Chief Executive Mike Wirth said Venezuela’s move to loosen its long-standing nationalist oil policy marks progress toward attracting foreign investment but still falls short of the level needed for meaningful recovery. He noted that emigration has depleted the country’s skilled workforce, making the return of expatriates and further regulatory reforms critical for any large-scale revival of production.

Chevron shares are trading around $186, more than 10% below late-March peaks driven by easing geopolitical tensions. Some investors view the decline as an attractive entry point given the company’s strong cash flow and potential upside from new upstream opportunities in regions like Venezuela.