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Chevron to boost Venezuelan crude imports by 100,000 bpd amid political shifts and sanction relief.
Chevron plans to increase its import of Venezuelan heavy crude into U.S. refineries by up to 100,000 barrels per day, expanding from its current 50,000 b/d at Pascagoula, Mississippi, as it evaluates further investment in Venezuela following political changes and partial U.S. sanction relief.
The company, the only major U.S. oil producer still operating in Venezuela, produces 250,000 barrels of oil equivalent per day there and could boost output by up to 50% within 18 to 24 months with additional U.S. authorization.
Despite a 30% year-over-year drop in upstream earnings, Chevron’s fourth-quarter adjusted earnings of $1.52 per share exceeded expectations, driven by strong refining margins, record U.S. refinery throughput, and cost-cutting.
The company remains disciplined on capital spending, relying on locally generated cash in Venezuela, and forecasts 7% to 10% production growth in 2026 from projects in Guyana and the Gulf of Mexico.
Chevron impulsará las importaciones de crudo venezolano en 100.000 bpd en medio de cambios políticos y alivio de sanciones.