Chevron to Triple Venezuelan Crude Exports to U.S. in March to 300,000 bpd
Chevron will boost Venezuelan crude exports to the U.S. to 300,000 barrels per day in March, up from 100,000 bpd in December and roughly 230,000 bpd this month, according to two sources. This planned increase triples export volumes since December and could meaningfully enhance Chevron’s revenue from crude shipments.
1. Chevron to Boost Venezuelan Oil Exports to the U.S.
Chevron plans to increase shipments of Venezuelan crude oil to the United States to approximately 300,000 barrels per day in March, up from 100,000 bpd in December and roughly 230,000 bpd currently, according to two industry sources. This marks a threefold rise in just three months and reflects Chevron’s expanded access under U.S. sanctions waivers granted late last year. The additional volumes are expected to flow into Gulf Coast refineries, helping to offset tight domestic supply and support refining margins ahead of peak driving season in the northern hemisphere.
2. Appointment of Thomas W. Horton Strengthens Board Oversight
Chevron has appointed Thomas W. Horton, 64, to its Board of Directors as an independent director and member of the Audit Committee. Horton brings over three decades of executive leadership, including roles as chairman and CEO of American Airlines Group and partner at Global Infrastructure Partners. His addition follows a rigorous board refresh strategy and expands Chevron’s oversight expertise in corporate governance, risk management and global operations at a time of complex upstream and fiscal negotiations.
3. Push for Improved Terms on West Qurna 2 Acquisition
Chevron has signaled its intent to acquire Russia’s Lukoil stake in Iraq’s giant West Qurna 2 oilfield but is insisting on enhanced fiscal and operational terms before finalizing any deal. Three sources familiar with the discussions say Chevron is seeking an increase in profit-sharing percentages and cost-recovery caps, aiming for at least a 3% uplift in its net revenue take and a higher daily production guarantee. West Qurna 2 currently produces about 600,000 bpd, and better terms could materially boost Chevron’s near-term upstream cash flow profile.
4. Strategic Return to Libya with Exploration MoU
Chevron has signed a memorandum of understanding with Libya’s National Oil Corporation to jointly explore oil and gas opportunities offshore and onshore, marking the company’s first formal return to the country since 2011. The agreement outlines cooperative seismic surveys and drilling campaigns scheduled to begin later this year, targeting up to five high-potential blocks in the Sirte and Murzuq basins. Libyan output has hovered around 1.2 million bpd in recent months, and successful exploration could unlock incremental barrels and diversify Chevron’s production mix in North Africa.