Panama-flagged oil tanker Nave Neutrino, chartered by U.S. company Chevron, waits to load heavy crude for export near the port of Bajo Grande in Maracaibo, Venezuela, in September.Issac Urrutia/Reuters
Chevron’s CVX-N fourth-quarter profits fell but came in ahead of estimates as it focused on cutting costs and making its operations more efficient to contend with lower crude prices throughout 2025.
The only U.S. oil producer currently operating in Venezuela and now in the geopolitical spotlight after the U.S. capture and removal of former Venezuelan leader Nicolás Maduro this month, Chevron also said on Friday that it was evaluating more opportunities in the country.
Chevron’s adjusted earnings for the three-month period ended Dec. 31 were US$1.52 per share, ahead of an LSEG consensus estimate of US$1.45 per share.
The figure was down from US$2.06 a year before.
Chevron said that Venezuela holds significant long-term potential.
“We have been a part of Venezuela’s past for more than a century. We remain committed to its present. And we stand ready to help it build a better future while strengthening U.S. energy and regional security,” CEO Mike Wirth said in a statement.
The company currently produces 250,000 barrels of oil equivalent per day in Venezuela and could increase the figure by 50 per cent within 18 to 24 months with additional U.S. government authorizations, Chevron CFO Eimear Bonner said in an interview.
She was reiterating comments made during a White House meeting between President Donald Trump and oil executives earlier this month.
Venezuela’s leader Delcy Rodríguez signs law opening oil sector to privatization
Bonner added that the company would take a careful spending approach as it evaluated investment possibilities.
“As we look for opportunities to grow, we will stay disciplined around capital, just as we always are,” she said.
The Trump administration eased some sanctions on Venezuela on Thursday as it seeks to revitalize oil production there.
Chevron’s total oil production was 4 million boepd during the fourth quarter, flat compared with the previous quarter, but up from last year after it purchased smaller oil firm Hess.
The company said its performance was strong in Kazakhstan, the Permian Basin and the U.S. Gulf of Mexico.
It paid US$12.8-billion in dividends in 2025 and repurchased US$12.1-billion worth of shares, which came in at the low end of the company’s guidance of between US$10-billion and US$20-billion.
Chevron expects production in 2026 to grow 7 per cent to 10 per cent, boosted in part by projects in Guyana and the U.S. Gulf of Mexico.
In the first quarter, turnarounds and downtime are expected to reduce Chevron’s upstream production by 185,000 to 225,000 boepd, while downstream earnings could be US$275-million to US$325-million lower due to refinery turnarounds.
Upstream earnings declined 30 per cent year-over-year to US$3-billion in the fourth quarter. Downstream earnings were US$823-million, up from a loss of US$248-million. The company noted higher margins on refined product sales.