Chevron plans about $7 billion in gross investment over five years to lift Venezuelan production from roughly 280,000 barrels per day to 600,000 around 2031, with plateau output potentially reaching 600,000 to 700,000 barrels per day for five to 10 years. The company expects to more than double its rig count and says total costs for the assets are below $20 per barrel. The expansion follows additional acreage, including the Carabobo 1 and 2 blocks, alongside improved fiscal terms and stronger legal protections, including international arbitration rights under a contract signed last week. Chevron also plans to shift its Permian Basin operations toward free cash flow after reaching about 1 million barrels per day, while reducing 2026 capital expenditure intensity by 25% from 2025 levels. Chief Financial Officer Eimear Bonner said the company delivered its $3 billion structural cost-reduction target six months early and sees further savings after the Hess acquisition. Chevron is additionally pursuing opportunities in Iraq, the Middle East and power generation, while maintaining a $10 billion to $20 billion share-buyback range. Its shares were up 1.76% at $212.99 and near a 52-week high of $214.71 at the time of publication.