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Chevron Corporation

Chevron Corporation

$CVX
NYSEEnergy

356 stories mentioning Chevron CorporationUpdated 1d ago

Chevron in focus as Moody's flagged windfall earnings for major oil producers from a Hormuz closure, while US-Iran peace news moved energy shares.

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Recent broker actions mentioned in FINWIRES coverage. Compiled from wire headlines; not investment advice.

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Sectors

Sector Update: Energy Stocks Mixed Late Afternoon

Energy stocks were mixed late Friday afternoon, with the NYSE Energy Sector Index down 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.3%.The Philadelphia Oil Service Sector Index fell 0.3%, and the Dow Jones US Utilities Index shed 0.3%.Front-month West Texas Intermediate crude oil fell 1.9% to $100.51 a barrel, and the global benchmark Brent crude contract dropped 2.6% to $104.87 a barrel. Henry Hub natural gas futures were steady at $2.83 per 1 million BTU.In sector news, the White House is mulling ways it can use the Defense Production Act to expand US oil refining capacity, Reuters reported. The suggestion to use the act occurred in a recent meeting between President Donald Trump and nearly a dozen US refiners, the report said, citing sources, who added that no final decisions were made and that participants expected conversations to continue.In corporate news, Chevron (CVX) CEO Mike Wirth said oil buffers that curbed the rise in crude prices since the start of the US-Iran war are depleted, and the conflict may drive prices higher in the coming months, Reuters reported Friday, citing his speech at an energy conference in Austin, Texas. "I think the risks remain to the upside over the next few months," Wirth said, according to the report. Chevron shares were up 0.7%.Venture Global (VG), Cheniere Energy (LNG), and Woodside Energy (WDS) are included in a group of companies that are in talks with QatarEnergy for liquefied natural gas contracts aimed at replacing capacity in the Ras Laffan facility damaged by Iranian attacks, Reuters reported. Venture shares rose 1.8%, Cheniere added 0.2%, and Woodside was down 1.4%.TotalEnergies (TTE) said it has agreed to acquire Plastic Energy's 35% stake in the Grandpuits plastics recycling plant in France, making it the sole owner of the facility. Shares were up 0.5%.Shell (SHEL) disclosed Thursday that it has acquired 100% of Hunlock Creek Generating, which owns 169 megawatts of natural gas-fired generation capacity in Pennsylvania. Shell also disclosed it has agreed to sell interests in RISEC, which owns a 609-MW, two-unit combined cycle gas turbine power plant in New England, to Constellation Energy (CEG), for $715 million. Shell shares added 0.6%, and Constellation was down 0.5%.

$CEG$CVX$LNG$SHEL$TTE$VG$WDS
Sectors

Sector Update: Energy

Energy stocks were mixed late Friday afternoon, with the NYSE Energy Sector Index down 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.3%.The Philadelphia Oil Service Sector Index fell 0.3%, and the Dow Jones US Utilities Index shed 0.3%.Front-month West Texas Intermediate crude oil fell 1.9% to $100.51 a barrel, and the global benchmark Brent crude contract dropped 2.6% to $104.87 a barrel. Henry Hub natural gas futures were steady at $2.83 per 1 million BTU.In corporate news, Chevron (CVX) CEO Mike Wirth said oil buffers that curbed the rise in crude prices since the start of the US-Iran war are depleted, and the conflict may drive prices higher in the coming months, Reuters reported Friday, citing his speech at an energy conference in Austin, Texas. "I think the risks remain to the upside over the next few months," Wirth said, according to the report. Chevron shares were up 0.7%.

