Chevron Is Expanding Operations in Venezuela. How to Play CVX Stock Now.

Chevron Corporation (CVX) is expanding its operations in Venezuela, following a new agreement with the country's acting President Delcy Rodríguez. This deal grants the U.S. jurisdiction over vast untapped oil reserves in South America, involving the development of 17 fields with a potential of 65 billion barrels. In return, the U.S. will receive 55% of the new private company's effective output, along with an ownership stake and the right to purchase oil at cost.

Chevron has a significant presence in Venezuela and plans to invest over $7 billion in joint ventures over the next five years, boosting production to approximately 600,000 barrels a day. Analysts believe CVX stock could be a promising play, with a consensus "Moderate Buy" rating and a price target of $220.22, representing a 6% upside from current levels.