Chevron is in the final stages of negotiating the sale of its Singapore refining and distribution complex, with the company targeting closing during the first quarter. Sources indicate that Chevron has held multiple rounds of discussions with Japan’s Eneos Holdings and commodity trader Glencore, each of which has conducted detailed due diligence on the Pulau Bukom refinery and subsidiary distribution network. The asset package includes a 290,000 barrels-per-day refining capacity, 16 million barrels of crude and product storage, and a network of more than 100 service stations across Southeast Asia. Chevron has operated in Singapore for more than 50 years and expects proceeds from the divestment to be redeployed toward higher-return projects in North America and the Middle East.

Chevron continues to maintain its only remaining U.S. oil company presence in Venezuela, supporting approximately 3,000 employees across onshore and offshore operations. The company currently produces between 800,000 and 1 million barrels per day, representing roughly 20% of the country’s total output. According to Vice Chairman Mark Nelson, Chevron could double production at its joint ventures with the state oil company under existing partnerships, subject to U.S. regulatory approval. In addition, within its own disciplined investment framework, the company plans to boost output by about 50% over the next 18 to 24 months, lifting throughput at the Petropiar and Petroindependencia heavy-oil projects. These initiatives are expected to enhance cash flow generation and support Chevron’s dividend-backed capital allocation strategy.