Chevron shares have climbed toward their all-time high as investors assess a potential expansion of the company’s Venezuelan operations. President Donald Trump announced a deal under which U.S. companies would help develop Venezuela’s oil resources. Delcey Rodriguez said the arrangement would run for 25 years and seek to lift crude production to 1.5 million barrels a day. American companies are expected to invest more than $100 billion, while the Venezuelan government is projected to receive more than $209 billion in taxes. Chevron is expected to be a principal beneficiary and, according to the New York Times, could announce an operational expansion this week. The proposal faces criticism from Venezuelan politicians across the political spectrum, while development would require billions of dollars and could be exposed to lower oil prices when new production begins. Chevron is also benefiting from elevated prices, with Brent at $88 and West Texas Intermediate at $83. Second-quarter earnings rose to $12 billion from $2.4 billion, while year-to-date earnings increased to $14.2 billion from $5.9 billion a year earlier and revenue reached $67 billion. Morgan Stanley analyst Devin McDermott raised his price target to $218 from $210, TD Cowen’s Jason Gabelman lifted his to $205 from $200, and Bernstein’s Bob Brackett increased his to $209. Oil prices remain the main risk, particularly if kinetic action between the U.S. and Iran does not resume, according to the source’s framing.