Chevron (CVX) Stock Gains as It Nears Multibillion-Dollar Venezuela Oil Deal
TLDR
- Chevron is close to finalizing deals to expand its Venezuela oil operations, potentially adding two new heavy-oil fields to its portfolio
- The deal is expected to be announced Wednesday in Caracas, with Energy Secretary Chris Wright set to travel to Venezuela
- Halliburton is also in talks to bring oilfield services equipment to Venezuela
- Chevron currently runs three joint ventures with PDVSA and is the only major U.S. oil company active in Venezuela
- CVX stock was up 1.05% on the news; ExxonMobil and ConocoPhillips are staying on the sidelines for now
Chevron is close to a deal that would expand its footprint in Venezuela, potentially adding two heavy-oil fields to its existing three joint ventures with state-run PDVSA. CVX stock rose 1.05% on the news.
The agreement is expected to be announced Wednesday in Caracas, where executives from several U.S. oil and gas companies are set to sign production deals. Energy Secretary Chris Wright is also expected to make the trip.
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