Chevron Stayed in Venezuela for 20 Years While Rivals Left. Here's Why Its CEO Says Patience Pays Off.

Chevron has signed a landmark deal to significantly expand its Venezuela operations and double output over five years, capitalizing on its decision to remain in the country after rivals ExxonMobil and ConocoPhillips exited in 2007. The company plans to invest over $7 billion to increase production to 600,000 barrels per day with costs under $20 per barrel, positioning it ahead of competitors now evaluating re-entry.