$CVX
Commodities

Chevron CEO Reportedly Flags Shrinking Oil Market Buffers, Says Venezuela Expansion Will Self-Fund

Chevron (CVX) Chief Executive Officer Mike Wirth said the company expects its $7 billion Venezuela expansion to rely on local oil profits as global crude markets lose supply buffers, according to multiple media reports on Friday.Speaking at the University of Texas' Energy Symposium in Austin Friday, Wirth said Chevron plans to raise Venezuelan output above 600,000 barrels per day within five years."We'll live within the means of those ventures ability to generate cash, not bring in cash from the outside," Wirth said.Wirth said Chevron would need clearer evidence of a stronger investment climate before committing funds from its central balance sheet, with elections among the key factors.Meanwhile, global oil markets have drawn down commercial inventories that provided a cushion earlier this year, while China is increasing imports after relying on strategic reserves, Wirth said.US crude prices topped $100 per barrel earlier this week before easing to about $98/bbl Friday, and Wirth said he sees little reason for prices to retreat quickly."Those have largely now played out," he said, referring to the market's supply buffers.Chevron did not immediately reply to' request for comment.Price: $213.82, Change: $+1.06, Percent Change: +0.50%

$CVX
Sectors

Sector Update: Energy Stocks Advance Friday Afternoon

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index up 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) gaining 0.4%.The Philadelphia Oil Service Sector Index was decreasing 0.9%, and the Dow Jones US Utilities Index was 0.2% higher.Front-month West Texas Intermediate crude oil fell 2.4% to $100.05 a barrel, and the global benchmark Brent crude contract dropped 2.5% to $104.92 a barrel. Henry Hub natural gas futures shed 1% to $2.81 per 1 million BTU.In sector news, the White House is mulling ways it can use the Defense Production Act to expand US oil refining capacity, Reuters reported. The suggestion to use the act occurred in a recent meeting between President Donald Trump and nearly a dozen US refiners, the report said, citing sources, who added that no final decisions were made and that participants expected conversations to continue.In corporate news, Chevron's (CVX) $7 billion expansion in Venezuela will be funded with cash generated from the country, Bloomberg reported, citing CEO Mike Wirth as saying at the University of Texas' Energy Symposium in Austin. Shares were up 0.6%.Venture Global (VG), Cheniere Energy (LNG), and Woodside Energy (WDS) are included in a group of companies that are in talks with QatarEnergy for liquefied natural gas contracts aimed at replacing capacity in the Ras Laffan facility damaged by Iranian attacks, Reuters reported. Venture shares rose 3%, Cheniere added 0.5%, and Woodside was down 1.5%.TotalEnergies (TTE) said it has agreed to acquire Plastic Energy's 35% stake in the Grandpuits plastics recycling plant in France, making it the sole owner of the facility. Shares were up 0.4%.

$CVX$LNG$TTE$VG$WDS
Wire

Market Chatter: Chevron CEO Says Dwindling Oil Buffers May Push Prices Up

Chevron (CVX) CEO Mike Wirth said oil buffers that curbed the rise in crude prices since the start of the US-Iran war are depleted, and the conflict may drive prices higher in the coming months, Reuters reported Friday, citing his speech at an energy conference in Austin, Texas."I think the risks remain to the upside over the next few months," Wirth said, according to report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $213.94, Change: $+1.18, Percent Change: +0.55%

$CVX
Sectors

Sector Update: Energy

Energy stocks were slightly higher Friday afternoon, with the NYSE Energy Sector Index rising 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.3%.The Philadelphia Oil Service Sector Index was decreasing 0.9%, and the Dow Jones US Utilities Index was fractionally higher.Front-month West Texas Intermediate crude oil fell 2.4% to $100.05 a barrel, and the global benchmark Brent crude contract dropped 2.5% to $104.92 a barrel. Henry Hub natural gas futures shed 1% to $2.81 per 1 million BTU.In corporate news, Chevron's (CVX) $7 billion expansion in Venezuela will be funded with cash generated from the country, Bloomberg reported, citing CEO Mike Wirth as saying at the University of Texas' Energy Symposium in Austin. The company's plan to double production to over 600,000 barrels per day over the next five years will be funded by its three joint ventures in the country, the report said. Chevron shares were up 0.5%.

