Chevron Corp., the only American company with authorization to still operate in U.S.-sanctioned Venezuela, isn’t planning any new capex in the South American country, CEO Mike Wirth said during the California-based company’s quarterly webcast.
“I'll just remind you. We're not putting new capital into Venezuela right now. All the spending is really self-funded from the cash from operations,” Wirth said during the company’s April 26 quarterly results webcast. Wirth made the comments in response to analyst questions about its operations in the South American country.
“We've been lifting oil and bringing it to the U.S., which has been helpful for the U.S. refining system, not just ours but others as well,” Wirth said.