Chevron nears a deal to expand in Venezuela while Halliburton negotiates equipment supply. The U.S. push to revive the country's oil sector opens long-term access to heavy crude fields.
Chevron is on the verge of finalizing a deal to broaden its operations in Venezuela, and Halliburton is in negotiations to supply oilfield equipment there, as the U.S. government pushes to revive the country's oil sector, people familiar with the matter told Bloomberg.
Chevron (CVX), which already runs three joint ventures with state-owned PDVSA, would add two heavy crude fields. Halliburton (HAL) is in advanced talks to provide technology and operational support to Venezuelan producers. Many of the fields are greenfields with no pipelines, power, or processing facilities. Transforming them would take billions in investment.
Shares of Chevron rose 1% on the report. Halliburton gained 2.3%. The stock moves reflect investor optimism about the potential deals, though no final agreements have been signed.
The negotiations include lease terms that could run up to 100 years, granting U.S. companies long-term access to some of the world's largest oil reserves, the people said. The Trump administration has encouraged domestic firms to lead the reconstruction of Venezuela's oil industry, which has suffered from years of underinvestment and political turmoil.
The talks follow the U.S. seizure of Nicolás Maduro's assets in January, which transferred control to his former vice president, Delcy Rodríguez. Rodríguez has since aligned with U.S. interests, creating a more cooperative environment for American energy companies, the people said. President Trump has publicly backed U.S. companies to spearhead the effort, calling it a strategic opportunity.
Chevron carries an Alpha Score of 65 out of 100, labeled Moderate. Halliburton scores 55, labeled Mixed. Both sit in the Energy sector. For more on the sector, see the commodities analysis page.
Year to date, Chevron stock is up more than 34%. Halliburton shares have gained nearly 30%.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.