$CVX
Wire

Market Chatter: Chevron CEO Says Venezuela Oil Sales to Fund Expansion in Country

Chevron's (CVX) $7 billion expansion in Venezuela will be funded with cash generated from the country, Bloomberg reported Friday, citing CEO Mike Wirth as saying at the University of Texas' Energy Symposium in Austin.The company's plan to double production to over 600,000 barrels per day over the next five years will be funded by its three joint ventures in the country, the report said.Chevron did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $214.02, Change: $+1.26, Percent Change: +0.59%

$CVX
Commodities

Market Chatter: Chevron to Double Oil Rigs, Invest $7 Billion in Venezuela to Boost Production

Oil supermajor Chevron (CVX) plans to double the number of oil rigs it operates in Venezuela and to invest $7 billion over a five-year period to boost production to 600,000 barrels per day by the early 2030s, Chief Financial Officer Eimear Bonner said at a conference Tuesday.The company intends to more than double its Venezuelan output from the current level of 280,000 b/d, Bonner said, based on a conference transcript by Seeking Alpha. After the rise, production is expected to plateau between 600,000 b/d and 700,000 b/d, with the plateau period extending from five to ten years due to a large resource base.There will be no major capital project required to increase production, as the company's infrastructure in the country remains in "great" shape after Chevron started executing maintenance and asset integrity programs almost three years ago, Bonner told the conference organized by Barclays.Bonner also highlighted that the company was able to negotiate with Venezuela regarding new terms, stronger legal provisions, and the right to international arbitration, which gives Chevron the competitiveness and assurance it needs for long-term investments. Chevron has three joint ventures in the country, including Petroindependencia, Petropiar, and Petroboscan.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$CVX
Oil & Energy

Venezuela Faces Long Road to Recovery Despite Chevron, Eni Investment Plans, RBC Says

Venezuela's oil industry is set for a gradual recovery rather than a rapid production surge, even as Chevron (CVX) and Eni (E) commit billions of dollars to revive output in the OPEC member, RBC Capital Markets strategists said in a note on Thursday.Chevron plans to invest about $7 billion over the next five years through its Venezuelan joint ventures, including development of two fields in the Orinoco Belt. The investment is intended to help the US major double its Venezuelan crude production to about 600,000 barrels per day.Italian energy major Eni is also preparing to begin drilling in the Junin 5 block as soon as this week, marking another significant step in the return of foreign capital to Venezuela's oil sector.The commitments are among the largest foreign investments in Venezuela's energy industry in years and align with the Trump administration's push to increase the country's crude production and improve access to its resources.However, RBC analysts said the scale of the challenge means the investments are unlikely to translate into a substantial increase in national production in the near term.Venezuela would need tens of billions of dollars in investment over a decade to return to production levels reached around the turn of the century. The analysts said years of mismanagement at state oil firm PDVSA and deterioration of the country's oil infrastructure remain major obstacles.RBC said that Chevron and Eni have an advantage over potential newcomers because both maintained operations in Venezuela during the latter years of the Maduro government, thanks to US sanctions waivers.However, RBC noted other major oil companies that once had a significant presence in the country may remain reluctant to return, amid concerns over political stability and the recovery of capital and debt.RBC expects Venezuelan crude production to increase by about 110,000 b/d in 2026 and another 245,000 b/d in 2027, suggesting a modest upward trajectory rather than an immediate supply surge.Meanwhile, crude and commodity shipping via the Strait of Hormuz is increasingly moving out of sight as vessels respond to security risks in the region.RBC said that about 71% of commodity-linked vessels transiting the strait in August either switched off their automatic identification systems or otherwise used unknown routes.The consultancy said that compares with about 63% in July and about 45% during the period covered by the memorandum of understanding.The increase in so-called dark transits comes as Iran continues to threaten vessels that violate its restrictions, while shuttle operations may also have contributed to the shift toward less visible shipping patterns.Traffic patterns also shifted in August, with the Iranian route accounting for a larger share of traffic month-on-month, while the portions using Omani and International Maritime Organization routes declined.RBC said that the growing use of dark transits underscores how security concerns are reshaping energy flows through the Strait of Hormuz, even as shipping activity continues.Price: $212.37, Change: $+0.59, Percent Change: +0.28%

