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Chevron CEO says patience pays off
Chevron’s patience through sanctions and nationalization now gives it access to billions of barrels that could support production into the 2040s.
- On Wednesday, Chevron secured a landmark deal in Venezuela, granting the Houston-based company access to billions of barrels of oil reserves extending production into the 2040s and beyond.
- For decades, Chevron remained in Venezuela after former President Hugo Chavez nationalized foreign assets, enduring U.S. sanctions, accounting write-offs, and arrests of its employees to maintain its foothold.
- Chevron Chief Executive Officer Mike Wirth said, "You have to have some patience," explaining that success required waiting for technology, economics, markets, and political conditions to align.
- Executives, including Wirth, spent years navigating hyperinflation, power cuts, and political lobbying in Caracas and Washington, yet significant political and legal questions remain about boosting output.
- Future stability remains uncertain as Venezuela awaits a successor to acting President Delcy Rodriguez, and it is unclear whether the next White House administration will maintain President Donald Trump's Venezuela strategy.
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12 Articles
Coverage Details
Total News Sources12
Leaning Left2Leaning Right0Center10Last UpdatedBias Distribution83% Center
Bias Distribution
- 83% of the sources are Center
83% Center
L 17%
C 83%
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