US oil giants Chevron distances itself from Trump’s comments on Venezuela oil takeover

The Trump administration says it has seized control of Venezuela and its oil, prompting Chevron to retreat to a cautious statement focused on employee safety and legal compliance.

President Donald Trump said Saturday that the United States will run Venezuela and take charge of its vast oil reserves following what his administration described as a large-scale military operation that led to the capture of President Nicolás Maduro.

“At a press conference, Trump argued Venezuela’s oil sector has been ‘a total bust’ and said major U.S. oil companies would rebuild the country’s infrastructure,” he said. “They’ll spend billions, fix what’s broken, and start making money for the country.”

Against that backdrop, Chevron, the only major U.S. oil company still operating in Venezuela — issued a revised statement that walked back earlier remarks suggesting cooperation during a transition.

A company spokesperson said Saturday afternoon: “Chevron remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets. We continue to operate in full compliance with all relevant laws and regulations.”

That language replaced an initial statement sent to Newsweek earlier in the day in which the company said it supported “a peaceful, lawful transition that promotes stability and economic recovery,” adding that it was “prepared to work constructively with the U.S. Government” to strengthen U.S. energy security.

Chevron has operated in Venezuela for nearly a century and works with affiliates of state oil company Petróleos de Venezuela (PDVSA) in five onshore and offshore projects across western and eastern regions. According to the company, those projects span about 74,000 oil and gas acres and are conducted under applicable laws.

The Trump administration said Maduro, his wife, and his son were captured and removed from Venezuela after the operation. U.S. Attorney General Pam Bondi said they have been indicted in the Southern District of New York, including on narco-terrorism conspiracy charges.

Maduro was previously indicted in March 2020 and has denied wrongdoing; the U.S. increased a bounty for information leading to his arrest to $50 million in August 2025.

Venezuela holds the world’s largest proven crude oil reserves but produces only a small share of global output. Trump said oil companies would directly pay to rebuild infrastructure and “will be reimbursed for what they’re doing.”

Despite broad U.S. sanctions on Venezuela’s oil industry, Chevron continues operating under a U.S. Treasury license that allows limited production and exports. Treasury officials have said the authorization prevents PDVSA from receiving profits from Chevron’s oil sales.

Chevron shares rose more than 2 percent on Friday to about $156, and investors are watching for further movement when markets open Monday amid uncertainty over policy, sanctions, and operations.