Chevron Corporation (NYSE:CVX) is targeting a sharp increase in Venezuela production while squeezing more cash from its U.S. shale operations and pursuing new growth opportunities in the Middle East and power generation.
Speaking Tuesday at the Barclays 40th Annual Energy-Power Conference, Chief Financial Officer Eimear Bonner said Chevron’s portfolio is “bigger, better and stronger than we’ve ever been.”
Venezuela Production Could More Than Double
Chevron currently produces about 280,000 barrels of oil per day in Venezuela and expects output to reach 600,000 barrels per day around 2031.
The expansion comes as the Trump administration opens the door to greater U.S. participation in developing Venezuela’s vast oil resources.
