Chevron stands as the primary U.S. oil company currently operating in Venezuela. Recent reports confirm it accounts for about 25% of the nation's oil production, operating under a special U.S. Treasury license that allows continued activity despite sanctions.

Current Operations

Houston-based Chevron remains the sole major U.S. energy firm active in Venezuela as of early 2026. The company focuses on existing projects, ensuring profits do not directly benefit PDVSA or the government, amid heightened U.S.-Venezuela tensions following recent military actions and President Maduro's capture. Chevron emphasizes employee safety and compliance with all regulations during this volatile period.

Historical Context

Other U.S. giants like ExxonMobil and ConocoPhillips once operated there but exited after 2006 nationalizations under Hugo Chávez, refusing to cede majority control to PDVSA. Chevron adapted by partnering with the state firm, securing its position even as sanctions intensified.

Future Possibilities

President Trump has signaled major U.S. oil companies, including potentially ConocoPhillips and Exxon, could return to invest billions in rebuilding Venezuela's oil infrastructure post-Maduro. However, some firms hesitate due to risks, despite the country's vast reserves.

Key Players Overview

Company| Status in Venezuela| Notes 3
---|---|---
Chevron| Active (25% production)| Operates under U.S. license; focused on safety post-U.S. strike 1
ExxonMobil| Exited| Refused nationalization; assets seized 3
ConocoPhillips| Exited| Similar to Exxon; potential future return eyed 1

TL;DR: Chevron is the only major U.S. oil company in Venezuela today; others left years ago amid nationalizations, with possible returns on the horizon after recent U.S. actions.

Information gathered from public forums or data available on the internet and portrayed here.