Q4 2025 earnings call highlights: record production, free cash flow, Hess integration, and 2026 growth outlook.

Chevron (NYSE:CVX) is set to benefit from a U.S. policy shift that allows expanded oil operations in Venezuela. The Trump administration has issued new licenses that open the door for higher Venezuelan production and exports.

Chevron Corp. intends to finance Venezuelan oil investments with cash from oil sales rather than committing new capital to the country, Chief Financial Officer Eimear Bonner said in an interview.

Shares of both companies have risen over the past year, despite U.S. oil prices ending 2025 down 20% a barrel.

By Sheila Dang HOUSTON, Jan 30 (Reuters) - Chevron's fourth-quarter profits fell but came in ahead of estimates as it focused on cutting costs and making its operations more efficient to contend with lower crude prices throughout 2025.

Plans for 8,400 new homes at San Ramon's Bishop Ranch is an ambitious pivot that reflects a broader reckoning with the struggles of the suburban American office park in the remote work era.

Offshore assets will provide the bulk of Chevron Corp.’s expected 2026 production growth of 7-10%, executives said Jan. 30. In conjunction with fourth-quarter results, chief executive officer Mike Wirth and his team said they are planning to hold flat 2026 production in the Permian basin at a little more than 1 MMboe/d,

Chevron is the only U.S. oil major operating in Venezuela through a special license issued by the Treasury Department.