Chevron Corporation (CVX Quick QuoteCVX - Free Report) has got the U.S. government’s deadline extension by at least 30 days to wrap up its operations with Venezuela’s state-owned energy major, Petroleos de Venezuela SA. The decision was taken after intense lobbying efforts by Chevron to ensure energy stability.

At a recent White House meeting, Chevron pushed for an extension along with other oil executives, receiving a favorable response from the President Donald Trump.

Policy vs. Business: The U.S. Strategy in Venezuela

Since 2023, Chevron’s operations in Venezuela have provided the country with a steady source of revenues in terms of royalties and tax payments, lifting Venezuela’s economy, especially its oil and banking sectors. In early March 2025,  the Trump administration had issued a short 30-day wind-down deadline to pressure President Nicolas Maduro’s autocratic regime and make necessary reforms to accept more migrants from the United States.

However, the recent extension is not without conditions, marking a complex interplay of geopolitics and economic strategy. A key stipulation for extension requires that taxes and royalties from Chevron’s operations should go toward funding migrant deportations instead of Maduro’s regime.

Chevron’s presence in Venezuela is significant, accounting for nearly 20% of the country’s oil output, which has significantly bolstered the country’s economy, controlled its sky-high inflation and provided much-needed hard currency for the struggling nation. Meanwhile, the Maduro government briefly suspended U.S. deportation flights in retaliation for the move against Chevron, though flights resumed on March 23, highlighting the ongoing political tensions.

What Lies Ahead?

According to Chevron, it has a global presence and conducts its business in compliance with all laws and regulations, including any sanctions or restrictions provided by the U.S. government. The company further declares that it meets with government officials regularly in Washington to connect constructively and peacefully on issues related to their business. The next steps will define not only Chevron’s future in Venezuela but also U.S. influence in the region’s energy landscape.

CVX’s Zacks Rank and Key Picks

Houston, TX-based Chevron is one of the largest publicly traded oil and gas companiesthat participates in every aspect related to energy —from oil production to refining and marketing. Currently, CVX has a Zacks Rank #3 (Hold).

Investors interested in the energy sector might look at some top-ranked stocks like Delek Logistics Partners, LP (DKL Quick QuoteDKL - Free Report) , Archrock, Inc. (AROC Quick QuoteAROC - Free Report) and Canadian Natural Resources Limited (CNQ Quick QuoteCNQ - Free Report) .While Delek Logistics and Archrock currently sport a Zacks Rank #1 (Strong Buy) each, Canadian Natural carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Delek Logistics Partners owns, operates, acquires and constructs crude oil and refined products logistics and marketing assets. The Zacks Consensus Estimate for DKL’s 2025 earnings indicates 34.45% year-over-year growth.

Houston-based Archrock is a provider of natural gas contract compression services as well as a supplier of aftermarket services for compression equipment. The Zacks Consensus Estimate for AROC’s 2025 earnings indicates 46.67% year-over-year growth.

Calgary-based Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The Zacks Consensus Estimate for CNQ’s 2025 earnings indicates 5.53% year-over-year growth.