Free Trial

US allows Chevron to keep drilling in Venezuela for 3 months

WASHINGTON (AP) — The Trump administration has granted Chevron a special license to keep drilling oil in Venezuela despite a ban on American companies doing business with President Nicolás Maduro's socialist government.

The Treasury Department late Friday renewed until April 22 the license for Chevron and four other U.S. service suppliers that are among the last American companies operating in the oil-rich South American nation. It's the fourth time the U.S. has exempted the companies from the Venezuela ban.

Chevron, a San Ramon, California-based company, has operated in Venezuela for almost a century. Its four joint ventures with Venezuela's state-run oil monopoly PDVSA produce about 200,000 barrels a day. That’s about a quarter of Venezuela’s total production, according to the Organization of the Petroleum Exporting Countries.

Critics among Venezuela's opposition insist that Chevron's continued presence in the country undercuts the Trump administration's goal of ousting Maduro by providing him a valuable lifeline of badly-needed export dollars.

Should You Invest $1,000 in Chevron Right Now?

Before you consider Chevron, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Chevron wasn't on the list.

While Chevron currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

The Next 7 Blockbuster Stocks for Growth Investors Cover

Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.

Get This Free Report
Like this article? Share it with a colleague.

Companies Mentioned in This Article

CompanyMarketRankâ„¢Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Chevron (CVX)
4.7907 of 5 stars
$145.461.6%4.70%16.62Hold$160.29
Compare These Stocks  Add These Stocks to My Watchlist 

Featured Articles and Offers

Related Videos

3 Stocks Offering Rare Generational Buying Opportunities
Donald Trump Owns These 7 Stocks, Should You?

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines