How will Chevron finance its $7 billion Venezuela expansion, according to CEO Mike Wirth?

Chevron will finance its $7 billion Venezuela expansion entirely through cash flow generated by its three Venezuelan joint ventures — specifically from the production and sale of crude oil in the country — and will not use external capital injections. As CEO Mike Wirth stated at the University of Texas Energy Symposium, 'We will live within the means that those ventures allow us to generate cash, without bringing in external capital.'

What condition did CEO Mike Wirth cite as essential for Chevron to consider using its own corporate capital for investment in Venezuela?

Mike Wirth stated that credible, internationally recognized elections — whose results are accepted globally — would be a key indicator that Venezuela’s environment has improved enough to qualify as a better investment, and only then might Chevron consider allocating its own corporate capital to the country.

Chevron to Fund $7 Billion Venezuela Expansion with Crude Revenue

Sep 11, 2026

Chevron plans to self-finance a $7 billion expansion in Venezuela using local crude proceeds, targeting a production increase to over 600,000 barrels per day within five years without external capital injections.

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