‘Front of the pack’: how Chevron’s boss bet big on Trump and Venezuela
Financial Times••business
Key Points:
- Chevron CEO Mike Wirth has a close relationship with President Donald Trump, which has helped Chevron secure a unique position as the only US oil company operating in Venezuela amid sanctions and political instability.
- Chevron is negotiating with the US government to increase oil exports from its joint venture with Venezuela’s state oil company PDVSA and plans to process more oil at its Pascagoula refinery, positioning itself for a multiyear advantage in the region.
- The White House is engaging major oil companies, including Chevron, to discuss rebuilding Venezuela’s deteriorated oil infrastructure following the recent ousting of Nicolás Maduro, with reconstruction expected to take years and require billions of dollars.
- Chevron’s special license to operate in Venezuela, not granted to rivals, is attributed to W
