The Daily Journal — Chevron expects to increase its oil production in Venezuela by 15% over the next 18 to 24 months as the Trump administration seeks to expand investment by U.S. energy companies in the country.
Chevron’s joint ventures in Venezuela currently produce about 280,000 barrels per day, Chief Financial Officer Eimear Bonner said.
“We believe we can increase production by another 15% over the next 18 to 24 months,” Bonner said, adding that the company is evaluating additional production opportunities that will depend on securing favorable conditions with the Venezuelan government.
Second-quarter global results
Chevron announced its outlook for Venezuela while presenting its second-quarter 2026 financial results. The company exceeded analysts’ expectations and posted its strongest quarterly profit in at least six years, supported by the impact of the conflict involving the United States, Israel and Iran on global energy markets.
The company reported adjusted earnings of $12 billion ($6.06 per share), surpassing the market forecast of $5.56 per share.
The results align with the strong earnings reported by European competitors TotalEnergies and Shell, while ExxonMobil fell short of analysts’ expectations despite posting its highest profit in four years.
Operating performance and production figures
Unlike several other major oil companies, Chevron maintains a smaller direct production footprint in the Middle East. That position allowed the company to benefit from higher crude prices without facing the operational disruptions experienced by some competitors.
However, Chevron Chief Executive Officer Mike Wirth warned that geopolitical instability will continue to strain global energy supplies.
Chevron’s upstream division generated $8.2 billion in earnings, driven by a 23% increase in Brent crude prices following restrictions on maritime traffic through the Strait of Hormuz.
The company’s worldwide production reached 4 million barrels of oil equivalent per day (boepd). U.S. production climbed to a record 2.08 million boepd, supported by strong output from the Permian Basin and the Gulf of Mexico.
Chevron’s downstream division, which includes refining and marketing operations, earned $4.9 billion, its highest level since the beginning of the decade.
The company also returned significant capital to shareholders by repurchasing $3 billion in stock and distributing $3.5 billion in dividends.
