U.S. Treasury Eases Oil and Gas Investment Restrictions in Venezuela
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 day ago
0mins
Source: stocktwits
- New License Issued: The U.S. Treasury has issued a general license allowing international oil companies, including Chevron, to negotiate and sign contracts for oil and gas extraction in Venezuela, paving the way for global oil firms to re-enter the country.
- Tax Requirements: Under the new license, participating companies must pay oil and gas royalties or taxes to Venezuela or its state-run energy company, with these funds deposited into a U.S. Treasury account for foreign governments, ensuring transparency in fund allocation.
- Legal Adjustment Context: The license announcement aligns with adjustments made by Venezuela's interim government to its hydrocarbon law aimed at easing state control over the oil industry, although major U.S. firms remain cautious about investing.
- Market Reaction: Following this news, stocks of major oil companies like Chevron, BP, and Shell rose between 0.5% and 1.7%, indicating a positive market response to the new investment opportunities.
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Analyst Views on CVX
Wall Street analysts forecast CVX stock price to fall
19 Analyst Rating
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 182.400
Low
158.00
Averages
176.95
High
206.00
Current: 182.400
Low
158.00
Averages
176.95
High
206.00
About CVX
Chevron Corporation is an integrated energy company. The Company produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and industry. The Company’s segments include Upstream and Downstream. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with LNG; transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of the refining of crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels, and transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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