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Chevron targets Venezuelan output of about 600,000 barrels per day by 2031
Chevron's chief executive said the company expects its Venezuelan production to reach roughly 600,000 barrels per day by 2031, about double the current level. The plan, with production costs below $20 per barrel, could support future volumes and cash flow, though the horizon is long.
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Chief executive Mike Wirth discussed the company's Venezuelan licenses and joint ventures and said output could approach 600,000 barrels per day by 2031. The comments were reported by CNBC and in coverage of Chevron's third-quarter 2026 earnings call.
According to a summary of the call, the plan would roughly double Venezuelan production at costs under $20 per barrel. For the quarter, Chevron reported adjusted profit of $10.4 billion and free cash flow of $14.2 billion.
A separate TASS report says Chevron intends to lift Venezuelan output by 20% before year-end and to invest $7 billion in the country over the next five years. These figures come from a single source and do not appear in the other coverage.
Low-cost barrels could improve Chevron's long-term returns and add to global crude supply if the targets are met. Several of the sources are only summaries, and the long timeline leaves room for changes in licensing, investment and operating conditions.
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Version history
- v2 · Oct 31, 06:15 — no text correction
- v1 · Oct 31, 06:12 — first publication