Chevron May Gain Up to $700 Million Annually From Venezuelan Oil

Chevron Eyes Increased Cash Flow from Venezuelan Oil Production

Photographer: Michael Nagle/Bloomberg

Chevron Corp. stands to potentially boost its annual cash flow by up to $700 million by ramping up oil output in Venezuela, according to an analyst, as the Trump administration moves to exert greater control over the nation’s oil resources.

Currently, Chevron is the sole major American oil company operating in Venezuela. Analyst Jason Gabelman from TD Cowen noted in a recent report that Chevron has a unique position compared to its competitors, allowing it to expand production. This could translate to an additional $400 million to $700 million in yearly cash flow, accounting for roughly 1% to 2% of the company’s total operational cash flow.

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Executives from American oil companies, including Chevron, are expected to gather at the White House on Friday as President Donald Trump presents his strategy for revitalizing Venezuela’s oil sector. Years of corruption and poor management have left the industry in decline. Despite Venezuela holding the world’s largest proven oil reserves, major oil firms remain cautious about making significant investments due to ongoing concerns over security and legal stability.

According to the TD Cowen report, Chevron is likely to focus on increasing output from its current Venezuelan operations rather than making substantial new investments in the country.

Gabelman added, “We believe Chevron will refrain from committing significant new capital to Venezuela until there is greater political and fiscal stability.”

Chevron’s joint ventures in Venezuela currently yield around 240,000 barrels of oil per day, with production split roughly evenly with the state-owned company Petróleos de Venezuela SA, as reported by TD Cowen.

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