The Trump administration has signed an agreement with North American Blue Energy Partners to develop Venezuelan oil fields, according to Reuters. The White House says the deal grants the company 100-year concessions over 17 oilfields holding about 65 billion barrels of proven reserves. The arrangement follows the capture of Nicolas Maduro by U.S. forces in January, after which the U.S.-backed interim Venezuelan government changed legal and regulatory frameworks to attract foreign investment. Chevron has separately pledged more than $7 billion to raise Venezuelan output to roughly 600,000 barrels per day by 2031.
Chevron
3 stories since 31 October 2026, newest first
3 November 2026
1 November 2026
Chevron has increased its exploration spending by 50 percent. The company will target projects in South America, Africa and the Eastern Mediterranean, covering countries such as Guyana, Angola, Namibia, Nigeria, Guinea‑Bissau, Equatorial Guinea, Egypt and other Eastern Mediterranean sites. Kevin McLachlan, hired from TotalEnergies, now leads the expanded program, which builds on acreage added over the past two years.
31 October 2026
Chevron reported third-quarter net income of $9.9 billion, or $5.06 a share, up from $3.5 billion, or $1.82 a share, a year earlier. Adjusted earnings reached $5.28 a share, above the $4.89 analysts expected, and revenue came in at $67.8 billion against an expected $61.6 billion. ExxonMobil's profit also doubled to $15.4 billion, or $3.72 a share. U.S. diesel averaged $6.32 a gallon on Friday, according to AAA, more than 70% above a year earlier. Both companies' shares touched all-time highs on Friday.