“We see the potential to further grow production volumes by up to 50% over the next eighteen to twenty-four months.”

In context

“This performance drove strong results. Including industry-leading free cash flow growth, excluding asset sales, adjusted free cash flow was up over 35% year over year even with oil prices down nearly 15%. And for the fourth consecutive year, we returned a record cash to shareholders. Delivering on our consistent approach to superior shareholder returns. Chevron has been in Venezuela for over a century. And we remain committed to leveraging our deep expertise and long-standing partnerships for the benefit of our shareholders, and the people of Venezuela. Since 2022, in full compliance with US laws and regulations, we've worked with our Venezuelan partners to increase production in our ventures there by over 200,000 barrels per day through a venture-funded model to recover outstanding debt. We see the potential to further grow production volumes by up to 50% over the next eighteen to twenty-four months. We're reliably delivering Venezuelan crude to the market including our own refining system. There is significant potential in our assets, and in the country. We're optimistic the future holds a more competitive and robust pathway to deliver value to Venezuela, the United States, and Chevron. We've been a pivotal part of Venezuela's past. We're committed to the present, and we look forward to a continued partnership into the future. Our advantaged assets in the Eastern Mediterranean continue to grow. And we're advancing multiple high-return projects to bring world-class gas to regional markets. Leviathan recently reached FID to further expand production capacity. Combined with a near-term expansion, gross capacity is anticipated to reach roughly 2,100,000,000 cubic feet per day at the end”