Chevron signals caution on Venezuela investment despite output gains

Published: 2026-05-06 03:45:12 ET CVX

Published on 05/06/2026 at 03:45 am EDT

Chevron Corp. is holding back on additional investment in Venezuela, saying it needs clearer signs of progress before committing more capital to the country, El Periódico de la Energía reported.

Chief Executive Officer Mike Wirth said that while there have been “positive development indicators”, uncertainties remain around fiscal conditions and dispute resolution mechanisms.

Speaking during an earnings call, Wirth noted that the company is continuing to reinvest cash flow from its Venezuelan operations to sustain them, but stopped short of signalling new capital commitments. “We need to see more progress before we put more capital to work,” he said.

Chevron remains the only US oil major that stayed in Venezuela after other companies exited in 2007 when the government required majority stakes in Orinoco Belt projects. The group has maintained its joint ventures with state oil company PDVSA since then.

The company’s cautious stance comes as US authorities have encouraged energy firms to expand activity in Venezuela following political developments earlier this year. In mid-April, Chevron signed an asset swap with the government, enabling it to increase its presence in key oil-producing regions.

Venezuela’s oil output has shown signs of recovery, exceeding 1mn barrels a day in March, with nearly a quarter linked to Chevron’s joint ventures with PDVSA. Even so, the company’s position highlights lingering concerns over the investment climate.