Chevron plans to increase shipments of Venezuelan crude to U.S. refineries from approximately 230,000 barrels per day in February to roughly 300,000 barrels per day in March, according to two people familiar with the matter. This would mark a threefold increase compared with the 100,000 barrels per day exported in December. The move reflects easing U.S. sanctions on Venezuela and leverages Chevron’s long‐standing presence in the country through its joint venture with PDVSA. Investors should note that higher import volumes could enhance refinery utilization rates on the U.S. Gulf Coast, potentially boosting downstream margins if refining crack spreads remain elevated.

Chevron has appointed Thomas W. Horton, former Chairman and CEO of American Airlines Group and senior advisor at Warburg Pincus, to its Board of Directors as an independent director. Horton, age 64 and currently a partner at Global Infrastructure Partners, will also serve on the Audit Committee. His extensive experience overseeing large, asset‐intensive operations and capital allocation is expected to bolster oversight of Chevron’s multi‐billion‐dollar capital expenditure program, which is slated to reach $15–$17 billion this year. The addition reinforces Chevron’s commitment to strong corporate governance ahead of its planned annual meeting in May.

Chevron is in discussions with the Iraqi government to secure more favorable fiscal terms for taking over Russia’s Lukoil stake in the West Qurna 2 oil field. Sources indicate Chevron is pushing for a higher recovery factor and a reduced state take on incremental production. West Qurna 2, one of Iraq’s largest producing assets, delivers about 600,000 barrels per day. Achieving better contract economics could unlock an additional 100,000 barrels per day of output over the next five years and support Chevron’s target to grow production by 6–8 percent through 2025.

In the latest regulatory filings, Belpointe Asset Management increased its Chevron position by 28.9 percent to 31,653 shares, while Norges Bank established a new stake valued at approximately $2.7 billion. Berkshire Hathaway also added over three million shares during the second quarter. On the insider front, CEO Michael Wirth sold roughly 320,000 shares for tax‐planning purposes, reducing his holding by 95.7 percent, and CFO Eimear P. Bonner disposed of 28,334 shares, trimming her stake by 86.7 percent. Institutional ownership stands at more than 72 percent, underscoring broad confidence in Chevron’s cash‐flow generation and dividend sustainability.