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Chevron is the last U.S. oil major still operating in Venezuela, having maintained a continuous presence in the country since the early 20th century.
The second-largest U.S. oil company, which kept pumping oil in the country after others left, could find it relatively easy to expand its operations if the political conditions there improve.
President Trump said on Saturday during a press conference the U.S. will run Venezuela and take control of its oil production.
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Chevron stock soars 8%. What analysts are saying about big oil companies after Maduro’s capture
Chevron shares were among the big gainers on Monday as investors gauged the U.S. capture of Venezuela’s leader.
Chevron Corporation is upgraded to Buy, driven by its unique first-mover advantage in Venezuela’s oil sector. Click here to read an analysis of CVX stock now.
President Donald Trump has called for billions of dollars in investment in the country following the capture of Nicolas Maduro.
Chevron, the oil giant founded and until recently headquartered in California, is the only foreign petroleum company still operating in Venezuela and its largest foreign investor.
Chevron (CVX) in focus amid Venezuela’s regime change: see Quant ratings, analyst buy calls, and $172 price target upside—get the latest stock outlook now.
Chevron stock and other oil companies were soaring early Monday even as crude prices were only up around 1% following the surprise U.S. operation to capture Venezuelan President Nicolás Maduro.