Overview
- Citi lowered its Chevron price target to $179 from $185 on January 2, maintained a Buy rating, and cited Q4 macro updates and higher upstream downtime.
- Coverage highlights that Chevron continues to produce and export oil in Venezuela under a U.S. license despite sanctions, and some commentary ties potential upside to possible U.S. policy or leadership change in the country.
- Jim Cramer said Chevron currently pumps about 100,000 barrels per day in Venezuela and suggested it might raise that volume, though any increase would be modest for the company overall.
- Another report cited approximately 250,000 barrels per day for Chevron’s Venezuelan output, reflecting divergent estimates of current production.
- Cramer warned that reviving output faces obstacles such as re-privatizing nationalized assets, heavy Venezuelan debts linked to oil shipments to China, and the pressure from falling oil prices.