Chevron will not increase capex this year to fast-track expansion in Venezuela, according to the FT citing the CFO
Importance
Level 1
- Chevron will not raise capital spending to accelerate Venezuela expansion, instead focusing on lifting output from existing operations, CFO said.
- Production is about 250k BPD, with potential 50% growth pending US approvals.
- Capital guidance remains USD 18-19bln for 2026, despite US pressure to invest.
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