Chevron(US:CVX) Fox Business·2026-01-03 20:59Group 1: U.S. Involvement in Venezuela's Oil Industry - President Trump pledged a U.S. return to Venezuela's oil industry, accusing the socialist government of seizing American energy assets and dismantling an industry built with U.S. investment [1] - Trump stated that Venezuela unilaterally seized and sold American oil and assets, costing the U.S. billions of dollars [2] - U.S. energy companies are expected to play a central role in rebuilding Venezuela's oil sector, with Trump indicating that they would invest billions to fix the infrastructure [4] Group 2: Chevron's Position in Venezuela - Chevron is one of the few U.S. energy companies that negotiated to remain in Venezuela, operating as a minority partner under joint ventures with the state-run oil company PDVSA [6] - Chevron has been operating in Venezuela for roughly a century, but its production and export capabilities have been limited by U.S. sanctions and Treasury licenses [9] - The company remains focused on the safety of its employees and the integrity of its assets while complying with relevant laws and regulations [7] Group 3: Venezuela's Oil Reserves and Economic Challenges - Venezuela holds the world's largest proven oil reserves, estimated at 300 billion barrels, which is about 20% of the global total [9] - Despite its vast oil wealth, Venezuela's economy is crisis-stricken, and political instability has severely limited its ability to convert reserves into sustained production [10] - The situation in Venezuela reflects a paradox where immense oil reserves are hindered by years of underinvestment, deteriorating infrastructure, and political risk [14]