\nChevron Corporation (NYSE: CVX) today announced agreements with Venezuela that establish updated terms for its joint ventures, supporting future investment, project development and production growth in the country.<\/p>\n
\nThe agreements set out provisions for Chevron’s joint ventures in Venezuela, including enhanced fiscal, commercial and legal terms intended to support durable and competitive long-term investments. As part of the agreements, Chevron has been assigned additional acreage in the Orinoco Belt, where the company has an established position. The enhancements underpin joint venture plans to invest over $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day compared to 2026. With total costs of less than $20 per barrel and a large resource base, Venezuela is a platform of differentiated oil growth under Chevron\u2019s disciplined cash management model.<\/p>\n
\n\u201cChevron\u2019s history in Venezuela spans more than a century, and our expanded position reflects our confidence in the country\u2019s deep resource potential and its ability to compete for investment within our portfolio for decades,\u201d said Mike Wirth, Chevron Chairman and Chief Executive Officer. \u201cWith improved terms and additional acreage, we are strengthening a portfolio that we believe can deliver attractive low-cost oil growth, support energy supply and create differentiated long-term value. This progress reflects the dedication of our Venezuelan employees and our long-standing focus on the responsible development of the country\u2019s resources.\u201d<\/p>\n
\nUnder the agreements, the Petroindependencia, S. A. joint venture, in which Chevron\u2019s subsidiary holds a 49% interest, has been assigned the rights to develop the adjacent Carabobo 1 and Carabobo-2-South-A areas located in the Orinoco Belt of Venezuela. The greenfield sites expand the joint venture\u2019s existing operational footprint where it is increasing extra-heavy oil production.<\/p>\n
\nThe additional sites further strengthen Chevron’s growing portfolio in Venezuela following an agreement in April in which Chevron increased its working interest in Petroindependencia to 49% and received the rights to develop the Ayacucho 8 area adjacent to the Petropiar, S.A. joint venture. Collectively, Chevron\u2019s three joint ventures have grown production by 15% year-to-date.<\/p>\n
\n\u201cWe appreciate the leadership of the Administration, particularly the U.S. Department of Energy, and Secretary Wright\u2019s partnership in helping facilitate the conditions for further investment and growth,\u201d said Wirth. \u201cContinued engagement between government and industry is essential to advancing projects that support energy security, economic growth and continued investment.\u201d<\/p>\n
\nChevron is one of the leading energy companies in Venezuela, with a presence that dates back to 1923. Its joint ventures Petroindependencia and Petropiar, S.A. operate extra-heavy oil projects in the Orinoco Oil Belt, while Petroboscan, S.A. is located in the Zulia State in Western Venezuela.<\/p>\n
About Chevron<\/b><\/p>\n
\nChevron is one of the world\u2019s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com<\/a>.<\/p>\n NOTICE<\/b><\/p>\n As used in this news release, the term \u201cChevron\u201d and such terms as \u201cthe company,\u201d \u201cthe corporation,\u201d \u201cour,\u201d \u201cwe,\u201d \u201cus\u201d and \u201cits\u201d may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Please visit Chevron\u2019s website and Investor Relations page at www.chevron.com<\/a> and www.chevron.com\/<\/a> investors, LinkedIn: www.linkedin.com\/company\/chevron<\/a>, X: @Chevron, Facebook: www.facebook.com\/chevron<\/a>, and Instagram: www.instagram.com\/chevron<\/a>, where Chevron often discloses important information about the company, its business, and its results of operations.<\/i><\/p>\n CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF \u201cSAFE HARBOR\u201d PROVISIONS OF THE <\/b>PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995<\/b><\/p>\n This news release contains forward-looking statements relating to Chevron\u2019s operations, assets, and strategy that are based on management\u2019s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201ctargets,\u201d \u201cadvances,\u201d \u201ccommits,\u201d \u201cdrives,\u201d \u201caims,\u201d \u201cforecasts,\u201d \u201cprojects,\u201d \u201cbelieves,\u201d \u201capproaches,\u201d \u201cseeks,\u201d \u201cschedules,\u201d \u201cestimates,\u201d \u201cpositions,\u201d \u201cpursues,\u201d \u201cprogress,\u201d \u201cdesign,\u201d \u201cenable,\u201d \u201cmay,\u201d \u201ccan,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cbudgets,\u201d \u201coutlook,\u201d \u201ctrends,\u201d \u201cguidance,\u201d \u201cfocus,\u201d \u201con track,\u201d \u201ctrajectory,\u201d \u201cgoals,\u201d \u201cobjectives,\u201d \u201cstrategies,\u201d \u201copportunities,\u201d \u201cpoised,\u201d \u201cpotential,\u201d \u201cambitions,\u201d \u201cfuture,\u201d \u201caspires\u201d and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company\u2019s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.<\/i><\/p>\n Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company\u2019s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company\u2019s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the ongoing conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the amount and timing of settlements on the company\u2019s commodity derivative contracts; the company\u2019s ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and storage and offset markets; the results of operations and financial condition of the company\u2019s suppliers, vendors, partners and equity affiliates; the inability or failure of the company\u2019s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company\u2019s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company\u2019s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company\u2019s ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company\u2019s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company\u2019s capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company\u2019s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading \u201cRisk Factors\u201d on pages 21 through 27 of the company\u2019s 2025 Annual Report on Form 10-K, and as updated in the future. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.<\/i><\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260902517548\/en\/<\/a><\/span><\/p>\n \nLaura Hurst + 44 (0) 7707856161 KEYWORDS:<\/b> Texas Latin America North America United States Venezuela South America<\/p>\n INDUSTRY KEYWORDS:<\/b> Energy Other Energy Oil\/Gas<\/p>\n<\/p>\n
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Laura.Hurst@chevron.com<\/a><\/p>\n
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