Chevron bets big on oil scarcity, plowing $7 billion into Venezuela expansion

Chevron CEO Mike Wirth argues that the world’s emergency oil buffers are depleted and backs a self‑funded Venezuela expansion to more than double output by the early 2030s, funded by cash from Chevron’s existing Venezuelan ventures. The plan follows strong Q2 results (EPS $6.06, revenue $67.2B, free cash flow $18.1B) and a stock near $214 with a ~3% dividend, and hinges on OPEC+ discipline and demand, but political sanctions risk could cap upside as Brent sits around $109 per barrel.