Chevron beat fourth-quarter earnings estimates with $1.52 per share, above the $1.45 expected by analysts, despite posting a decline versus the same period last year, when it reached $2.06 per share. This relative improvement reflects a corporate focus on efficiency, cost reduction and operational optimization. operational optimization in the context of lower crude oil prices.
During the quarter ended December, total production remained stable at 4 million barrels of oil equivalent per day (boepd), driven in part by the integration of Hess and good performance in the Permian Basin, Guyana and the Gulf of Mexico.
Venezuela, a key player in its regional strategy
The energy firm, currently the only US oil company active in Venezuela, confirmed that it is evaluating new investment opportunities in the South American country. Chevron already produces 250,000 boepd in Venezuela, but could increase that figure by 50% in the next 18 to 24 months if it receives additional authorizations from the US government.
The company has had a presence in Venezuela for more than a century and believes that the country represents a long-term energy potential, especially after the recent partial easing of sanctions imposed by the U.S. administration.
Projections for 2026 and global context
The oil company forecasts production growth of 7% to 10% by 2026, thanks to new projects in Guyana and the Gulf of Mexico. However, it anticipates that planned refinery shutdowns scheduled refinery shutdowns and maintenance and maintenance will affect 185,000 to 225,000 boepd in the first quarter, which could also impact downstream earnings.
The upstream sector recorded a 30% year-on-year decline in profits, while the downstream sector reported profits of US$823 million, thanks to higher margins on refined products.
Chevron and Venezuela: An Evolving Strategic Relationship
In a changing geopolitical environment, Chevron is positioning itself as a key player in Venezuela’s potential energy recovery. The company not only seeks to consolidate its production, but also to expand its impact in a region with vast oil resources and growing international attention.
As regulatory conditions allow for greater openness, Chevron is strengthening its role as an energy partner in Venezuela, aligning its corporate objectives with broader regional interests.
Source: Chevron