Chevron Signals More Venezuelan Heavy Crude in U.S. Refineries — OPIS
Chevron could increase Venezuelan heavy crude flows in its U.S. refining system, Chief Executive Officer Mike Wirth said on the company's fourth-quarter 2025 earnings call Friday.
The company currently processes about 50,000 b/d at its Pascagoula, Miss., refinery and could run an additional 100,000 b/d across its Gulf Coast refineries and on the West Coast at El Segundo in California, he added.
Chevron has increased Venezuelan crude production in its joint ventures by about 200,000 b/d since 2022, including deliveries into U.S. refineries. The refiner said production could grow by up to 50% over the next 18-24 months.
The company's downstream operations are well-positioned as California refineries close, Wirth said, citing the state's geographic and logistical isolation and fuel specification constraints, which contribute to higher local fuel prices and stronger refining margins. Chevron also reported its highest U.S. refinery throughput in two decades, reflecting recent expansions and improved operational efficiency.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
Reporting by Allegra Fradkin, afradkin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
January 30, 2026 15:52 ET (20:52 GMT)
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