Chevron CFO Maps a Path to 600,000 Barrels a Day in Venezuela

Chevron Chief Financial Officer Eimear Bonner told the Barclays Energy-Power Conference on Tuesday that the company's portfolio is bigger, better and stronger than it has ever been. Chevron currently produces about 280,000 barrels of oil per day in Venezuela and expects output to reach 600,000 barrels per day around 2031, backed by roughly $7 billion in gross investment over five years and more than double its current rig count. Bonner said plateau production could reach 600,000 to 700,000 barrels per day, with total costs below $20 per barrel.

The company has secured additional acreage including the Carabobo 1 and 2 blocks, along with improved fiscal terms and stronger legal protections. Bonner said Chevron does not expect major infrastructure projects to be needed to support the increase. In the Permian Basin, where output has reached about 1 million barrels per day, the focus has shifted from growth to free cash flow, with capital expenditure intensity guided 25% lower in 2026 than 2025.

Chevron delivered its $3 billion structural cost-reduction target six months ahead of schedule, roughly 70% of it from efficiency gains, and sees further savings from the Hess acquisition. Bonner reiterated a $10 billion to $20 billion share-buyback range but said the company prefers not to adjust repurchases during sharp oil-price swings. Shares traded near $213 on Wednesday, close to a 52-week high of $214.71, with Piper Sandler and BMO Capital both raising targets last week.