$CVX$E
Oil & Energy

Ghana, Shell, Chevron Sign Deal to Advance South Deepwater Tano Exploration

Ghana has signed a memorandum of understanding with Shell (SHEL), Chevron (CVX) and state-owned petroleum entities to advance exploration and appraisal work on the South Deepwater Tano block, Ghana National Petroleum said in a social media post on Thursday.The block, located offshore, is estimated to hold over 3 billion barrels of hydrocarbon potential, according to Ghana National Petroleum, also known as the GNPC.The agreement brings together the Government of Ghana, GNPC Ghana, GNPC Explorco, Shell Overseas Holdings and Chevron Sub-Saharan Africa Ventures.The block covers about 3,482 square kilometers in the deep-to-ultra-deepwater Tano Basin off Ghana's Western Region, with water depths reaching nearly 3.5 kilometers. The conditions are expected to make exploration technically complex and capital-intensive, African Economy Inc. reported.South Deepwater Tano already contains a confirmed oil discovery. AGM Petroleum drilled the Nyankom-1X well in 2019, encountering oil in two reservoirs, before relinquishing its interest in the block in 2023.Under the new framework, Shell, Chevron, GNPC and GNPC Explorco will undertake further appraisal of the discovery and assess the block's broader oil and gas potential. The MoU provides for additional technical and commercial evaluation ahead of any decision on development.The agreement reportedly comes as Ghana seeks to attract fresh investment into its upstream petroleum sector and expand exploration across prospective offshore areas. Oil and gas remain important sources of export earnings, government revenue and foreign investment.Price: $93.07, Change: $+0.27, Percent Change: +0.29%

$CVX$SHEL
Equities

Piper Sandler Adjusts Price Target on Chevron to $243 From $207, Keeps Overweight Rating

Chevron (CVX) has an average rating of overweight and mean price target of $220.54, according to analysts polled by FactSet.

$CVX
Equities

BMO Capital Adjusts Price Target on Chevron to $235 From $210, Keeps Outperform Rating

Chevron (CVX) has an average rating of overweight and mean price target of $220.54, according to analysts polled by FactSet.

$CVX
Commodities

Chevron, Eni Ink Venezuela Deals to Expand Oil Production, Investment

Executives from Chevron (CVE) and Eni (E) joined US Energy Secretary Chris Wright and acting Venezuelan President Delcy Rodriguez to unveil energy deals aimed at boosting oil output, the companies said in separate statements on Wednesday.Chevron agreed to updated terms for its Venezuelan joint ventures, supporting over $7 billion of investment over five years and higher production. Eni and Venezuela's state oil company, PDVSA, signed a separate 25-year contract for the Junin 5 field, with Eni taking exclusive operatorship of the heavy-oil project.Chevron's new agreements offer improved fiscal, commercial and legal terms to support long-term investment, project development and higher Venezuelan output, it said.The company also received additional acreage in the Orinoco Belt, expanding its existing operations and providing further opportunities to grow its Venezuelan oil business.Chevron's investment plans could more than double production from 2026 levels to about 600,000 barrels per day, while total costs remain below $20 per barrel."With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value," said Mike Wirth, Chevron Chairman and Chief Executive Officer.Under the deals, the Petroindependencia joint venture, in which Chevron's subsidiary holds a 49% interest, will develop the Carabobo-1 and Carabobo-2-South-A areas in the Orinoco Belt.The new greenfield areas sit within the Orinoco Belt and will expand Petroindependencia's operating footprint as Chevron increases extra-heavy oil production.Chevron raised its interest in the Petroindependencia JV to 49% in April and also secured rights to the adjacent Ayacucho 8 area, next to its Petropiar joint venture.Across its three Venezuelan joint ventures, Chevron has increased production by 15% year-to-date, reinforcing its position in the country's oil sector."Continued engagement between government and industry is essential to advancing projects that support energy security, economic growth and continued investment," Wirth said.Eni's new Contrato de Participacion Productiva de Hidrocarburos, or the Hydrocarbons Production Participation Contract, completes a process that began with the April 28, 2026 Head of Terms and replaces the existing Petrojunin joint venture model.The previous Petrojunin structure gave Eni a 40% stake and PDVSA 60%, while the new 25-year arrangement gives Eni exclusive operatorship and full technical, financial and commercial responsibility.Junin 5 holds 35 billion barrels of certified oil in place and currently produces about 12,000 b/d, with Eni now leading development of the heavy oil field."The operatorship of an important area such as Junin 5 is recognition of our ability to deliver complex projects quickly and efficiently, and it reinforces our long-standing presence in the country...," said Eni Chief Executive Officer Claudio Descalzi.Eni operates the Perla offshore gas field through Cardon IV, a 50-50 venture with Repsol, under a new agreement that supports production, domestic supply, and future exports.Eni owns 26% of PetroSucre alongside PDVSA's 74% stake and also holds an interest in Supermetanol.Eni holds six mining licenses in Venezuela and produced 64,000 barrels of oil equivalent per day in 2025, mainly from Perla, which supplied about 35% of the country's gas consumption."Venezuela can now embark on a path of energy development and economic growth that can bring significant benefits to the local population and to global energy availability," Descalzi said.GE Vernova (GEV) has partnered with Venezuela's PDVSA and state power company Corpoelec to restore and strengthen the country's electricity and energy infrastructure, according to multiple media reports.GE Vernova did not immediately reply to' request for comments.

