Chevron, Halliburton shares rise 0.5% and 1.7% on Venezuela deals

  • Chevron is nearing deals to expand oil operations and services activity in Venezuela.
  • Chevron shares rose 0.5%, while Halliburton gained 1.7% after the report.
  • Chevron operates three PdVSA joint ventures and remains the only major U.S. company active there.

Chevron shares rose 0.5% and Halliburton gained 1.7% after a Wall Street Journal report said the companies are nearing deals to invest billions of dollars in Venezuelan oil fields. Chevron is close to expanding its Venezuelan operations, potentially adding two heavy-oil fields to its portfolio. The company currently operates three joint ventures with PdVSA and is the only major U.S. company active in Venezuela. Halliburton, one of the largest U.S. oilfield services firms, is separately in talks to bring its equipment to oil producers in the country.

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