In the wake of the Trump administration’s decision to revoke Chevron Corp. (NYSE:CVX) license to operate in Venezuela, CEO Mike Wirth is seeking an extension to wind down the company’s operations in the country.
Wirth’s request has met with opposition from cabinet members who disapprove of Venezuelan leader Nicolás Maduro. Wirth cautioned Rubio in a call that Chevron’s exit could pave the way for China and other U.S. rivals to expand their influence in Venezuela.
Despite this, Rubio, a staunch critic of Maduro, maintained that Chevron should comply with the Trump administration’s April 3 deadline to halt operations. Wirth has requested an extension of no less than 60 days past the deadline.
The State Department acknowledged the call with Wirth but refrained from further comments, stated WSJ.
Why It Matters: This development follows the Trump administration’s decision to terminate an oil agreement with Venezuela, revoking a license previously granted to Chevron by former President Joe Biden.
Chevron produces about 25% of Venezuela's oil and exports around a third of it, using part of the revenue to recover debts. The oil is refined in the U.S. for various products. Chevron argues that leaving Venezuela could destabilize the economy and increase migration.
Chevron stock climbed 2% to close at $164.05 on Wednesday.
Image via Shutterstock
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