$CVX$E$GEV
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks rose late Wednesday afternoon, with the NYSE Energy Sector Index climbing up 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) gaining 0.9%.The Philadelphia Oil Service Sector Index jumped 2.7%, and the Dow Jones US Utilities Index advanced 0.1%.West Texas Intermediate crude oil rose 0.7% to $90.81 a barrel, and global benchmark Brent gained 0.9% to $95.45 a barrel. Henry Hub natural gas futures added 2.8% to $2.99 per 1 million BTU.In geopolitical news, additional US strikes on Iran Tuesday led to Tehran attacking Jordan, Bahrain and Kuwait. "They will be hit again at a much harder and higher level, but it will not be the biggest attack of them all, that is waiting in the wings and, when it is over, there will be very little left of the Islamic Republic of Iran!" Trump posted on Truth Social Tuesday.The Iran Revolutionary Guards Corps said two oil tankers exploded after hitting a mine and are now on fire, Al Jazeera, a Middle Eastern broadcaster, reported Wednesday.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 7.6 million barrels in the week ended Aug. 28 following a decrease of 3.6 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks declined by 4.5 million barrels after a 100,000-barrel gain in the previous week, compared to the 60,000-barrel increase expected in a survey compiled by Bloomberg.In corporate news, Chevron (CVX) outlined a plan to invest more than $7 billion in Venezuela and double its oil production capacity in the South American country over the next five years. Shares rose 0.6%.GE Vernova (GEV) has agreed to restore large sections of Venezuela's electrical network under a US government initiative to boost the nation's energy generation, Bloomberg reported. GE Vernova shares gained 3%.Venture Global (VG) told customers of its Plaquemines Phase 2 LNG export plant in Louisiana that deliveries remain on schedule at previously agreed prices, Reuters reported. Venture Global shares fell 2.2%.Calumet (CLMT) said Wednesday that the US Environmental Protection Agency granted full small refinery exemptions for two of its petitions covering the 2025 compliance year. The company said the exemptions will reduce its balance-sheet liability by 71 million renewable identification numbers, valued at about $170 million as of last June. Calumet shares rose 3%.

