Houston: Chevron’s 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 Nicolas 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 December 31 were $1.52 per share, ahead of an LSEG consensus estimate of $1.45 per share. The figure was down from $2.06 a year before.
The company said it sees significant long-term potential in Venezuela. “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% 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. 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. Chevron has a venture funding model in Venezuela that enables the company to pay for its operations in the country with cash it generates there, Bonner said. The Trump administration eased some sanctions on Venezuela on Thursday as it seeks to revitalize oil production there.
