Skip to content
Subscriber Only

Chevron Lays Groundwork for Venezuela Exit on Waiver Jitters

  • U.S. oil major amends contracts to allow for early termination
  • Chevron has about 330 employees on the ground in Venezuela
The BP-Husky Toledo Refinery As World Gas Output Stalls While Prices Hit U.S. Shale
Photographer: Luke Sharrett/Bloomberg
Updated on

Chevron Corp. appears to be laying the groundwork to leave Venezuela in the event that the U.S. declines to extend a waiver allowing it to continue operating in the country, according to people with knowledge of the matter.

Over the past year, the San Ramon, California-based company updated some of its contracts with partners in the South American country to allow for the possibility of early termination, the people said, asking not to be named because the information isn’t public. Under the new terms, Chevron would incur no penalties for early termination and all payments due would be prorated up to the date of notification.