$CLMT$CVX$GEV$VG
Wire

Market Chatter: Venture Global Reassures Plaquemines Phase 2 LNG Buyers on Deliveries

Venture Global (VG) told customers of its Plaquemines Phase 2 LNG export plant in Louisiana that deliveries remain on schedule at previously agreed prices, Reuters reported Wednesday, citing a person familiar with the matter.In a letter to customers, Venture Global said it remains committed to starting long-term deliveries by the end of Q2 2027 despite a recent jump in global gas prices, the report said. Customers include Exxon Mobil (XOM) and Chevron (CVX), the report said.Venture Global did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $14.88, Change: $-0.23, Percent Change: -1.56%

$CVX$VG$XOM
Oil & Energy

Update: US Energy Secretary Says 17 Million Barrels Crossed Hormuz Monday, Bessent Signals Iran Isolation

(Updates with US Department of Energy's email response in paragraphs 3 and 6-7.)Energy Secretary Chris Wright said Monday marked a record flow of oil through the Strait of Hormuz since the conflict began, with over 17 million barrels shipped, according to a CNBC interview clipped and shared by the White House's Rapid Response account on X on Wednesday."Monday was our record ever since the conflict began - over 17 million barrels of oil flowed through the Strait of Hormuz on ships on Monday; if you add the bypass export pipelines, more than left the region in the pre-conflict," Wright said.In response to' request for comment, Ben Dietderich, US Department of Energy Spokesperson, clarified that Wright was referring to both oil and oil products when discussing volumes leaving the Strait of Hormuz.On Venezuela, Wright said current oil production now exceeds 1.2 million barrels per day and could top 1.5 million b/d during the first half of next year."I think we'll be well over 1.5 million b/d by the first half of next year - and Venezuelan production will be over 2 million b/d by the end of this decade," Wright said in the CNBC interview.Dietderich said Wright was in Venezuela at present. "Today in Caracas, Venezuela, Secretary Wright is overseeing the signing of several multi-billion dollar oil, gas and electricity deals," Dietderich said.The contracts will more than double Venezuela's oil production in less than five years and modernize its grid, Dietderich said, adding that the deals are between Venezuela and Chevron (CVX), Eni (E) and GE Vernova.Separately, Wright told Bloomberg in an interview on Wednesday that Venezuela's rising output could benefit US refiners because many facilities rely on crude grades similar to the country's oil, making the increase a major gain for US energy buyers, according to a post on Rapid Response.Meanwhile, US Treasury Secretary Scott Bessent said Wednesday that the US plans to cut Iran's external connections, signaling a broad effort to isolate Tehran, according to a Fox News interview shared by the White House's Rapid Response X account."We are going to sever every tie that [Iran] has to the outside world... This is all hands on deck," Bessent said.The US Department of the Treasury did not immediately reply to' request for comment.Price: $55.51, Change: $-0.02, Percent Change: -0.04%

$CVX$E
Sectors

Sector Update: Energy Stocks Higher in Afternoon Trading

Energy stocks were slightly higher Wednesday afternoon, with the NYSE Energy Sector Index increasing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.4%.The Philadelphia Oil Service Sector Index was climbing 1.8%, and the Dow Jones US Utilities Index was rising 0.1%.In geopolitical news, Iranians and their Arab neighbors feared a return of war on Wednesday after the biggest exchange of fire between Tehran and Washington since July, with US forces striking Iran's southern coast and Iran firing at American bases across the region, Reuters reported. The Iran Revolutionary Guards Corps said that two oil tankers exploded after hitting a mine and are now on fire, Al Jazeera, a Middle Eastern broadcaster, reported.Front-month West Texas Intermediate crude oil rose 0.8% to $90.93 a barrel, and the global benchmark Brent crude contract advanced 1.2% to $95.78 a barrel. Henry Hub natural gas futures added 2.1% to $2.96 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 7.6 million barrels in the week ended Aug. 28 following a decrease of 3.6 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks declined by 4.5 million barrels after a 100,000-barrel gain in the previous week, compared to the 60,000-barrel increase expected in a survey compiled by Bloomberg.In corporate news, Chevron (CVX) outlined a plan to invest more than $7 billion in Venezuela and double its oil production capacity in the South American country over the next five years. The energy giant has entered into deals with Venezuela, setting up updated terms for its joint ventures in the country, including "enhanced" fiscal, commercial and legal terms, the company said Wednesday. Chevron shares rose 0.5%.Eni (E) wants to boost production from its operations in Venezuela to over 1 million barrels per day, including volume from state-owned Petroleos de Venezuela, Bloomberg reported. Eni shares were easing 0.1%.GE Vernova (GEV) has agreed to restore large sections of Venezuela's electrical network under a US government initiative to boost the nation's energy generation, Bloomberg reported. GE Vernova shares added 1.9%.Vertiv (VRT) has agreed to acquire microgrid firm Utility Innovation in a deal worth up to $2.6 billion, as part of the company's efforts to help data center operators accelerate power deployment amid rising grid constraints. Vertiv shares increased 0.3%.

