Chevron CEO says patience pays off in Venezuela oil deal
For two decades, Chevron stayed while all its major peers quit after former Venezuelan President Hugo Chavez nationalized foreign assets atop the world's largest oil reserves.
- Why it matters
- Chevron's willingness to operate under Venezuelan nationalization when competitors withdrew gives it preferential access if the country becomes a viable investment again, potentially yielding significant oil production returns.
- Most affected
- Chevron shareholders — Company gains first-mover advantage if Venezuela crude operations resume at scale.
- Likely next
- Whether U.S. sanctions on Venezuelan oil are eased or lifted, or whether Venezuela's crude output increases.
Also reported by: The Straits Times
More stories
- Preparing for cost of Labor Day Weekend travel
- 10 Near-Perfect Disney Channel Original Movies That Nobody Remembers Today
- California man rescued from garbage truck after bystander hears screams from under pile of trash
- James Carville Suggests Trump is Purposely Tanking the Midterms for the GOP: ‘Every Piece of Evidence’ Shows He’s ‘Trying to Lose’