Chevron: Pacts Set Out Provisions Including Enhanced Fiscal, Commercial, Legal Terms >CVX

CVX Chevron: Plans $7B+ Venezuela Investment as Production Target Doubles to ~600K Bpd ⠀ · Chevron signed new agreements with Venezuela that update fiscal, commercial and legal terms for its joint ventures and add acreage in the Orinoco Belt. · The agreements support plans to invest more than $7B over the next five years and more than double production to approximately 600,000 barrels per day versus 2026. · Chevron said total costs are below $20 per barrel, while its three Venezuelan joint ventures have increased production 15% year-to-date.