US Energy Secretary Makes Historic Visit to Venezulea

Speakers

Annmarie Horden — Bloomberg Surveillance Co-host

US Energy Secretary Chris Wright is in Caracas meeting acting President Jose Rodriguez, marking the first high-level US visit since the capture of Nicolas Maduro in January 2026.
The US Treasury and OFAC are actively lifting licenses to allow US companies to re-enter the Venezuelan oil sector to "revive" the infrastructure.
Chevron (CVX) is highlighted as the primary beneficiary, having maintained operations throughout the sanctions era, positioning it for immediate expansion while other majors wait for political stability.
"Wildcatters" (smaller, nimble oil firms) are showing immediate interest, whereas larger institutional firms are hesitant pending clearer rule of law.

Ticker	Direction	Speaker	Thesis	Time
ENERGY	LONG	Annmarie Hordern Bloomberg Reporter	"Wildcatters are those individuals that are a little bit more nimble and small. They're the ones that right now have a tremendous amount of interest in Venezuela." The US government is explicitly pushing "commerce" over "boots on the ground." With OFAC lifting licenses, smaller, higher-risk US energy independent producers (Wildcatters) will likely secure aggressive lease terms before the major global conglomerates feel safe enough to enter. Long the speculative end of the US Energy sector (Small/Mid-cap E&Ps) looking for high-beta exposure to new reserves. Expropriation risk remains high in transitional governments; physical security of assets.	0:00
CVX	LONG	Annmarie Hordern Bloomberg Reporter	"Chevron has been operating in Venezuela for 100 years. They're not going anywhere... they are easily able to expand." While other major oil companies are hesitant and waiting for "rule of law" and stability, Chevron has the existing infrastructure, personnel, and immediate government sanction to ramp up production. They have a massive first-mover advantage in the post-Maduro energy revival. Long CVX as the primary vehicle for Venezuelan output recovery. Political instability in Venezuela or a reversal of US administration policy regarding the new acting government.	2:13