Chevron slips as Trump says he's revoking Venezuela oil license - Are We Next?

Chevron (NYSE:CVX) shares slide into the red in Wednesday's trading, -1.1%, after President Trump said he plans to revoke an oil license to operate in Venezuela, citing the country’s failure to take back migrants to the U.S as quickly as it promised, according to Bloomberg.

Trump referred to a concession agreement from November 2022, which would match the date that Chevron (NYSE:CVX) was granted a license to produce and sell oil in Venezuela despite sanctions against the Maduro government; under the license terms, Chevron would have to exit Venezuela by the end of July.

Chevron (CVX) is the only major U.S. oil producer still operating in Venezuela and was producing more than 200K bbl/day from its share of projects in the country as of mid-2024; Venezuela recently has raised its oil production above 1M bbl/day with the U.S. company's help.

The Biden administration had granted Chevron (CVX) a wider range of production and crude sales beginning in 2022, but the company has said it was not committing additional capital in Venezuela due to the short-term nature of its license.

https://www.msn.com/en-us/money/other/chevron-slips-as-trump-says-he-s-revoking-venezuela-oil-license

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Trump administration gives Chevron 30 days to end Venezuela operations

The Trump administration confirmed Tuesday that it will end a license the U.S. had granted to Chevron (NYSE:CVX) since 2022 to operate in Venezuela and export its oil, following through on Trump's recent pledge to stop the company from pumping and selling Venezuelan crude.

Chevron (NYSE:CVX) will have until April 3 to wind down exports from Venezuela, just 30 days instead of the typical six-months period for winding down operations.

Chevron exports ~240K bbl/day of crude from its Venezuela operations, more than 25% of the country's entire oil output.

Tax and royalty payments resulting from Chevron's (NYSE:CVX) license have provided a steady source of revenue to Maduro government since early 2023, boosting Venezuela's economy, especially its oil and banking sectors.

https://www.msn.com/en-us/money/other/trump-administration-gives-chevron-30-days-to-end-venezuela-operations

Venezuela has A LOT of oil. Seems foolish not to keep an American company working there. The Venezuelan oil will still be producing when the all the American shale plays have turned into nothing but stripper wells.

More jobs for Bangalore, like it 🤗

https://www.thegatewaypundit.com/2025/03/illegal-alien-haiti-flown-us-bidens-parole-program/

@hw

The tax code contains many carrots and sticks

@a7, just how do you think Trump can stop jobs being offshore? That's right, he can't.

Oh no I hope he doesn’t revoke our license to do business in Venezuela!

What Donald Trump must do is to stop these idlotic CEOs that we have like Darren from offshoring our jobs to India. That's what Trump must do. If this madness continues soon we won't know how to dig a hole with a shovel and bye bye the drill baby drill.

Thread regarding ExxonMobil Corp. layoffs

Chevron slips as Trump says he's revoking Venezuela oil license - Are We Next?

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