Core Viewpoint - Investors are looking for potential winners from the US capture of Venezuelan leader Nicolás Maduro and President Trump's plans for the nation, with Berkshire Hathaway being a notable contender due to its significant investment in Chevron, the only US oil major still operating in Venezuela [1]. Group 1: Berkshire Hathaway's Investment - Berkshire Hathaway, now led by Greg Abel, holds a 6% stake in Chevron worth approximately $19 billion, making it Chevron's largest corporate shareholder [2]. - As of September 2025, Chevron was the fifth-largest stock position in Berkshire's portfolio, accounting for about 7% of the total $267 billion value of its US stock portfolio [2]. Group 2: Chevron's Position in Venezuela - Venezuela possesses the world's largest proven crude oil reserves but produces only about 1% of global oil output due to decades of underinvestment in its oil infrastructure [3]. - Chevron has received short-term exemptions from US sanctions, allowing it to produce and export limited amounts of Venezuelan oil [3]. Group 3: Market Reactions and Future Prospects - Following Trump's comments about US oil companies revitalizing Venezuela's oil sector, Chevron's shares surged by as much as 6.3%, reaching a nine-month high of about $166, briefly increasing Berkshire's stake value to over $20 billion [8]. - Chevron has established stakes in five production projects in Venezuela and has been operating in the country for over a century, positioning itself to benefit from any potential reopening of the market [9]. Group 4: Challenges Ahead - Analysts caution that revitalizing Venezuela's oil sector will require years and substantial investment, and US companies may hesitate to invest heavily until there is confidence in asset protection and contract stability [11]. - Berkshire Hathaway also has exposure to the oil industry through its significant stake in Occidental Petroleum, valued at $11 billion [12].