chevron CEO Mike Wirth said Friday that Venezuela has taken aggressive steps to protect private oil companies’ investments since the Trump administration detained former President Nicolas Maduro.
Venezuela on Thursday passed an amendment to its hydrocarbons law that loosens state control over the oil industry and gives private producers more autonomy.
Wirth said Chevron is still considering the bill. The CEO said that contract security, commercial stability and regulatory predictability are key to attracting investment to Venezuela.
“We see Venezuela taking steps in a positive direction to address these issues, and that will encourage investment not only from companies like ours, but also from other companies that may be considering opportunities in Venezuela,” Wirth said in an interview on CNBC’s “Squawk on the Streets.”
Chevron is the only US oil major operating in Venezuela through a special license issued by the Treasury Department. It currently produces about 250,000 barrels per day through a joint venture with state oil company Petroleos de Venezuela (PDVSA).
Wirth said Friday that Chevron could increase production in Venezuela by up to 50% over the next 18 to 24 months if it receives approval from the U.S. government.
Wall Street views Chevron as the U.S. oil company best positioned to benefit from a U.S. military intervention in Venezuela, primarily because of its presence in the country and its relationship with PDVSA.
“We’ve stayed when others haven’t,” Wirth said. “We’re paying down some of the debt we owe, which gives us a pretty good head start. And there’s tremendous long-term potential for this country.”
The CEO said that while some areas of Venezuela are less safe, the security situation in the areas where Chevron operates is generally stable.
“We have good, strong safety and security protocols in place in this country,” Wirth said. “And our operations continued uninterrupted throughout this period.”
Chevron on Friday announced fourth-quarter profits that beat expectations. The oil majors increased production by 12% globally and 16% in the United States in 2025, reaching record levels.
While Chevron is poised to expand production, competitors are exxon mobil He is wary of returning to Venezuela because his assets have been seized twice in the past. Exxon CEO Darren Woods said the country was uninvestable. He told CNBC on Friday that for investment to make sense, we need to move toward democracy.
President Donald Trump is pressuring the oil industry to invest at least $100 billion to rebuild Venezuela’s energy sector.
Chevron shares rose 1.4% after the earnings release. The stock has risen nearly 14% since the beginning of the year, outperforming the broader market.
