Chevron's $1.2 Billion Volume Ranks 71st as Venezuela Oil Shipments Resume

Chevron Corporation (CVX) closed August 6 at $152.78, down 0.17% with a trading volume of $1.2 billion, ranking 71st in market activity. The stock’s muted performance contrasts with broader energy sector trends, as upstream production and commodity prices face mixed dynamics.

Chevron and Valero Energy are preparing to resume Venezuelan crude oil shipments to U.S. refineries under a restricted U.S. license, signaling a potential revival of Chevron’s second-largest Venezuela joint venture, Petroboscan. The agreement, contingent on cargo allocations from state-owned PDVSA, could address storage constraints for heavy Boscan crude and revive a ship-to-ship transfer operation near Aruba. Initial deliveries are expected in small volumes this month, pending regulatory inspections and vessel contracts.

Chevron’s second-quarter adjusted earnings of $1.77 per share exceeded estimates, driven by record upstream production of 3,396 MBOE/d and stronger natural gas realizations. The company generated $4.9 billion in free cash flow, outpacing the prior year’s $3.3 billion, though oil price declines and production cuts in Venezuela remain headwinds. The Venezuela restart, if executed, could stabilize output amid regional supply challenges.

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