Name: The aperture is opening for oil companies investing in Venezuela, says Evercore's Steve Richardson
Uploaded: 2026-01-06T13:32:51+00:00
Duration: 356 s

Speakers

Steve Richardson — Head of Energy Research, Evercore

Summary

Steve Richardson, Evercore's head of energy research, discussed the investment implications of Venezuela's oil reopening after Nicolas Maduro's ouster. He said the aperture for international oil investment is opening, but producers face unresolved claims and a long path to capital deployment, while Chevron has an incumbent advantage. He favors oilfield services, naming SLB, and refiners, and pointed to Middle East data-center buildout as a natural-gas demand driver.

Venezuela's oil sector is reopening, but producer claims and capital-deployment delays make it a long-term setup.
Chevron's existing Venezuela presence is seen as an incumbent advantage.
Oilfield services is Evercore's favored energy area, with SLB named as an example.
Refiners are viewed as a good investment due to crude optionality, supportive demand, volatility capture, and cost cuts.
Middle East and Gulf data-center growth is expected to require more natural gas.
Deepwater market strength is expected into 2027, supporting oilfield services.

Ideas

Steve Richardson Head of Energy Research, Evercore 0:46

Venezuela oil aperture opening, but long road.

The aperture is opening for oil companies to invest in Venezuela, and there are quick-hit opportunities to increase production near term if the environment is conducive. But producers still have claims against the government dating back to expropriation that need resolution, and moving from a leadership change to actual capital deployment will take longer. It is a long road and more of a developing setup.

Steve Richardson Head of Energy Research, Evercore 2:30

Chevron's Venezuela presence offers incumbent advantage.

Chevron is an incumbent in Venezuela that never left, giving it a different calculus and opportunity set from producers that would have to return. That existing position could help it recoup value for what was owed and participate if Venezuela's oil industry reopens, though the process remains a long road.

Steve Richardson Head of Energy Research, Evercore 3:36

Oilfield services headwinds becoming tailwinds.

Oilfield services is one of the areas Evercore is leaning into more. The industry has been in a deflationary cycle with lower-48 shale pressure and commoditized businesses, and many related multiples are at multi-year lows. As the top line stabilizes and growth opportunities broaden beyond Venezuela, Middle East/Gulf data-center buildout increases natural-gas needs, and the deepwater market improves into 2027, secular headwinds are turning into tailwinds. SLB is named as an example.

Steve Richardson Head of Energy Research, Evercore 4:16

Gulf data centers require more natural gas.

Middle East data-center buildout, especially in the Gulf states, is likely to require a lot of natural gas, creating a demand tailwind for the commodity.

Steve Richardson Head of Energy Research, Evercore 5:11

Refiners well positioned for volatility capture.

Refiners look like a really good investment. OPEC supplies are up, and underlying demand from U.S. gasoline/diesel and global GDP is supportive. Refiners can buy a suite of different crudes, potentially more Venezuelan heavy sour plus Russian/Eastern European barrels if those situations resolve, and Canada remains a market. They are ideally positioned for volatility capture, and many have been shutting capacity and cutting costs.

The aperture is opening for oil companies investing in Venezuela, says Evercore's Steve Richardson

Summary

Ideas

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