Chevron CEO Mike Wirth: Additional production in Venezuela will not compete with U.S. production
Speakers
Mike Wirth
— CEO of Chevron
Summary
Chevron CEO Mike Wirth discusses a $7 billion investment across three Venezuelan joint ventures that is expected to triple production to over 600,000 barrels per day by 2031. He says the deal is separate from the U.S.-Venezuela government agreement and is supported by improved fiscal and legal terms. Wirth emphasizes costs below $20 per barrel and free cash flow accretion for Chevron shareholders.
- Chevron plans to invest $7 billion across three Venezuelan joint ventures over five years.
- Production is expected to rise from under 300,000 barrels per day to over 600,000 by 2031.
- The agreement is separate from the announced U.S.-Venezuela partnership.
- New Venezuelan petroleum law terms improved taxes, royalties and investment conditions.
- Chevron sees project costs below $20 per barrel due to existing infrastructure.
- CEO Mike Wirth says the project is competitive and accretive to free cash flow.
Ideas
Chevron Venezuela project accretive low-cost growth
Chevron is investing $7 billion through three Venezuelan joint ventures to triple production to over 600,000 barrels per day by 2031. New Venezuelan petroleum law terms have improved taxes, royalties, and legal frameworks, making returns competitive with Chevron's global alternatives; costs are under $20 per barrel because Chevron's existing infrastructure is in good shape, and the project will be accretive to free cash flow for Chevron shareholders.
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This CNBC video, published September 02, 2026, features Mike Wirth discussing CVX. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Mike Wirth · Tickers: CVX