Chevron earnings beat as production hits record with upside expected in Venezuela

Energy

Chevron earnings beat as production hits record with upside expected in Venezuela

Published Fri, Jan 30 2026

6:17 AM EST

Updated 3 Min Ago

thumbnailSpencer Kimball@spencekimballWATCH LIVE

Key Points

  • Chevron's results come weeks after the Trump administration captured former Venezuelan President Nicolas Maduro.
  • Chevron is the only U.S. oil major operating in Venezuela under a special license issued by the U.S. Treasury Department.
  • It said Friday it can ramp up production in Venezuela by 50% over the next 18 to 24 months.

In this article

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Signage at a Chevron gas station in San Mateo, California, US, on Thursday, Jan. 29, 2026.

Benjamin Fanjoy | Bloomberg | Getty Images

Chevron on Friday reported fourth-quarter earnings that beat Wall Street estimates as record oil production offset the pinch of lower crude prices. Last year, oil logged its biggest annual price decline since 2020.

Chevron could be poised to grow its production even further this year in the wake of a U.S. military intervention in Venezuela that removed President Nicolas Maduro and effectively seized control of the South American nation's oil industry.

Chevron is the only U.S. oil major operating in Venezuela under a special license issued by the U.S. Treasury Department. It said Friday it can ramp up production in Venezuela by 50% over the next 18 to 24 months.

Here is what Chevron reported for the fourth quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

  • Earnings per share: $1.52 adjusted vs. $1.45 expected
  • Revenue: $46.87 billion vs. $47.1 billion

After adjustments, Chevron earned $1.52 per share, outpacing the Street's consensus estimate of $1.45 per share.

More barrels from Venezuela would add to Chevron's already strong output in the U.S. and around the world. It achieved a production record in the quarter of 4.05 million barrels per day.

Wall Street views Chevron as the U.S. oil company best positioned to benefit from the U.S. intervention in Venezuela. Competitors such as ExxonMobil are hesitant to return to Venezuela due to the country's history of seizing the assets of international oil majors.

This is a breaking news story. Please check back for updates.

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