Chevron has secured a new agreement with Venezuela’s state oil company to resume exploration and production in the Orinoco Belt, which Caracas reports holds over 300 billion barrels of proved oil reserves. Under the deal, Chevron will invest $500 million in drilling upgrades, deploy two additional drill rigs and recommission three production facilities by mid-2025. The company expects this expansion to add 150,000 barrels per day of light crude output by year-end and to boost its global upstream production by approximately 2%. While past sanctions restricted activity, Chevron’s return represents the first major Western oil investment in Venezuela since 2019. Analysts project incremental cash flow of $200 million annually once full production ramps up, improving Chevron’s upstream margins and diversifying its reservoir portfolio outside North America and the Middle East.

In its latest SEC Form 13F filing, Avaii Wealth Management disclosed a 1,957.6% increase in its position in Chevron during the third quarter, ending the period with 44,959 shares. The firm acquired 42,774 shares during the quarter, valuing its Chevron stake at $6.98 million and representing 2.7% of Avaii’s total portfolio—ranking Chevron as its 14th largest holding. This aggressive accumulation contrasts with more modest moves by peers: White Knight Strategic Wealth Advisors added 65 shares in Q2, Rakuten Securities purchased 66 shares, IMS Investment Management Services increased by 67 shares and M.E. Allison & Co. and Greenfield Savings Bank each bought roughly 67–68 shares. Overall institutional ownership stands at 72.4%, underscoring broad confidence in Chevron’s dividend yield and reserve replacement metrics.