Chevron has positioned itself to benefit from a potential relaxation of U.S. sanctions on Venezuela’s oil sector, where it held stakes in the Petropiar and Petroboscán joint ventures prior to 2019. Company executives estimate that re-entering full production in these fields could restore up to 150,000 barrels per day of output within 12–18 months. This would represent a roughly 25% uplift to Chevron’s current Latin America volumes and add an incremental $500 million in annual EBITDA if global heavy crude differentials remain near current levels. Over the past quarter, Chevron spent more than $2 million on Washington lobbying efforts, prioritizing engagement with legislators aligned with the former administration’s policy proposals for Venezuela, as it seeks to secure a carve-out that would allow project finance and long-term offtake agreements to resume.

Chevron is in exclusive, final-round negotiations with Japan’s Eneos and Switzerland’s Glencore to divest its entire Singapore refining and distribution footprint in Q1. The portfolio comprises the 290,000-barrel-per-day Pulau Bukom refinery, a network of six bulk terminals, and a marine fuel distribution arm that supplies over 180 ports across Asia. Sources indicate the transaction is valued at approximately $3.7 billion, with Chevron set to receive cash proceeds of about $3.4 billion after customary adjustments. Management expects to redeploy the net proceeds toward debt reduction—targeting debt-to-capital below 20% by year-end—and selected upstream projects in the Gulf of Mexico and Guyana.

Chevron ended 2025 with net debt of $24.8 billion, reflecting a debt-to-capital ratio of 27.3%. The company generated $7.4 billion in free cash flow in the fourth quarter, driven by integrated refining margins averaging $12.60 per barrel and upstream cash margins near $35 per barrel. In February, Chevron increased its share repurchase authorization by $5 billion, supplementing the existing $3 billion program, and raised its quarterly dividend by 6%. Management forecasts that combining asset sales, restored Venezuela production and disciplined capital spending will enable annual free cash flow of $20–22 billion in 2026, supporting further balance-sheet improvement and potential special dividends later in the year.