Chevron CEO says Venezuela taking positive steps to protect oil investment

Venezuela on Thursday passed reforms to its hydrocarbon law that ease state control of the oil industry and grants private producers more autonomy.

Wirth said Chevron is still reviewing the legislation. The CEO said security of contracts, commercial stability and regulatory predictability are key to attract investment in Venezuela.

“We see Venezuela taking steps in a positive direction to address those issues, which will encourage investment, not only from a company like ours, but from others that I think are also considering the opportunities there,” Wirth told CNBC’s “Squawk on the Street” in an interview.

Chevron is the only U.S. oil major operating in Venezuela through a special license issued by the Treasury Department. It is currently producing about 250,000 barrels per day through joint ventures with state oil company Petróleos de Venezuela, or PDVSA.

Wirth said Friday that Chevron could increase production in Venezuela by up to 50% over the next 18 to 24 months if the company receives authorization from the U.S. government.

Wall Street largely views Chevron as the U.S. oil company best positioned to benefit from the U.S. military intervention in Venezuela due to its presence in the country and its relationship with PDVSA.

“We’ve stayed when others didn’t,” Wirth said. “We’re getting paid back some debts that we’re owed, and it does give us a significant head start. And the country has tremendous long-term potential.”

The CEO said the security situation is mostly stable where Chevron operates though there are areas of Venezuela that are less safe.

“We’ve got good, strong safety protocols and security protocols in place in the country,” Wirth said. “And our operations have continued uninterrupted through this entire period of time.”

Chevron reported fourth-quarter earnings on Friday that beat estimates. The oil major increased production in 2025 by 12% worldwide and 16% in the U.S. to record levels.

While Chevron is ready to ramp up production, competitor Exxon Mobil is wary of returning to Venezuela after its assets were seized twice in the past. Exxon CEO Darren Woods has called the country uninvestable. He told CNBC on Friday that the country needs to transition to democracy for investment to make sense.

President Donald Trump is pressuring the oil industry to invest at least $100 billion to rebuild Venezuela’s energy sector.

Chevron shares were trading up 1.4% after reporting its results. The stock has gain nearly 14% since the start of the year, outpacing the broader market.