elect Donald Trump's team, according to CEO Michael Wirth.

In 2019, the first Trump administration imposed extensive sanctions on the state-owned oil company Petroleos de Venezuela to reduce oil exports and induce a government change. However, Chevron has been permitted since 2022 to export oil to recover unpaid dividends from its joint venture partners.

Wirth noted Chevron's intent to align with U.S. policy regarding Venezuela while aiming for improved prospects for the Venezuelan people, stating, "We are trying to hang in there, work with our government."

He highlighted the risk of losing operations to foreign entities, particularly from Russia and China, if Chevron were to exit Venezuela.

The easing of sanctions for Chevron and other companies occurred under President Joe Biden, creating uncertainty regarding the next administration's approach.

Recently, Chevron exported 238,000 barrels per day of oil to the U.S. from Venezuela under authorization from the Biden administration.