Chevron Corporation is close to finalizing an agreement to acquire interests in two additional heavy-oil fields in Venezuela, according to a Wall Street Journal report on August 28. The deal is part of a broader push by the Trump administration to bring American energy companies back into the country, which holds the world's largest proven crude oil reserves at roughly 17% of the global total. Chevron, the only major US company still active in Venezuela under a special license, already operates three joint ventures with state-owned PDVSA and has been expanding its footprint since Nicolas Maduro's ouster earlier this year. The expansion supports Chevron's integrated heavy-oil strategy, as Venezuelan crude suits US Gulf Coast refineries, but carries risks including underdeveloped fields, infrastructure challenges, and political uncertainty. Chevron ended Q2 2026 with 101 hedge fund holders investing about $23.2 billion, down from 103 holders with over $29.6 billion in Q1.
Chevron CorpExpanding heavy-oil fields in Venezuela boosts Chevron's upstream supply and integrated strategy.
Exxon Mobil Corp