$CVX$E$GEV$VRT
Chevron Outlines $7 Billion Investment Plan to Double Venezuela Oil Production in 5 Years
US Markets

Chevron Outlines $7 Billion Investment Plan to Double Venezuela Oil Production in 5 Years

Chevron (CVX) outlined a plan to invest more than $7 billion in Venezuela and double its oil production capacity in the South American country over the next five years.The energy giant has entered into deals with Venezuela, setting up updated terms for its joint ventures in the country, including "enhanced" fiscal, commercial and legal terms, the company said Wednesday.Under the agreements, Chevron's Petroindependencia joint venture has received the rights to develop the adjacent Carabobo-1 and Carabobo-2-South-A areas in the Orinoco Belt. The energy giant's subsidiary holds a 49% stake in the joint venture.The move paves the way for an investment of over $7 billion over the next five years, more than doubling production to about 600,000 barrels per day, compared with 2026, according to Chevron."With improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value," Chief Executive Mike Wirth said in a statement.The development marks "a material reset of the growth upside framing" for Chevron, TPH Research said in a note to clients. "Key questions would be around the terms themselves and the cadence of (capital expenditure) and production growth."Chevron shares were up 0.4% in Wednesday afternoon trade, bringing its year-to-date gains to nearly 39%.In January, the US captured former Venezuelan President Nicolas Maduro in a military raid and seized control of the country's oil exports.Venezuela's recent hydrocarbon law made the country highly competitive, prompting Chevron to commit significant investment capital, CNBC reported Wednesday, citing Wirth.Last week, US President Donald Trump reportedly said Washington reached an agreement with Venezuela to get majority control of more than 65 billion barrels of oil reserves.In July, Chevron reported year-over-year gains in second-quarter results as supply disruptions in the Middle East amid the US-Iran war boosted oil prices.Price: $212.06, Change: $+1.01, Percent Change: +0.48%

$CVX
Wire

Wells Fargo Adjusts Chevron Price Target to $230 From $226

Chevron (CVX) has an average rating of overweight and mean price target of $217.79, according to analysts polled by FactSet.Price: $212.04, Change: $+0.99, Percent Change: +0.47%

$CVX
Commodities

Chevron to Invest Over $7 Billion to Double Venezuelan Output

Oil supermajor Chevron (CVX) plans to invest over $7 billion over the next five years to more than double its crude oil production in Venezuela to about 600,000 barrels per day, it said on Wednesday.The terms for the company's joint ventures in the country have been updated following agreements with Venezuela to boost the competitiveness of long-term investments."With total costs of less than $20 per barrel and a large resource base, Venezuela is a platform of differentiated oil growth under Chevron's disciplined cash management model," the company said.Through the joint venture Petroindependencia, where Chevron's subsidiary holds a 49% interest, the company's acreage in the Orinoco Belt will expand with the assignment of rights to develop the Carabobo-1 and Carabobo-2 South A areas.Petroindependencia was earlier assigned the rights to develop the Ayacucho 8 area.Chevron's joint ventures in the country include Petroindependencia and Petropiar, both of which operate extra-heavy oil projects in the Orinoco Oil Belt, and Petroboscan, which is located in Western Venezuela.Production at the three joint ventures has grown 15% year-to-date, according to the company.Price: $211.23, Change: $+0.18, Percent Change: +0.09%

$CVX

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