Chevron's CEO Mike Wirth stated that Venezuela has made positive strides in protecting investments by private oil companies.
These changes come in the wake of the Trump administration's actions against former President Nicolás Maduro. On Thursday, Venezuela passed new reforms to its hydrocarbon law, which reduce state control over the oil sector and provide private producers with more autonomy.
Chevron operates as the only U.S. oil major in Venezuela, thanks to a special license from the Treasury Department. The company currently produces around 250,000 barrels of oil per day in collaboration with Petróleos de Venezuela (PDVSA), the state oil company.
Wirth noted that Chevron is assessing the new legislation and emphasized that security of contracts, commercial stability, and regulatory predictability are crucial for attracting investment in the country.
Wirth also mentioned that Chevron could boost its production in Venezuela by up to 50% over the next 18 to 24 months, pending authorization from the U.S. government.
He highlighted that Chevron has maintained its operations in Venezuela even when other companies withdrew, which has positioned them favorably in the market. "We see Venezuela taking steps in a positive direction to address those issues, which will encourage investment," Wirth said in an interview with CNBC.
On Friday, Chevron reported its fourth-quarter earnings, surpassing Wall Street estimates. The company achieved a 12% increase in global production and a 16% rise in U.S. production during 2025, reaching record levels.
Following the earnings report, Chevron shares rose by 1.4%, and the stock has gained nearly 14% since the start of the year, outperforming the broader market.
While Chevron is optimistic about its prospects in Venezuela, competitor Exxon Mobil has expressed caution about returning to the country.
Exxon CEO Darren Woods has previously described Venezuela as "uninvestable" due to past asset seizures. He stated that investment in the country would require a transition to democracy to be viable. Meanwhile, President Donald Trump is urging the oil industry to invest at least $100 billion to rebuild Venezuela's energy sector.
