Chevron Corp (CVX)

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$CVX Chevron's Venezuela oil assets threatened with seizure

Venezuela's government threatens to nationalize Chevron's (NYSE:CVX) oil assets if the Trump administration does not extend a sanctions waiver that expires July 27.

The U.S. issued a waiver in January that allowed CVX and oil services companies Halliburton, Schlumberger, Baker Hughes and Weatherford to continue some operations with Venezuela's state-owned PdVSA oil company, but the Maduro government could seize the assets and offer Russian, Chinese and other non-U.S. firms an opportunity to acquire them if the waiver lapses and the U.S. companies pull out.

White House advisor Larry Kudlow said yesterday the administration was considering a possible waiver extension.

CVX's combined net daily offtake from its four Venezuelan joint ventures averaged 42K bbl/day of crude oil in 2018.