Chevron (NYSE:CVX) received a new U.S. general license that allows a major expansion of its operations in Venezuela. The company is increasing crude production and exports from the country, using its existing footprint and heavy crude refining system.

By Sheila Dang HOUSTON, Jan 30 (Reuters) - Chevron's fourth-quarter profits fell but came in ahead of estimates as it focused on cutting costs and making its operations more efficient to contend with lower crude prices throughout 2025.

Chevron Corp. intends to finance Venezuelan oil investments with cash from oil sales rather than committing new capital to the country, Chief Financial Officer Eimear Bonner said in an interview.

Chevron Corp (NYSE:CVX) is negotiating with the Trump administration to expand its Venezuela oil license, aiming to boost exports to 300,000 barrels per day by March. The move comes as Trump pivots toward energy independence policies,

Venezuela makes up less than 10% of Chevron’s production, but has investors transfixed.

Analysts expect Chevron to report earnings of $1.44 per share, down 30.1% year-over-year, on revenue of $46.66 billion, a 10.7% decline from the same period last year. The company has seen 5 upward EPS revisions versus 12 downward revisions in the past 3 months. Revenue estimates have seen 4 upward revisions and 3 downward.

By Sheila Dang HOUSTON, Jan 29 (Reuters) - Exxon Mobil and Chevron executives may face more questions about their investment opportunities in Venezuela than their actual quarterly earnings when they hold calls with analysts on Friday.