Chevron (CVX) Maintains Presence in Venezuela Despite Tensions

Chevron Corporation (NYSE:CVX) is included among the 12 Best Crude Oil Stocks to Buy for Dividends.

Chevron Corporation (NYSE:CVX) manufactures and sells a range of high-quality refined products, including gasoline, diesel, marine and aviation fuels, premium base oil, finished lubricants, and fuel oil additives.

Chevron Corporation (NYSE:CVX) is maintaining its presence as the largest foreign investor in Venezuela, despite the mounting geopolitical tensions and ongoing US sanctions. The company operates under a US license allowing it to produce and export oil from Venezuela, without the risk of sanctions. Therefore, while the US blockade in the Caribbean has driven other vessels to turn away, Chevron’s ships continue to sail by freely.

A Bloomberg report on December 18 revealed that Chevron Corporation (NYSE:CVX) is preparing to ship about 1 million barrels of Venezuelan crude. The company had already finished loading a cargo onto the tanker Searuby and was in the process of loading another onto the vessel Minerva Astra. Moreover, Chevron has sold at least 10 cargoes for delivery to the US in January.

At around 250,000 barrels per day, Chevron Corporation (NYSE:CVX)’s output in Venezuela represents a significant chunk of its overall global production. So the sanction waiver will significantly help the company in achieving its aim of over 10% annual growth in adjusted free cash flow and EPS through 2030.

Chevron Corporation (NYSE:CVX) boasts a strong annual dividend yield of 4.54%, putting it among the 12 Best Dogs of the Dow to Invest in.

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Disclosure: None.