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Chevron
on Friday reported fourth-quarter earnings that beat Wall Street estimates as record oil production offset the pinch of lower crude prices. Last year, oil logged its biggest annual price decline since 2020.
Chevron could be poised to grow its production even further this year in the wake of a U.S. military intervention in Venezuela that removed President Nicolas Maduro and effectively seized control of the South American nation’s oil industry.
Chevron is the only U.S. oil major operating in Venezuela under a special license issued by the U.S. Treasury Department. It said Friday it can ramp up production in Venezuela by 50% over the next 18 to 24 months.
